The State Council executive meeting approved the revised Implementing Regulations of the PRC Audit Law, urging the revision be used to deepen audit reform, strengthen implementation of audit rectification responsibilities and enhance audit supervision effectiveness.

WTI and Brent crude rose more than 3% intraday, trading at $85.25/bbl and $90.62/bbl respectively.

JP Morgan's Market Intelligence team cut its tactical view on US equities to cautious/neutral, saying indices are likelier to trade sideways over the next 2–3 weeks while subindexes and individual stocks may see larger volatility. Key drivers: after Jackson Hole, bond-market-implied probability of a September Fed hike rose roughly from 35% to 58%; the JPMPURE momentum index is down >21% from its June peak and the Classic momentum index is down ~34%, well beyond typical 10–15% pullbacks. Positioning offers no clear directional signal — US TPM sits at the 37th percentile — and historical patterns point to about 3–4 weeks of range-bound trading. Monitor inflation and rate-expectation moves, credit spreads, and the speed of momentum liquidation. Index-level damage is not the base case, but crowded, momentum-dependent stocks could see outsized idiosyncratic volatility.