At the 23:00 close, China’s main commodity futures contracts were mostly lower: synthetic rubber down about 4%; soda ash down over 3%; caustic soda nearly 3% lower; glass, benzene and styrene (EB) down over 2%; coke down about 2%. Methanol rose about 1%.

China International Capital Co says US Aug CPI SA MoM +0.4% (Jul +0.1%), YoY +3.4% (Jul +3.4%). Core CPI MoM +0.3% (Jul +0.2%), YoY +2.4% (Jul +2.5%), slightly above consensus. MoM rebound driven by higher energy, telecom price rises and persistent AI-related inflationary pressure. CICC judges the print has hit the Fed’s hike threshold and expects a 25bps increase at the Sept. 16 meeting. The Fed may lower its unemployment projection and raise inflation forecasts; the dot plot could lift 2027–28 rate paths, signaling tighter policy for longer. A more hawkish risk: an additional hike later this year or next, which could prompt markets to reprice a longer tightening cycle.

U.S. total active rigs for the week to Sept. 11: 591, up from 588 the prior week.