Markets are fully pricing in a 25bp Fed rate hike before year-end, broadly unchanged from levels before the decision announcement.

Meta CEO Mark Zuckerberg said AI firms do not need an industry-wide pact to slow development when safety risks arise; market pressure will make alignment (ensuring AI systems follow user intent) a competitive advantage. He said trust and alignment are becoming the key differentiators among AI agents and models and warned labs that de-prioritize alignment will fall behind. Zuckerberg cited Meta’s decision to delay the Muse model’s launch by several months to strengthen safety and security measures and said Meta did not ask other firms to do the same.

London Metal Exchange (LME) stocks: copper rose 4,925 tonnes; zinc rose 1,450 tonnes; lead fell 1,500 tonnes; nickel rose 210 tonnes; tin rose 100 tonnes; aluminium unchanged.