ECB Governing Council member Nagel said he hopes the bank will never need to activate the Transmission Protection Instrument (TPI) and that its use is unrelated to countries' fiscal challenges.

China's Supreme People's Court, Supreme People's Procuratorate and Ministry of Public Security jointly issued opinions clarifying legal application in the handling of criminal cases involving fentanyl-class substances.

ECB chief economist LANE said a renewed energy-price shock, now affecting both oil and gas, will keep euro-area inflation higher and more persistent than the ECB initially expected. He said the second wave of price rises should push inflation up and extend its duration, with inflation only expected to fall back toward the ECB’s target from mid-2027, assuming the shock does not worsen. LANE warned a stronger, more persistent autumn shock would put pressure on the economy; if the shock is milder, large public spending in parts of Europe and some corporate AI activity should help sustain growth. His baseline: if the energy shock does not intensify, the euro-area economy should continue to grow at a steady but moderate pace.