ECB executive board member SCHNABEL said when economic resilience is strong, higher costs are passed through to consumers more quickly.

Morgan Stanley China chief economist Xing Ziqiang said the recent round of rate hikes has led his research team to revise forecasts to expect one further hike in December and another in March. He will closely monitor how rate increases and related factors may affect global liquidity. Discussions with overseas investors show a preference for Chinese AI and broader technology sectors and other industries with improving momentum. While industrial revolutions raise productivity, Xing said preparation is needed to mitigate potential shocks to employment and incomes.

The Federal Reserve said it has finalized revisions to its annual stress-test program.