Saudi authorities said alarms earlier today were precautionary after a missile from the direction of Yemen triggered an alert near the border.

Night-session open: China’s main futures contracts mixed. Caustic soda down >2%, coking coal down nearly 2%, Shanghai crude (SC) down nearly 1%. Gainers: LPG, asphalt, methanol, ethylene glycol (EG) and propylene up >1%; bottle-grade PET chips, plastics and p-xylene up about 1%.

SEB economists Pia Fromet and Markus Weiden say the ECB could raise its policy rate by 25bps at Thursday’s meeting. Rising energy prices present upside inflation risk and may prompt a pre-emptive move because indirect and second‑round effects have not yet appeared in the data. They expect LAGARDE to spend substantial time at the press conference on updated staff forecasts and risk assessment. Elevated uncertainty will be the focal point, supporting a wait‑and‑see bias thereafter, and the ECB is unlikely to pre‑commit to further hikes.