Kevin Warsh, chair of the Federal Reserve, said the Fed overwhelmingly focuses on the broad macro picture (digits to the left of the decimal) but will occasionally monitor small movements in the data (digits to the right of the decimal).

Tehran Stock Exchange composite index fell about 65,000 points to near 4.8 million, with 61% of listed stocks retreating. Banks, petrochemicals, metals, pharmaceuticals, cement, leveraged funds, fixed-income funds, real estate and equity funds, and oil products were broadly lower; energy funds and the food sector advanced. Net outflows from stocks, pre-emptive subscription rights and equity funds totaled about 105.6 bln toman; fixed-income funds saw roughly 36 bln toman of net redemptions. Sell-side block orders stood near 13.1 tln toman versus buy-side block orders of about 3.7 tln toman.

Nigeria has approved a production-linked tax credit for Shell (SHEL.N) on the $20bn Bonga Southwest Aparo deepwater project, people familiar with the matter said. Under president-approved terms to push a final investment decision, Shell and its partners will receive a tax rebate of $11.50 per barrel — more than twice the standard amount. The incentive will be available to other majors for new deepwater projects and will remain in place at least through 2029. The measure is intended to boost oil output.