Russian Defence Ministry said Russian forces struck 34 vessels used by the Ukrainian military over the past week.

WSJ’s Nick Timiraos says July’s US jobs report will be hard to interpret. Evidence that the labour market has not re-accelerated could reduce urgency for a next-month hike, but outcomes hinge on fresher inflation data. A drop in unemployment will keep markets focused on price trends; whether price pressures rise or fall will determine if more officials conclude they cannot meet the inflation target with rates left unchanged. Two months of milder inflation would strengthen the case to hold rates as a trend signal rather than noise; stronger inflation would revive hawkish forecasts and could give officials favoring further tightening a path to secure a pivotal fourth vote.

MUSALEM said the Fed must make the optimal decision and should not be driven by market pressures.