ECB executive board member Schnabel said the ECB must act early to prevent second-round inf effects. Markets appear to understand the ECB's reaction mechanism. The extent of tightening will depend on incoming data.

The U.S. Navy said it has cleared the Strait of Hormuz main Traffic Separation Scheme (TSS) between Iran and Oman, reopening two-way traffic and allowing more tankers to transit. U.S. underwater drones detected more than 100 suspected mines; U.S. forces and private contractors cleared or detonated them. Over the past 30 days more than 500 vessels transited the southern channel, with roughly 2% struck by Iranian drones or missiles. U.S. officials say ships can now transit under U.S. protection, increasing potential oil flows to global markets; Trump warned any vessel that re-mines will be immediately and systematically destroyed.

China's National Energy Administration issued 306 million green certificates in July 2026, a 17.93% month-on-month decline, covering 1.2249 million renewable generation projects. Tradable certificates totaled 179 million, or 58.56% of issuance. Certificates corresponding to June 2026 generation accounted for 274 million (89.61%). Issuance fell across all renewable types. Nationwide traded green certificates in July were 54.68 million, down 33.91% MoM; green power transactions were 25.78 million, down 39.88% MoM. Wind and solar certificates led trading volumes and remain the market's core products.