Novo Nordisk (NVO.N) has filed for regulatory approval of an oral formulation of Wegovy for weight management.

US personal consumption expenditures price index, the Fed's preferred inflation gauge, showed headline PCE y/y 3.7%, unchanged from June; core PCE y/y 3.3%, also unchanged. The PCE series uses previously released price data and typically tracks market expectations. July core CPI was softer at 2.5%, but PCE weights leave the PCE series notably firmer. The print sharpens the inflation picture ahead of Fed Chair Kevin Warsh's speech on Friday. Warsh has not submitted his own economic projections to the quarterly dot plot and has not indicated whether he would support rate hikes at upcoming meetings, a stance that has contributed to divisions among Fed officials.

Tong Daosheng, Tencent senior executive vice president and president of the Cloud & Smart Industries Group, wrote in the company’s internal magazine Zhidian that although rival products score on personification and voice, the core Q&A product priorities remain answer accuracy, authoritative sources and timeliness. He said if Yuanbao can deliver those core capabilities it still has a substantial chance to catch up to competitors.