US 30-year Treasury yield briefly rose 4 bps to 5.25%.

Germany's 10-year Bund yield touched 3.31% intraday on Aug. 31, the highest since 2011 and roughly 20 bps below the 2011 peak of about 3.49%. August CPI rose to 2.9% YoY, driven by a 10.5% jump in energy while core inflation eased to 2.4%, suggesting recent pressure is energy-led. The Bund selloff has been amplified by higher oil, a global long-end bond selloff, and expanded German infrastructure and defence spending with larger planned issuance. Sustained higher yields would raise government and corporate funding costs and lift equity discount rates; even if energy inflation fades, increased sovereign supply and a higher term premium could prevent a return to zero or negative rates.

The Information reports, citing two people familiar, that Chinese memory maker ChangXin has started small-batch production of HBM3E, an advanced high-bandwidth memory used in leading AI processors. Sources say ChangXin’s product is about one generation behind the mass-produced HBM lines from Samsung, SK Hynix and Micron; the company plans to scale production in 2027.