In New Delhi on Sept 12, CHINA said BRICS marks its 20th anniversary and has grown into an influential cooperation platform for emerging markets and developing countries.

ECB Governing Council member Kocher warned that if oil remains near $100/bbl through year-end the ECB may need to raise rates further. After the ECB's second rate increase on Thursday, Kocher said inflation risks are higher than a few months ago amid persistent Middle East tensions and elevated energy costs. Since the breakdown of a U.S.-Iran ceasefire in early July, oil has risen over 45% to above $100/bbl; European natural gas has nearly doubled since June to about €80/MWh. Kocher said an adverse oil/gas path would have to be factored into monetary policy and would further raise inflation risks.

Sources say BRICS countries have agreed on a joint communiqué.