Jefferies cut its PT on Baker Hughes (BKR.O) to $77 from $80.

China A-shares grain sector fell; Wanxiang Denong and Jinjian Rice hit daily down limits, while Lianhua Holdings, Xin Nong Development, Xinsai Co., Yuanda Holdings and Yongshuntai also declined.

Fed Governor Lisa Cook said inflation in coming months will remain pressured by rising demand tied to AI, higher oil prices and supply disruptions from the Middle East, though she did not explicitly call for further rate hikes. She said the labor market currently can withstand higher rates and that the timing and scale of any policy adjustments will depend on how the economy responds and on upcoming inflation and jobs data. Cook noted US 12-month inflation as of August is about 3.8%, well above the Fed’s 2% target. She said AI-related infrastructure buildout will add near-term inflationary pressure; any productivity gains from AI that could ease inflation are likely to materialize only in the medium term and not this year. There is not yet clear evidence that AI is reshaping the labor market, she added, but the Fed is monitoring the risk of a transitory rise in unemployment. If AI shocks the jobs market, Cook warned the Fed’s ability to ease policy to support employment would be limited because rate cuts could further boost inflation.