Germany real retail sales YoY -0.4% in August, vs. 0.1% expected and -2.5% prior.

Fed Governor Barr: In the short term, AI's largest impact is upward pressure on costs.

Sichuan province will run a consumer trade-in subsidy program for 10 product categories from Oct. 1, 2026 through Dec. 31, 2026. Subsidy funding will be provided from local matching funds arranged under ultra-long special sovereign bonds; distribution is budget-capped, first-come, first-served and will end when funds are exhausted. Eligible categories: smart range hoods, smart household cookers/stoves, smart dishwashers, water purifiers (including direct-drink and pipeline units), cleaning robots (including robot vacuums, floor washers and vacuum cleaners), smart toilets (including toilet seats), digital cameras (including action cameras), consumer drones, smart projectors and smart earphones. Subsidy equals 15% of the final sale price after discounts, limited to one unit per consumer per category and capped at 1,500 yuan per unit.