Japan 10-year bond yield fell 7.5 bps to 3.005%.

US Commerce Department (Census Bureau) data: wholesale inventories rose 0.5% MoM in August, revised from a 0.7% preliminary estimate; July inventories rose 1.4% MoM. Inventories were up 6.4% YoY. By category, durables +0.8% MoM, nondurables unchanged, petroleum stocks -3.9%. Wholesale sales climbed 1.8% MoM in August (July +1.0%), signalling accelerating demand. The inventory-to-sales ratio edged down to 1.18 months from 1.19 in July. Firms appear to be rebuilding stocks after five straight quarters of inventory drawdowns despite strong consumer spending and AI investment.

Financial Times reports Syria moved assets linked to close associates of former leader Assad into a secret $50bn fund. The Syrian sovereign wealth fund, set up last year by current leader Ahmad Shala, now controls a vast cross-sector asset network.