US 3- to 10-year Treasury yields rose at least 10 bps during the session.

CPCA data: Sept 1-20 China passenger car retail 878,000, down 22% YoY and up 8% vs Aug same-period; YTD retail 12,593,000, down 21% YoY. Sept 1-20 manufacturer wholesales 1,001,000, down 19% YoY and up 21% MoM; YTD wholesales 18,184,000, down 6% YoY.

SoftBank Group has launched what could become one of the largest corporate high-yield bond deals on record, marketing a multi-part offering to fund its AI investments. The group is pitching a $10bn dollar tranche and a €1bn (~$1.1bn) euro tranche, with initial price guidance underway for the USD portion, aiming to raise more than $11bn in total. Proceeds are intended to help finance SoftBank’s near-$65bn commitment to OpenAI and to support further AI-related M&A; the issue is the latest in a series of bond-market moves by the company this year.