Turkey's Defense Ministry said on Aug. 23 the frigate Kemal Reis is visiting Jeddah port; the visit began Aug. 20 and runs through Aug. 24. In August Saudi Arabia, Turkey and Pakistan signed a Mecca joint defense agreement stipulating that an armed attack on any one of the three will be treated as an attack on all.

OECD says robust AI-related activity and energy prices—projected by futures markets to moderate next year—should support global economic momentum through 2027.

Tickmill analyst Patrick Munnelly said in a note that high oil prices are keeping inflationary pressure elevated, leaving the Bank of England's November rate-hike probability intact. Recent energy-price declines have been insufficient to shift market expectations; LSEG data show investors assign a 66% chance of a November hike, unchanged from last week. Munnelly warned that unless Middle East diplomatic efforts produce a material, sustained fall in energy prices, markets are likely to retain some probability of a November tightening.