最后更新: September 9, 2026, 3:46 PM ET
全球市场简报
石油与地缘政治
- 美国： 加州山火肆虐，造成至少10人死亡，约10,000栋建筑被毁，损失估计高达1,500亿美元。大火蔓延至太平洋帕利塞德和好莱坞山等社区，约18万人被迫疏散。
- 美国： 当选总统唐纳德·特朗普表示，他理解俄罗斯反对乌克兰加入北约的立场，并透露已开始筹备普京峰会。此前，他曾在 Truth Social 上为俄罗斯使用“C”字开头的粗话辩护.
- 美国：Meta 宣布 to eliminate its US fact-checking program and reduce political content restrictions ahead of Trump's inauguration, drawing praise from Republicans and criticism from Democrats.
- Gabon： Health authorities are battling an outbreak of "unknown" fever that has killed over 60 people in two weeks, after the illness was first diagnosed in September and has now apparently spread.
--Financial Times
Markets
Equities
US stocks fell, with the S&P 500 slipping 0.3% and the Nasdaq Composite losing 0.6% as investors digested signals on rate policy. European stock benchmarks fell in afternoon trading, while Asian shares gained modestly. Stocks slipped as Wall Street weighed the path ahead for interest rates.
Currencies & Commodities
— Brent crude hovered near $69 a barrel, while gold was little changed. Bitcoin fell / higher ___%.
Chart of the Day
Israeli strikes on Iran-linked targets have destroyed infrastructure that the US had relied on to keep Iran's oil trade in check, complicating enforcement ahead of Donald Trump's return to the White House, according to Western officials. The strikes put an end to the "islands of stability" strategy that helped maintain a degree of de facto order in the Middle East.
Yesterday's highlights
Stocks: The "smart money" has gone all-in on China. While global funds added exposure to Chinese stocks, retail investors have been net sellers of global funds. This reflects a race between domestic investors, foreign fundsaine to the market, and program trading. Read more
European stocks climbed and US futures edged higher Wednesday, while Chinese equities extended their rally on reports Beijing is considering injecting $142 billion into its largest banks 📈.
Key events today
- Data: US new home sales for August.
- Earnings: Micron Technology and Vail Resorts before Wednesday’s closing bell, and Jefferies’ results also due today.
- Also: UK chancellor Rachel Reeves addresses the Labour party conference, homeowners get a key US mortgage data point.
FT Weekend: ‘A crazy and terrifying ride’ — the inside story of the Intel-ordered iPhone
Silicon Valley legend Mike Markkula had plenty of money in retirement readily available from his Apple fortune. Then, in the late 1990s, a young Steve Jobs came calling with a bold pitch—to revive the ailing computer maker with a $150 million investment from Markkula and develop the iPod and iPhone. It was a slugfest marked by insults and Machiavellian tacticscolon...
Jobs and workers
— Spurned by Amazon, a movement to unionize more of corporate America hits a wall. Job growth remains robust though, with the US adding more than 350,000 jobs in December, according to the Labor Department's latest report. The jobless rate dipped to 3.5% in 2025 from 3.7% in 2024 deep in the heart of Texas, so consistently strong job creation and annual wage growth means workers are still in a sweet spothare despite employment growth slow-down fears.
Workers at Amazon have voted decisively against joining a union at a warehouse in North Carolina, according to a preliminary tally released by federal labor officials, in a major setback for a national union campaign at America's second-largest private employer.
The National Labor Relations Board said workers at the facility in Garner voted by 1,079 to 345 against representation by the Carolina Amazonians United for Solidarity and Empowerment union, with about 4,740 workers eligible to vote.
Chief executive Andy Jassy had warned staff that a vote for the union could impede the company's speed and its ability to "innovate and speed up" at a time when Amazon is under pressure to automate more of its operations. The result gives Amazon a much-needed victory as organizers and unions gain ground in other sectors of the American economy, including at Starbucks and in the auto industry.
Workers at the facility in North Carolina were also asked to vote on whether to join the union, but the outcome of that vote was not immediately clear.
The vote is a setback for the Amazon Labor Union, which won a surprise victory at a Staten Island warehouse in 2022, the first unionized workplace in the company's history. However, in the past year it has lost political momentum and faced opposition from within its own ranks over how to proceed.
Amazon has lauded the outcome. "Our employees are the heart and soul of our workplace, and we are grateful that they chose to keep our Garner, N.C., team direct and connected with Amazon," spokesperson Kelly Nantel said in a statement. "We look forward to continuing to work directly together to make Amazon better every day."
This week's top read
UK poised to become first G7 country to phase out coal power — The closure of Ratcliffe-on-Soar power station on Monday (£) marks the end of an era for Britain's 142-year coal-fired history and puts it ahead of its peers.
Markets to watch
US stock futures declined slightly on Sunday evening, with S&P 500 futures down 0.16%. Investors are gearing up for a data-heavy week, including key inflation data on Wednesday that will inform how much the Federal Reserve will cut interest rates this month as the central bank's meeting looms. The Cboe Volatility Index (VIX) slid to 15.44 on Friday, down from a peak of 65.73 at the start of last month.
Corporate earnings
— Here's what was expected from companies reporting this week:
- Oracle
- Adobe
- Game Stop
- Dave & Buster's
FedEx is expected to post adjusted earnings of $3.53 a share in the first quarter, up from $2.67 a year earlier, according to Bloomberg:
- Oracle: Analysts expect adjusted per-share earnings of $1.03, up from 86 cents a year earlier, on revenue of $13.2bn, according to S&P Capital IQ.
- Adobe: Analysts expect adjusted earnings of $4.98 a share, up from $4.54 a year earlier, on revenue of $5.41bn.
Markets to watch
US stock futures were little changed early on Monday as traders awaited the Federal Reserve's expected interest rate cut this week, with more than three quarters of trading in futures tied to the S&P 500 anticipating the Fed would make a first cut to US rates this week, according to Citi's positioning analysis.
Two-year Treasury yields fell below 3.6% in Asia trading overnight as Treasuries rose after the benchmark hit a two-year low on Fridayrowth04 percent. Stay informed with the latest global news from the Financial Times. Our newsletters deliver insights on China, markets, the world, and more directly to you.
The global hunt for yield may prove fleeting, as evidenced by this weekend's bond market commentary.
Coming up today:
Economic data:
US Empire State manufacturing index for September; Canada manufacturing sales for July.
Earnings:
No major US earnings scheduled.
Also, workers at Boeing voted to strike after rejecting a proposed contract, the first walkout at the beleaguered plane maker since 2008.
Read more from the Free Lunch column: Trade barriers now threaten America's services sector — read here
Economic data
- US final demand producer price index rose 0.4% M/M in August
- Initial jobless claims: 230,000 (vs. 225k expected; 227,000 previous)
- US API crude oil stockpiles change (barrels) for the week ending Sept. 6
- Canada:
– Building permits (July)
– Bank of Canada
market participants survey - Mexico: Industrial production (July)
- Brazil: Retail sales (July) -> published by IBGE
- Eurozone: European Central Bank monetary policy decision; ECB President Lagarde press conference (8:30 am ET / 12:30 pm GMT)
- European earnings: Inditex
- US earnings: Adobe (after market close), Kroger (P&L before open)
- India: Industrial production data
- EIA weekly natural gas storage report; Also the usual Thursday EIA report on US crude and product stocks will be delayed until Friday due to system issues.
- The Russian central bank is scheduled to meet on Friday to decide on interest rates.
- EU court rulings expected Thursday: Could include decisions against Apple and Google in their appeals of state aid and antitrust rulings by the European Commission. These are among the most significant rulings for the tech industry.
As investors assess the US economic outlook and the presidential race, they are balancing an appreciating dollar against their international holdings, writes the FT's Brooke Masters. A stronger greenback boosts the dollar value of foreign holdings, though a rising currency can also hurt multinationals' earnings when they convert profits back to the US.
Today's news and updates
US tightening watch: Senate Democrats are pushing a plan to expand the Child Tax Credit while shoring up tax revenue, part of a coming tax fight. Read more
Amazon
says it will cut 14,000 corporate jobs, or 5% of its white-collar workforce.
AI
is transforming hedge funds, claiming expertise and insiders while costs remain flat across the industry, according to data from investment consultant bfinance.
Two Sigma
said its veteran executive Mekhla Kapoor will become its next CFO after the current boss Marc Elwin retires (FT).
Companies to watch
- Petro China and CNOOC: Goldman Sachs downgraded both after their share prices spiked in August.
- Endeavour Mining shares may move after news the gold producer named Martin Botha as CFO effective yesterday.
- Alphabet: Its US AI fund (C$2.5bn) has backed a Canadian startup building enormous AI data centers that will use small modular nuclear reactors all over the world.
- Malaysia reiterated it wants to push back against Chinese AI chip restrictions. Its trade minister told the Financial Times he expects "pushback from Malaysia" if US sanctions extend.
- China: Beijing's central bank has plenty of room for maneuvering, but should fire its "powerful policy weapons" when needed to help the economy, a senior adviser said.
- China state planner: It has set a floor for the reduction of its average energy consumption per unit of GDP of 2.5% annually in the 2026-2030 period, according to a document released by the National Development and Reform Commission.
- US banks: The largest US banks will have until September 2026 to comply with the new Basel III Endgame rules, if a revised proposal is approved by then. The industry had strongly criticized the original rules.
- Transport: The Port of Vancouver says two terminals will be closed through at least January 2026, after a massive cleanup following a container ship windstorm that toppled cargo cranes. One of the large cranes fell into the water, with two others significantly damaged, forcing the closure of the terminals.
Top headlines
- Amazon accused of using algorithms to push up prices in landmark FTC lawsuit claim
- Mossad chief 'ready' to push for peace, in influential Israeli establishment figure's strongest signal yet
- Federal Reserve's dual mandate evaporates into thin air—What the Fed should do
- Trump's trade war creates a chicken-egg problem
- Second US port strike looms at East and Gulf Coast ports
US
President Trump's refusal to rule out military intervention in the UK and Denmark to retake the Panama Canal and Greenland has shocked European allies...
President Donald Trump has announced plans to sign a series of executive orders targeting the legal industry, saying the White House would move to restrict law firms that work with perceived adversaries and open multiple fronts in his assault on the American legal system. Meanwhile, a federal judge ruled that Trump's firing of two Democratic commissioners on the National Labor Relations Board and the Equal Employment Opportunity Commission was illegal, dealing the US president an early court defeat.
White House
— Washington's freeze on USAid has given Beijing fresh momentum to expand its influence across the global south, with programmes targeting key recipients of US assistance.
Inflation and consumer sentiment
— The preliminary University of Michigan consumer sentiment index rose for the third consecutive month, coming in at 57.9 for September. However, Americans' inflation expectations have climbed despite cooling inflation at the retail level, as sentiment remains historically low. One-year inflation expectations jumped to 4.8% from 4.6%, and five-to-10-year expectations rose to 3.2%, the highest since 2011️⃣. For more, read our inflation dashboard: His key stats: US retail sales and weekly jobless claims were mixed, with a surprise drop in claims outweighing the rise in overall retail sales. Vance's economic populism: A day after a searing television debate with...
Trump clashes with Democrats
Donald Trump said the Justice Department should criminally investigate Democratic politicians, escalating his threat to use the levers of government against adversaries. Here's his response to Andrew Duehren's piece: in Msg.
Related reads:
- White House's threat to ban Canada from US defence contracts dealt a fresh blow to Canada's ailing relations with its neighbour
- Georgia's parliament approved a law that critics say will curb LGBT rights
Business and markets
Federal Reserve officials are bracing for a bruising political battle over their independence after Donald Trump allies launched a fresh attack alleging the US central bank is injecting "a woke agenda" into the economy through its regulatory agenda.
A group of 19 Republican attorneys-general signed an open letter on Wednesday claiming the Fed had injected "woke" policies—around climate change and social justice—into banking regulation, as Donald Trump's allies pursue an increasingly aggressive legal and rhetorical campaign against the institution.
Fed chair Jay Powell fired back on Tuesday with an extraordinary defence of the central bank's independence, as he rebuked "disrespect" by campaigners and politicians who want to weaken its autonomy.
US producer prices were unchanged at 0.4 per cent month on month in August, compared with expectations of 0.5 per cent. Core PPI was also 0.4%, faster than the 0.3% expected.
Stock markets
US stocks set for a mixed open after the S&P 500 and the Nasdaq Composite posted their fourth straight day of gains on Wednesday. In premarket trading:
- Nvidia rose more than 1%
- Oracle slid more than 10% after reporting quarterly earnings
European Stocks on the Rise
— European stocks rose with US equity futures on Thursday as the European Central Bank's expected interest-rate cut took a back seat to US inflation data, which showed price pressures continuing to cool. Britain's economy unexpectedly stagnated in July, official data showed.
The Fed's dilemma:
Our columnist John Plender says the US central bank has opened a Pandora's box with its rate-cutting cycle, [exposing it to political attacks](https://www.ft.com/content/8334b78e-64b1-(moreonthisfromtheFT).
FT highlights
US Steel-Nippon Steel: A deal for Nippon Steel to acquire US Steel could be rescued by an asset-swap agreement that would involve the sale of the American company's stake in a joint steel venture, a deal that would reduce the acquisition's political opposition.
Raising taxes: Amazon.com beat a California tax aimed at funding healthcare for low-income residents. Read the to see what happened when the retail behemoth headed to court.
Southwest Airlines
is facing increased pressure from an activist investor demanding leadership changes, with the carrier's public statements following recent profit warnings criticized as "inexplicably rosy" by one major shareholder.
Tennessee lawsuit
— The state's attorney general has filed a lawsuit against BlackRock, alleging the investment firm deceived consumers about the environmental, social and governance impact of its products. BlackRock has dismissed the claim as baseless.
Silver Lake
— A committee of independent directors at the technology investor has approved a controversial pay package for its top executives, despite pushback from prominent shareholders.
Big Tech
— Robyn Scott examines the growing tension between venture capital's interests and civil society's priorities over AI development.
Cryptocurrency
— A16z invested in Eigen Layer, and now the protocol's "restaking" market has exploded to over $13 billion in depositshe said.
The Lex
is LIVE! Our new investment commentary service, Lex Live, launched today with insights from our expert panel of columnists. Join them at 1pm BST for this subscriber-only briefing examining the week's biggest markets stories. Register now.
Bitcoin
— The cryptocurrency is under pressure, continuing to slide this week. Global markets remain focused on interest rate decisions and the upcoming US vote.
Currencies
— The dollar index was steady on Thursday after a volatile week, gaining 0.1% in early London trading. The pound hit its highest level in over two years against the dollar, climbing 0.2% to $1.3120, following data showing UK inflation remained at 2.2% in August, above the Bank of England's target. Sterling has now risen for four consecutive days.
Equities
— European stock futures point to a slightly higher open. Japan's Topix index rose.樊% in Asia, buoyed by better-than-expected US inflation data. Markets in mainland China, Hong Kong, South Korea, and Taiwan were closed.
Fixed income
— US Treasuries were little changed as new debt supply continues to be absorbed wellienne; 2-year yields flat at 3.55%, 10-year yields at 3.65%, plus 30-year auction results due later today.
Oil
— Brent steady at $75.94 as storm Francine hits supply.
Companies
— Perennial reports of an Oracle Corporation restructuring; Southwest Airlines' investor day is scheduled for September 26, while Paramount Global's special committee is meeting. Wells Fargo is the top pick in the banking sector according to Morgan Stanley.
Coming up later today: US presidential debate between Kamala Harris and Donald Trump; UK Jul GDP; Company reads from Oracle after hours; data from the US: NFIB small business index. Italy June industrial production. Full-day events include the S&P Global Core Logic Case-Shiller home price index for July and the US consumer credit report for July.
Open to see more.
Markets may have been ignoring the political landscape, but the economy is a different matter. The term "Trump trade" describes market activity when investors become more confident that the former president will win the November election and push for tax cuts, tariffs and looser regulation writes the FT's markets columnist.
Fed Governor Christopher Waller said the US central bank is "close" to achieving its goals and suggested the time for interest-rate cuts "has come."
US stocks closed higher but off their session highs on Wednesday as investors awaited key inflation data. The S&P 500 closed up 0.4%, Dow Jones added 0.5%, and the Nasdaq Composite gained 0.03%. Gains were led by utilities and financials, while oil prices slipped about 2.5% for the week.
Boeing shares fell 1.4% after workers at its Washington state plants voted to strike from Friday, suspending production of the 737 Max and other planes at a critical time for the company.
Apple shares fell as much as 1.6% after a Swiss court ruled in favour of a local fruit union, determining that "Apple" was not a sufficiently distinctive brand for the company to prevent other organizations from using the name. The ruling was reported by the Swiss newspaper Aargauer Zeitung.
The Democratic-controlled Senate is moving toward a vote Thursday on legislation to protect IVF access, with Republican opposition expected to block the bill. Senate Republicans are set to oppose the measure, which would fail without GOP support.
Pennsylvania's Democratic Governor Josh Shapiro has approved a $1.5 million grant to a Philadelphia organization that aims to boost voter turnout, a move that has drawn criticism from Republicans who see it as an attempt to influence the November election.
Markets update:
US stocks rebounded from a summer slump but megacap shares still trade at premiums, and concentration in the S&P 500 is near highs. Read more on whether tech's dominance is a problem for investors.
UK: Tensions over US-UK trade talks
Ministers are pushing back against Washington's insistence on looser food regulations as part of a US-UK trade deal, according to officials. They say the EU and UK would have to accept chlorinated chicken and hormone-treated beef if the US gets its way.
Japan PM race
— Sanae Takaichi, economic security minister, has pledged to "resurrect" Japan with expansionary fiscal and monetary policy if she becomes prime minister. Takaichi is among three candidates vying to lead the country's ruling party, with the winner becoming PM.
Sign up here to receive this briefing by email every weekday morning. For more coverage, visit https://www.ft.com.
Markets: US futures declined following a volatile session on Wall Street, where the S&P 500 and Nasdaq both fell.
Analysis
— EU inflation data at the end of last week showed a surprise drop in core inflation to 2.7%, fueling bets on a bumper 0.5% cut in the bloc's deposit rate this week. Today, the European Central Bank's decision on interest rates is due and traders expect a 25 basis point cut mirroring the Federal Reserve's move. The main question will be what the guidance is for future cuts. ECB President Christine Lagarde has said she will not precommit to a path, but that won't stop investors from looking for hints.
The big question for markets today
— What will Lagarde signal about easing? Markets are pricing a 31% chance of a half-point rate cut this week)Skip to content
ECB prepares to cut rates again
— European Central Bank officials have largely set aside their reservations about trimming interest rates to address slower growth, clearing the path for a quarter-point cut. But the bigger question is what happens next.
Global Economy
— US producer prices rose by the most in a year in August, but details of the report suggested the trend of easing inflation in the US remained intact$. ... Moscow's forces are advancing in the eastern Donbas region despite Ukraine's incursion into Russian territory. Water levels in the Danube have fallen to a 30-year low, threatening supply chains in Serbia and Romania.
Paris
is bracing for its biggest anti-Macron protests since the elections after he named Michel Barnier, a conservative, as prime minister. Patrick Hatch reports from Paris.
Fitness industry
— In his new book "The Viking Diet", Rasmus Tantholdt explores the secrets of the world's happiest peopleholistic lifestyle, bridging the gap between Danish cuisine and Scandinavian nutrition. Read more.
EU legal battle
— Apple and Ireland have begun their appeal against a European Union ruling that the tech company must pay €13bn in back taxes, in a landmark case that has become a test of the bloc's ability to police the tax affairs of multinationals. A ruling from the EU's General Court could come as late as the first half of next year.
Surveillance
— Europe's highest court dealt a blow to France's plans for a new surveillance regime on Thursday by ruling that the country's mass collection of internet and phone data was not in accordance with EU law.
— If the FT had unlimited resourcesholpfully we might see inflation falling more quickly in the US, but this may be a false spring, as price pressures are building elsewhere in the economy. We preview the key numbers.
Also, in the news
— A federal US appeals court temporarily blocked President Joe Biden's administration from implementing a new rule that would require oil and gas companies to pay higher fees for methane emissions on public and tribal lands ©.
UK inflation
held at 2.2% in August, after services inflation unexpectedly accelerated, leading traders to pare back their bets on an interest-rate cut by the Bank of England on Thursday.
Wall Street banks
warned that their trading operations were taking a hit at the start of the third quarter, during a market slowdown after July's turbulence. Read more
JPMorgan's Dimon
offered to retire early if that's what it takes to keep Jamie Dimon by relinquishing the title of president. Read more about the rare concession from one of Wall Street's most powerful executives here.
Whitbread, the owner of Premier Inn, is weighing an exit from its £3.5bn Costa Coffee chain
as it faces pressure from an activist investor to reinvigorate its share price with long-awaited changes.
US midterm elections
are just 56 days away, but corporate America is already laying the groundwork for 2024 — and the possibility of another Trump-Biden contest with consequences for business fortunes. Read more via the FT's US politics editor on how executives are preparing.
Art market update:
Visit the FT's newly redesigned hub for analysis on the global art market, with insights on what's hot and what's not.
biggest profit driver? | 📈 | | |Who leads in AI?|📊| | |Best-positioned for future growth?|🚀| | |Safest investment choice?|🛡️| | |Which to avoid?|⚠️| |
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Live event: A new era for equities, bonds and portfolios?
Has the era of secular stagnation and low inflation really come to an end? What does this mean for portfolios?
Join us on October 10 to explore how institutional investors can profit from a new macro cycle.
The climate economy: Profiting from energy transition
— It’s not too late to save 30% on your ticket as a FT subscriber. Register now for this event on September 20 in New York and October 5 in London.
Fifty-five percent of major public companies are now failing to disclose environmental information in their annual financial reports, according to new research from the SEC. The findings have sparked concern among Democrats and prompted pledges to review the practice from Republicans. Read more
Unhedged — Robert Armstrong
Read the best US market analysis from the FT's unhedged column each week.
Commentary
Why the Fed should cut rates by half a point (and why it won't) Markets are pricing in a quarter-point move, but the Fed could strike a bigger blow against the risk of recession.
Editor's picks
- Balancing act: India's broadening economy puts new demands on Modi
- In Robert F. Kennedy Jr's world, can the Democrats really be the party of science?
- Goldman Sachs to cut roughly 400 jobs as it swings the axe on its most junior bankers after a year of depressed dealmaking.
A new era for stocks
US stocks are leveraging AI just as the Federal Reserve's rate cycle approaches its endpoint新聞. Comments are closed. Read more
News wrap
1. Economic data
- Inflation: The headline US consumer price index (CPI) rose 0.2% in July, with year-on-year CPI running at 2.9% — its lowest level since 2021. The core reading, which excludes food and energy, was up 0.2%, with annual core at 3.2%. These figures support the Fed's plan for a quarter-point rate cut in September. Read more here.
Today's news:
US economy
- The UK economy expanded by 0.6% in the second quarter, driven by a rebound in the services sectorcard_travel
- Read more: US inflation falls below 3% for first time since 2021
Fed watch:
Bets on a US interest rate cut in September have increased, with a majority of investors now expecting an aggressive half-point reduction slash. The shift comes after data on Thursday showed US inflation cooled to its lowest level in over three years, though the cost of borrowing remains elevated.
On the agenda for today:
- US data: July housing starts, building permits, and initial jobless claims; University of Michigan consumer sentiment survey for August
- Eurozone data: Final CPI inflation (July), trade balance (June)
- Results: Applied Materials, Fast Retailing, Huangshan Tourism, Net Ease, Sow Good, Weiss
Also today:
- Fed Governor Christopher Waller speaks at 1:35pm ET on the economic outlook, followed by a panel discussion in Chicago.
- The first big test for Vice-President Kamala Harris as she rolls out her economic policy platform in a major speech in North Carolina.
More economic data:
- US: EIA natural gas storage change, EIA weekly oil inventories, Fed balance sheet, money supply.
- Europe: Eurozone trade balance, Current account (June) at 5pm Frankfurt time (11am ET)
- UK: GfK consumer confidence (August)
- Japan: National CPI.
- Australia: RBA Assistant Governor (Financial System) Brad Jones speaks at a conference on financial markets in Sydney, 10:35pm ET (Friday).
Markets to watch
US equity futures were little changed on Thursday as Nvidia's post-earnings surge failed to lift the benchmark indices. The S&P 500 futures edged 0.1% lower while those tracking the tech-heavy Nasdaq 100 were flat, a day after the chipmaker's revenue more than doubled and it announced a $50 billion buyback. Nvidia shares gained more than 938% year-on-year to become the world's 14th most valuable company this year式为.
European futures followed Wall Street higher. Europe's Stoxx 600 closed up 0.2% — despite corporate news from BASF, Jerónimo Martins and Spie — as investors shrugged off concerns about rising global interest rateshare.
US stock futures
— S&P 500 futures slipped 0.2%, following a higher close on Wall Street in the previous session.
Asian equities:
Markets were mixed on Thursday after data showed Japan's exports rose at the fastest pace in nearly two years in July, driven by a weaker yen, while core machinery orders increased.
Live event: A new era for markets
The head of the FT's markets team, Katie Martin, will be joined by senior journalists and portfolio specialists to explore a new era in markets and the future of the global economy on September 29. Click here to save your spot.
Companies & Markets
Rising deflationary pressure in China is ending the country's role as a source of global demand, signalling tough times for multinationals that have long looked to the world's second-largest economy for earnings growth, according to analysts polled by Reuters.
The trend is gripping China's consumer sector particularly hard, as the country deals with the aftermath of its worst market slump in decades (*see chart*).
China's consumer prices
rose just 0.6% in the year to July, falling short of expectations briefs and far short of the levels in the US and Europe越小to atop the charts...
Chinese craft-beer pioneer pushes into premium and overseas markets
— A story of how one company in China is navigating domestic sluggishness with overseas strength. Read more
Who's winning the race to $1tn?
— The market value of Nvidia, Apple and Microsoft are all in record territory, but the love affair with Big Tech is cooling, writes Robert Armstrong. Read the full story on the biggest US-listed companies by market capitalisation.
|Company|Market Cap| |---|---| |Microsoft|$3.05tn| |Apple|$2.91tn| |Nvidia|$2.92tn| |Alphabet|$1.69tn| |Amazon|$1.54tn|
Sources: LSEG, company accounts, *includes all share classes
US inflation data brings good news,
US inflation cooled more than expected in May, boosting hopes that the Federal Reserve will be able to start cutting interest rates Federal Reserve official flags "overlooked" driver of US inflation
A top Federal Reserve official has called out America's soaring budget deficit, flagging it as a key contributor to persistently elevated inflation that the central bank cannot control.
Views from the FT
• Nvidia's shares fell 6% after the chipmaker's blowout earnings report, and investors are wondering if the AI trade can continue to rally the market. Read more • Companies face a "regulatory tidal wave" as the Biden administration's agencies have diverging views on risks, reports Brooke Masters. Read • In a blow to LNG projects: A US federal judge has struck down a key permit for a major gas export project, a victory for climate activists. Read more:
Markets
— London open: FTSE 100 up 0.3% at 8,253; FTSE 250 flat. European markets open on a positive note after yesterday's sell-off. Asian stocks have recovered slightly, but remain on track for their worst week in nearly two years.
Chip stocks fall
— The Nasdaq Composite on Wednesday had its biggest drop since December 2022 as Nvidia's dour outlook dragged down chipmakers. The Philadelphia Semiconductor index fell 7%. Nvidia's share price slipped 6.4% after revenue guidance underwhelmed, even though the company beat second-quarter earnings expectations Il Sole 24 Ore reports.
Vance takes swipe at UK "free speech"
— JD Vance has accused the UK and Europe of backsliding on free speech in a US Republican convention speech on Thursday. He cited a UK case of a man arrested for praying silently outside an abortion clinic. Read more
Raising the stakes: 45 “election season” news stories you may have missed from the FT
Select all — I want to browse the list. More filters.
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Here's how the FT's US politics team is preparing for election night. This link: ft.com/election-newsletter.
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Almost all corporate leaders are approaching the 2024 US election with a measure of caution. But what about the automotive industry? — Can Kamala Harris win back the 'car country'?
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While Nvidia has delivered stellar results, some analysts are increasingly uncomfortable with its reliance on a handful of customers and the ethical, capacity and regulatory constraints of its biggest clients. Read more here.
I interviewed philosopher Amia Srinivasan, who offered a compelling answer to why the Democrats didn't do better with working class voters, along with her assessment of Kamala Harris. We also covered the UK and discussed her groundbreaking book about the political economy of tech. If you enjoy listening to discussions that range widely, this is the conversation for you.
Watch the video here.
Also, if you're interested in the candidate's economic platforms, here's what Harris's economic agenda says about the Democrats' approach to business:
- Most of Kamala Harris's proposals are polls-friendly and relatively uncontroversial: tax breaks for families, help for first-time homebuyers, modest support for manufacturing.
- But hidden away in her campaign's fine print is an agenda that goes much further in its ambitions to shape American capitalism than at first appears — from price controls to sweeping new powers for regulators.
Nvidia forecast fail?
A new US regulation is expected to accelerate the Chinese government's push for domestic technology champions—which could come at the expense of Nvidia and other American chipmakers. Read more.
One more thing
— Do we need a new global governance for AI? The concept of "Architectural" innovation might help us reimagine the global monetary and financial system.
Food for thought
— ECB governing council member François Villeroy de Galhau says the central bank can no longer bank on structural factors that previously held down inflation and called for smarter growth policies.
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Further reading: The Federal Reserve's favored inflation gauge accelerated more than expected in January, underscoring a bumpy start to the year for price pressures. The core personal consumption expenditures price index rose 0.4% in January from the previous month, for an annual rate of 2.8%.
News briefs:
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US intelligence report says Russia likely plans a "major" space-based anti-satellite weapon capability but it is not an imminent threat: Reports say Biden is pushing House Speaker Johnson to hold a vote on Ukraine security and border funding — more below.
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A landmark European court ruling allows AI developers to train models on copyrighted data without permission in some circumstances.
The new China — the rise of the rest
Economists argue over whether the US or China is ahead in the race for global economic dominance Peel back the latest layer to uncover where tariffs, tech controls and capital markets fit. Add this series to my FT.
FT Series: The New China — From Economic Powerhouse to… What?
Exploring how the world's second-largest economy is navigating an uncertain era.
The Big Read: A taxing issue
Nvidia's market value briefly surpassed $2tn this past week, an extraordinary milestone for a company that has become the face of the AI boom. But questions about demand sustainability loom. Read why there are reasons to be cautious about Nvidia's long-term prospects: https://www.ft.com/content/14cf09f3-75c3-4a8e-9a3a-46fd60279438
In other news
— In a blow to London, UK-based industrial equipment provider Ashtead is planning to move its primary listing to the US, according to the FT. The company said it intends to shift its primary listing to New York with the move taking effect after it completes its planned transition to a US holding company.
Last but not least
— Here are the best of the Financial Times' markets and trading scoops from the past year: Markets and trading stories of 2024.
The US housing market's biggest obstacle is, quite simply, supply—as investors would do well to recognizeches. Interest rates will remain higher for longer to combat persistent inflation. Investors are also weighing the federal deficit and what it means for the economy and markets蓬莱.
10-year Treasury yields hovered near 4.25%, with one prominent investor saying the 10-year Treasury is the "S&P 500 of the bond world." For nearly two years, amid repeated predictions of imminent rate cuts, the 10-year Treasury yield has remained locked. Now something may be changing: the 10-year Treasury yield has fallen to its lowest level since April as anticipation builds for the Fed to start cutting rates.
What is the FT's "Alphaville" saying about markets?
Here is a market snapshot from the FT's markets editor, including an analysis of how small investors are fueling the US stock market. Read more here.
As Wall Street heads into the final stretch before the US election, here are the key themes investors are focusing on as the presidential race heats up: Trade, regulation, rates and the deficit.
Federal Reserve Chair Jay Powell's speech at Jackson Hole hints that the Fed is ready to take a more relaxed approach to inflation.
among those calling for a looser policy. Powell has now declared that "the time has come" for interest rate cuts watch. This aligns with the views of Democratic lawmakers who want the central bank to lower borrowing costs. But the Fed's independence is a perennial hot topic, especially in an election year. And even outside of politics, central bank independence is seen as crucial for keeping inflation expectations anchored — something that President Joe Biden has respected.
But ahead of the November election, the Fed's independence is already facing one of its most serious tests — and some of its biggest critics are in the financial markets, warns our columnist Jennifer Hughes in this piece.
Why are politicians suddenly so interested in the Fed? Because inflation and borrowing costs are top of mind for many voters heading to the polls. But Fed independence is a tradition Powell wants to keep intact accustomed at Jackson Hole. Everyone from the president down to the presidential candidates wants lower interest rates. For Powell, the question is: How low can they go without compromising independence? Read more: близко.
Markets
— All the latest moves and updates are on our markets page. Sign up for the full First FT America newsletter here if you're not a subscriber. Explore more First FT newsletters here.
The Federal Reserve's preferred inflation gauge rose 2.5% in the year to June from a year earlier, matching the previous month's pace and holding near the central bank's 2% target, according to the Commerce Department's Friday report.
Chart of the day:
UK house prices are rising for the first time in nearly two years, as falling mortgage rates revive demand despite the Bank of England holding rates at 16-year highs. Read more
The day ahead
- US earnings: No big movers.
- US data: PCE inflation, personal income and spending (all July), plus Dallas Fed services index.
- Asia: Chinese manufacturing data from the National Bureau of Statistics due Friday with PMI.
- Europe: German preliminary inflation data for August, due later on Thursday and Friday. EU flash inflation estimates are due Friday morning.
The week in Washington has seen Democrats adopt new economic messaging, but the presidential race remains essentially locked, and that's because voters think the country is on the wrong track, argues Ed Luce. His latest column: Don't expect Democrats to get a Kamala bounce.
While you were sleeping... London's financial hub The City has the most powerful advocates in its corner. Big win against Brussels over clearing. Plus, a controversial distance test has landed onshore in the UK.
Unhedged
— Should investors avoid US stocks? Markets are spooked. Robert Armstrong and Ethan Wu discuss. Read here.
The Fed is expected to cut interest rates in September, but the Federal Open Market Committee minutes suggest a broader internal debate about inflation risks persists:
On the move:
- Porsche AG: The luxury carmaker is recalling 2,687 vehicles in the US due to a software problem.
- Viitai: The Indian food delivery company is in advanced talks to acquire its rival Swiggy's food delivery and quick commerce business, according to reports.
- Sea Ltd is investing $250 million in Indian digital payments provider Pine Labs, according to reports.
The (Other) Big Number:
The S&P 500 has now gone 358 days without a 2% decline in its price, a new record. The last time the index had a 2% drawdown was back on February 21 2023well.
Best of the rest:
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- Why is Kamala Harris considering a windfall tax on food prices? A look at the (legal) strategy.
- "Blitzscaling" aftermath: The venture capital fund backed by Marc Andreessen and Ben Horowitz is trying to reset after a bruising year.
- Goldman Sachs bankers could soon find out their annual bonuses.
- Visa and Mastercard have been hit by a US court ruling that could threaten their business models.
- Japan is becoming a more expensive tourism destination as the weaker yen encourages visitors to spend more on attractions like sumo wrestling, but shorter stays can reduce the economic benefit to the country.
- The EU is attempting to tackle sluggish economic growth with a report from former ECB president Mario Draghi warning of an "existential challenge" ahead. Draghi's report, due to be released today, is expected to call for radical changes to the bloc's competition rules
- The ECB's decision to cut interest rates was a mistake that is undermining the credibility of the ECB, according to its former chief economist. Read more here.
- Beijing has opened a "united front" campaign to cheer up consumers and investors after a painful week of losses.
- "The return of the dollar is complicating life for global central banks" - link here.
- "A big US stock rally could be bad news for equities" - read more
Fed's Powell says 'time has come' for rate cuts
The US Federal Reserve chair's first comments from Jackson Hole set up a shift in policy direction. https://www.ft.com/content/f38ef0b variances...
Markets
Asian equities rose in early trading, following Wall Street's positive session. The dollar slipped while Treasury yields ticked higher. In Europe, major indexes closed higher, with the Stoxx 600 up 0.5%.
Nvidia says its new chips are sold out
— "there is a lot of momentum" as demand for its next-generation processors continues to outpace supply. Nvidia's sales forecast didn't impress, sending shares down in extended tradinghare.
Meanwhile, the head of Amazon's cloud computing division claims that AI is still in its early stages and represents the largest technology shift in decades.
"AI is arguably the largest technology shift since the cloud, maybe since the internet," said Matt Garman, who took over as Amazon Web Services' chief executive last month, in an interview with the Financial Times. "We're in the very early stages."
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Today's news:
US Election
— Donald Trump has raised $7.3mn from cryptocurrency donations, boosting his campaign's coffers as he woos the industry with softer digital-asset policies. A crypto-focused super political action committee has spent more than $105mn this election season, according to Federal Election Commission filings, helping sway both Republican and Democratic primaries muted.
While corporate political spending remains under pressure, a loosening campaign finance environment is expected to fuel a record year for election spending in the US, according to ad-tracking companies.
Business
— Goldman Sachs is preparing to cut hundreds of jobs from its global investment banking staff, extending a trend among top banks. The dealmaking environment is sluggishable, but rivals including Morgan Stanley and JPMorgan are quickly picking up talent.
EU leaders are pushing to loosen rules on state aid for defence projects, as nations face pressure to bolster their military capabilities. They will also discuss appointing a "competitiveness commissioner" in the next European Commission to oversee the bloc's economic security.
In other corporate news: McDonald's is extending its $5 meal deal, while US pharmacy chain Walgreens is reportedly in talks to be acquired by private equity firm Sycamore Partners.
Here's in markets today: From Fed speakers to US consumer confidence — key data points to . (FT)
The day ahead
- EU GfK consumer climate (Sep)
- ECB Governing Council member Robert Holzmann speaks at a conference
- US New home sales & Dallas Fed services index
- US earnings: FedEx, General Mills, Carnival Corp
- ECB's Philip Lane delivers speech at the annual economic policy symposium in Jackson Hole, Wyoming
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