Tonight’s Highlights | US Stock Futures Rise, Key Jobs Report Looms, Apple New Product Launch Imminent  

On Tuesday, US stock index futures edged higher, with investors’ expectations of a Federal Reserve rate cut overshadowing concerns about the US and global economies. Most major European indices also rose.

 

 

In the previous trading session, the three major US indices closed higher, driven by key chip stocks like Broadcom and Nvidia, with the Nasdaq rising 0.45% to hit a new all-time high.  

 

Despite some countries facing issues with government debt sustainability and regional political instability, the global stock market rally continues. The collapse of the French government had a limited impact, with the CAC 40 index posting a slight gain.  

 

Investors are awaiting the annual employment market revision data from the US Bureau of Labor Statistics (BLS), which may indicate a significant drop in new job additions. Informed sources say the White House is preparing a report outlining alleged shortcomings in BLS data.  

 

Apple will hold its fall event at 1:00 PM local time on Tuesday, with the company expected to unveil updates to its latest iPhone, AirPods, and Apple Watch.

Corporate News  

Volkswagen Plans €1 Billion Investment in AI by 2030  

 

On September 9, Volkswagen announced plans to invest up to €1 billion by 2030 to expand AI technology applications. The company stated the focus will be on three areas: AI-assisted vehicle development, industrial applications, and high-performance IT infrastructure expansion. Volkswagen expects AI adoption to deliver €400 million in efficiency gains and cost optimization by 2035.  

 

Anglo American and Teck Resources to Merge  

 

On September 9, Anglo American and Teck Resources announced an agreement to merge on an equal basis, forming Anglo Teck Group. Post-merger, Anglo American and Teck Resources shareholders will hold approximately 62.4% and 37.6% of Anglo Teck Group, respectively.

 

Anglo American will also pay a $4.5 billion special dividend to its investors before the deal. Subject to regulatory approval, the merger is expected to close within 12-18 months.  

 

This merger will rank among the largest in mining history. Over the past 12 months, Teck Resources’ stock, traded in Toronto, fell about 20%, with a market cap of CAD 23.7 billion ($17.1 billion). Meanwhile, Anglo American’s stock, traded in London, rose 15%, with a market cap of £26.9 billion ($36.4 billion).  

 

ASML Invests €1.3 Billion in Mistral AI, Takes 11% Stake  

 

On September 9, ASML announced a strategic partnership with French AI startup Mistral AI, leading its Series C funding with a €1.3 billion investment. This gives ASML approximately 11% ownership in Mistral AI on a fully diluted basis.  

 

Samsung Biologics Signs $1.29 Billion Contract with US Pharma Firm  

 

On September 9, Samsung Biologics announced a $1.29464 billion (approximately KRW 1.8001 trillion) contract manufacturing (CMO) deal with a US pharmaceutical company. This is the company’s second-largest order since its inception, with the contract running until December 31, 2029. Due to confidentiality clauses, the client and product names are not disclosed.  

 

Elon Musk’s SpaceX Spends $17 Billion to Acquire EchoStar Wireless Spectrum  

 

On September 8 local time, Elon Musk’s SpaceX announced an agreement to acquire EchoStar Corp.’s wireless spectrum for approximately $17 billion to support its Starlink satellite network. SpaceX will pay up to $8.5 billion in cash and $8.5 billion in SpaceX stock, and it will also cover about $2 billion in EchoStar’s debt interest through November 2027.