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▸ Investor nerves over bubble in arti­fi­cial intel­li­gence weigh on Wall Street ▸ Dol­lar and Treas­ur­ies advance des­pite con­tinu­ing US gov­ern­ment shut­down ▸ European stocks edge lower amid polit­ical crisis in France Wall Street stocks slipped from record highs yes­ter­day with tech­no­logy stocks pulling the mar­ket lower as investor nerves about a bubble in arti­fi­cial intel­li­gence...

OpenAI has agreed to buy tens of bil­lions of dol­lars’ worth of chips from AMD as part of a deal that could see the Chat­GPT maker take a 10 per cent stake in the $270bn chip­maker over time. The US-based arti­fi­cial intel­li­gence start-up said it had agreed to pur­chase pro­cessors with a total power con­sump­tion of 6 gigawatts — roughly equi­val­ent to Singa­pore’s aver­age demand — send­ing...

▸ Land­mark deal between OpenAI and chip­maker AMD buoys Wall Street ▸ European stocks weighed by polit­ical tur­moil in France as PM resigns ▸ Tokyo equit­ies soar to record highs as Takai­chi elec­ted leader of rul­ing party A rally in global tech­no­logy stocks car­ried Wall Street higher yes­ter­day after a land­mark deal between OpenAI and chip­maker AMD. OpenAI agreed to buy tens of bil­lion...

Gold’s biggest rally since the 1970s is being stoked by “gold-plated Fomo”, as investors fear­ful of miss­ing out on returns and wor­ried about infla­tion add the pre­cious metal to their port­fo­lios. The bul­lion price has rock­eted nearly 50 per cent this year to a record of more than $3,800 per troy ounce after US Pres­id­ent Don­ald Trump’s trade war sparked a rush to haven assets and sent th...

The Bank of Eng­land yes­ter­day quietly replaced a data­set linked to one of its most closely watched busi­ness sur­veys, adding to uncer­tainty about the qual­ity of UK eco­nomic fig­ures. Accord­ing to data pub­lished by the BoE at 9.31am, busi­nesses expec­ted UK infla­tion for the year ahead to be 3.5 per cent, the highest since 2023. But the BoE then swapped the spread­sheet with the under­l...

▸ Semi­con­ductor shares rally glob­ally, lift­ing Seoul stocks to all-time high ▸ Stoxx Europe 600 bench­mark hits second con­sec­ut­ive record peak ▸ Weak debt auc­tion pushes Japan­ese bond yields to highest level since 2008 A rally in chip shares car­ried European and South Korean equity indices to record highs yes­ter­day. Semi­con­ductor stocks climbed glob­ally after SK Hynix and Sam­sung E...

Private employ­ers in the US shed the largest num­ber of jobs in two-and-ahalf years in Septem­ber, accord­ing to unof­fi­cial data that investors are rely­ing on because of the gov­ern­ment shut­down. Private sec­tor employ­ment fell by 32,000 last month, payroll pro­cessing group ADP said, con­found­ing eco­nom­ists’ expect­a­tions for an extra 50,000 roles and trig­ger­ing a rally in Treas­ur­i...

▸ Phar­ma­ceut­ical groups push Stoxx 600 and FTSE 100 to all-time peaks ▸ Treas­ury bonds rally after weaker than expec­ted US employ­ment data ▸ Wall Street indices mixed after claw­ing back losses from earlier in ses­sion European and UK stocks jumped to fresh record highs yes­ter­day, buoyed by phar­ma­ceut­ical stocks after Pres­id­ent Don­ald Trump announced a new dir­ectto-con­sumer drug sa...

Sir Keir Starmer has tried to revive his flounder­ing premi­er­ship by urging his flag-wav­ing Labour party to launch a “pat­ri­otic” fight against Nigel Far­age’s Reform UK, declar­ing: “I don’t believe Bri­tain is broken.” The prime min­is­ter used the threat of Far­age as a ral­ly­ing cry in his speech to the Labour con­fer­ence, accus­ing the Reform leader of “stir­ring the pot of divi­sion” a...

▸ Pro­spect of US gov­ern­ment shut­down helps push Wall Street lower ▸ European equity indices more upbeat, led higher by Frank­furt ▸ Gold extends gains but crude oil retreats on sup­ply glut fears Wall Street edged down yes­ter­day as the chances ticked higher of a US gov­ern­ment shut­down begin­ning at mid­night. The tech-heavy Nas­daq Com­pos­ite index was 0.2 per cent lower by early after­n...

Down­ing Street has opened the door for Labour to break its elec­tion prom­ises and raise taxes in the Budget, as chan­cel­lor Rachel Reeves told crit­ics in the party to stop ped­dling the “dan­ger­ous” idea that she can relax fiscal dis­cip­line. Dar­ren Jones, the prime min­is­ter’s chief sec­ret­ary, refused to rule out the pos­sib­il­ity that Reeves would break Labour’s mani­festo vow not to...

▸ Wall Street climbs as investors shrug off risk of US gov­ern­ment shut­down ▸ Dol­lar retreats against lead­ing forex rivals but Treas­ur­ies attract buy­ers ▸ European equity indices advance while pres­sure eases on UK gilt yields Wall Street stocks rose yes­ter­day as investors shrugged off the risk of a poten­tial US gov­ern­ment shut­down. Pres­id­ent Don­ald Trump was set to meet law­makers...

Investors have warned that an Andy Burnham-led Labour gov­ern­ment would spark a sell-off in gilts and the pound if it launched a bor­row­ing spree against a back­drop of fra­gile mar­kets. Burnham, Labour mayor of Greater Manchester, said that the UK should not be “in hock” to bond mar­kets, as he burn­ished his leftwing cre­den­tials in what is widely seen as a chal­lenge to Prime Min­is­ter Sir...

▸ Strong US eco­nomic data damps hopes for exten­ded series of rate cuts from Fed ▸ S&P 500 and Nas­daq trend lower while Treas­ury yields rise on robust fig­ures ▸ Gilt yields also rise after down­beat com­ments from BoE rate-set­ter on cuts US stocks slipped and gov­ern­ment bond yields rose yes­ter­day after robust eco­nomic data cast doubt on investors' expect­a­tions for a series of inter...

Bond giant Pimco is bet­ting on a fall in UK infla­tion that will, in turn, allow the Bank of Eng­land to cut interest rates fur­ther than traders cur­rently expect, arguing that there is “noth­ing that spe­cial” about the price pres­sures affect­ing the coun­try. The man­ager of $2tn in assets has an over­weight pos­i­tion rel­at­ive to the bench­mark index in five-year gilts, which stand to bene...

▸ European defence stocks surge after Trump’s remarks on Ukraine war ▸ Wall Street lower on Pow­ell sig­nal that fur­ther rate cuts were not guar­an­teed ▸ Dol­lar ral­lies but US gov­ern­ment bonds sold by investors European defence stocks rose yes­ter­day after Pres­id­ent Don­ald Trump said that Ukraine could win back all of its ter­rit­ory that has been seized by Rus­sia. Trump emphas­ised the...

Amazon Fresh gro­cery stores are clos­ing in the UK after just four years, as the US tech giant’s attempt to revolu­tion­ise old-fash­ioned food shop­ping failed to win over enough cus­tom­ers. The eco­m­merce group said yes­ter­day that it planned to close 14 of its Fresh stores, which use tech­no­logy to track what cus­tom­ers are put­ting in their shop­ping bas­kets and dis­pense with the need...

▸ US interest rate cut expect­a­tions push gold to another record high ▸ Gilt yields fall as data shows UK private sec­tor activ­ity grows less than expec­ted ▸ Argen­tine peso gains before Trump talks with Milei over eco­nomic sup­port Gold prices hit another record high yes­ter­day as traders waited for a speech by the US Fed­eral Reserve chair for clues about the cent­ral bank's next move. The...

Nvidia has announced plans to invest up to $100bn in OpenAI in return for a sig­ni­fic­ant stake in the Chat­GPT maker, as part of a joint effort to build data centres for arti­fi­cial intel­li­gence. OpenAI is plan­ning to buy mil­lions of Nvidia’s AI pro­cessors as part of a deal to deploy up to 10 gigawatts of capa­city, the two tech groups said yes­ter­day, the equi­val­ent out­put of 10 nuc­l...

▸ Wall Street extends record-break­ing streak des­pite visa fears for Big Tech ▸ Treas­ury bonds exper­i­ence mod­est selling as traders await Fed com­ment­ary ▸ Dol­lar retreats against rivals and European stocks edge down­wards Wall Street stocks exten­ded a record­break­ing streak yes­ter­day des­pite warn­ings that Pres­id­ent Don­ald Trump's new visa rule change could hit big US tech­no­logy...

Sir Keir Starmer is explor­ing pro­pos­als to abol­ish some visa fees for top global tal­ent at a time when the US has moved sharply in the other dir­ec­tion. The prime min­is­ter’s “global tal­ent task force” is work­ing on ideas to lure to the UK the world’s best sci­ent­ists, aca­dem­ics and digital experts, as it seeks to stim­u­late eco­nomic growth. One option being con­sidered is abol­ish­i...

Nvidia has agreed to invest $5bn in its strug­gling rival Intel as part of a deal to develop chips for PCs and data centres, the latest reorder­ing of the tech industry spurred by arti­fi­cial intel­li­gence. Intel shares were up more than 22 per cent by yes­ter­day after­noon after the announce­ment, which unites two of Sil­icon Val­ley’s longest-run­ning rivals. The deal comes a month after the...

▸ Wall Street climbs after Fed makes first rate cut since last Decem­ber ▸ Long-term Treas­ur­ies fall after cent­ral bank nudges infla­tion fore­casts higher ▸ Equity indices across the Atlantic also rise fol­low­ing US decision Global stocks rose yes­ter­day after the US Fed­eral Reserve cut its bench­mark interest rate for the first time since last Decem­ber. The US cent­ral bank lowered the be...

The Fed­eral Reserve yes­ter­day cut interest rates by a quarter point for the first time this year, as the US cent­ral bank sig­nalled fur­ther reduc­tions on the back of labour mar­ket weak­ness. The rate-set­ting Fed­eral Open Mar­ket Com­mit­tee lowered the bench­mark fed­eral funds tar­get range to 4 per cent to 4.25 per cent, match­ing Wall Street expect­a­tions. The decision was not unan­im...

▸ Ban on Chinese com­pan­ies buy­ing Nvidia AI chips pushes Wall Street lower ▸ Euro slips against dol­lar but remains close to highest levels in 4 years ▸ FTSE 100 stocks, ster­ling and gilts edge upwards after UK infla­tion data US tech­no­logy stocks took Wall Street lower yes­ter­day fol­low­ing a ban on Chinese com­pan­ies buy­ing Nvidia's AI chips. The Fin­an­cial Times repor­ted that China'...