Trending Market News

A New Mexico jury found Meta Platforms misled state residents in a case related to the Cambridge Analytica scandal, where the political consulting firm obtained data from millions of Facebook users during the 2016 presidential campaign. The verdict follows a two-week trial stemming from a 2021 lawsuit by New Mexico's attorney general, and a judge will now determine monetary penalties against Meta.

• The case relates to Cambridge Analytica obtaining personal data from as many as 87 million Facebook users, first revealed in 2018 news reports
• This marks the second jury verdict against Meta in New Mexico in six months; in March, a jury ordered Meta to pay $375 million in penalties for misleading users about child safety on Instagram
• New Mexico was not part of a separate $16.7 billion settlement Meta reached with 47 states over claims it designed addictive features targeting children, allowing this Cambridge Analytica case to proceed to trial

Unions at Chile's Escondida copper mine, the world's largest, rejected BHP management's request to pause contract negotiations following a worker's death earlier this week. The unions condemned the company for attempting to use the tragedy to delay ongoing collective bargaining talks, accusing management of poor safety conditions at the site.

• Unionized supervisors are scheduled to vote September 28-30 on the company's latest contract offer, with their union urging rejection that could lead to a strike
• Unions criticized BHP for continuing most mine operations after the accident, with only partial halting following intervention by mining regulator Sernageomin
• BHP operates Escondida with a 57.5% stake, while Rio Tinto holds 30% and Japan-based JECO owns 12.5%

Ford Motor halted F-150 pickup truck production at its Dearborn, Michigan plant for nearly a week, from Thursday through September 29. The shutdown affects Ford's most important vehicle model, with production also impacted at the Kansas City plant, though Kentucky Truck Plant increased output to compensate for the losses.

• All production crews at Dearborn Truck Plant were canceled for approximately six days due to an unspecified issue
• Kansas City Assembly Plant also canceled some shifts this week due to the same problem affecting Dearborn
• Kentucky Truck Plant ramped up F-150 production to offset losses from the other facilities

U.S. airlines including United, American, and JetBlue have waived flight-change fees for weekend travel as a nor'easter is expected to hit the Northeast U.S. with high winds, heavy rainfall, and potential flooding. As of Friday morning, minimal delays were reported, with carriers still assessing the storm's projected path before making cancellation decisions.

• Airlines are waiving change fees and fare differences for affected airports in the New York City area, Boston, and smaller New England airports, allowing rebooking through mid-next week
• As of Friday morning, there were minimal delays in the Northeast and few weekend cancellations scheduled, as carriers continued monitoring the storm's trajectory
• The potential disruptions follow a winter storm on Monday that forced airlines to cancel hundreds of flights to New York and Philadelphia

German chemical company BASF has approached rival Evonik and its largest shareholder RAG Foundation about a potential merger, according to the Financial Times. However, a source familiar with the matter told Reuters that Evonik is currently not aware of any takeover approach. The FT reported that BASF has been consulting with banks about a possible takeover since earlier this year.

• BASF has reportedly been speaking to banks about a potential Evonik takeover since earlier in the year
• Evonik's spokesperson declined to comment, while a source said the company was not aware of any takeover approach
• The approach includes discussions with RAG Foundation, Evonik's largest shareholder

ADARx Pharmaceuticals raised $446.3 million in an upsized U.S. IPO, selling 26.3 million shares as investor appetite for biotech listings remains strong. The San Diego-based drug developer will begin trading on Nasdaq under the symbol 'ADRX' on Friday, reflecting continued momentum in the biotech IPO market.

• Biotech has emerged as a bright spot in 2024's IPO market, with investors favoring the sector's relative insulation from geopolitical conflicts and AI-driven disruption
• ADARx's lead drug candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder causing sudden swelling attacks
• AbbVie agreed to invest up to $100 million in a concurrent private placement, acquiring approximately 4.9% stake in the company post-IPO

Ukrainian President Volodymyr Zelenskiy said the EU and IMF recognize the need to help Ukraine cover its budget deficit and defense costs. Ukraine is seeking an additional $27 billion from partners this year for defense spending as war costs escalate. Kyiv has requested accelerated disbursement of EU loans and needs to secure a funding plan for next year's budget by November.

• Ukraine needs $27 billion more in 2024 for defense due to intensified long-range drone and missile attacks and fighting along a 1,200-km front line
• Zelenskiy emphasized urgent need to order drones in October-November or face challenges in early 2025, receiving positive response from EU Commission President von der Leyen
• An IMF mission for a second review of Ukraine's financing program is expected in November, requiring Kyiv to present a concrete plan for funding next year's budget including social and humanitarian spending

The US Federal Reserve is preparing to raise asset thresholds that trigger stricter bank oversight, potentially proposing changes later this year to account for inflation and economic growth since the thresholds were set in 2019. The move would lift the $700 billion threshold to around $960 billion and the $100 billion threshold closer to $150 billion, giving banks more room to grow without incurring costly additional regulations. The changes are expected to spur consolidation among mid-size lenders that have been avoiding deals to stay below current regulatory thresholds.

• Banks like U.S. Bancorp, Capital One, PNC Financial and Truist near the $700 billion threshold would gain more room to grow without facing the toughest Fed oversight requirements including daily reporting to supervisors
• Mid-size banks with $50 billion to $700 billion in assets completed just 33 acquisitions over the past decade, with only seven deals last year, as institutions avoided breaching regulatory thresholds
• Crossing the $100 billion threshold typically requires tens of millions of dollars annually in compliance staff, risk management systems, stress-testing capabilities and regulatory reporting infrastructure

American businesses significantly increased orders for Chinese goods in the weeks before the Trump-Xi summit, according to a private survey of 1,296 Chinese companies conducted between September 1-22. The unexpected surge in U.S.-bound shipments, rising on both monthly and yearly bases, came as companies anticipated continued stability in bilateral relations following the summit. The two countries agreed to extend their trade truce to January, suspending restrictive controls and delaying additional tariffs.

• China Beige Book reported a 'surprise' jump in U.S. orders as China's relative tariff position improved, though overall domestic and export orders remained below year-earlier levels
• The effective U.S. tariff rate on Chinese goods stands at around 23%, significantly higher than rates imposed on other major trading partners
• Eurasia Group raised its odds of continued U.S.-China stability to the highest level since Trump returned to office, with both sides expected to pursue near-term commitments including rare-earth export licenses and agricultural purchases

Lee Reiber, CEO of Virginia-based Oxygen Forensics, and Russian national Oleg Davydov were arrested and charged with conspiracy to commit wire fraud for allegedly concealing the company's Russian ownership from U.S. government agencies. The digital forensics software firm, whose clients included the Secret Service and Homeland Security, falsely claimed to be independently owned while Russian nationals secretly controlled it through a Cyprus holding company.

• Prosecutors allege Davydov and four other Russian nationals secretly owned and controlled Oxygen Forensics, with software development conducted by a Russia-based team, while the company certified itself as independent to U.S. agencies
• The false certifications helped Oxygen secure a five-year, $12 million contract with a Secret Service training unit in 2024, and investigators seized the company's bank accounts and roughly 57 web domains
• The charges followed public allegations made by a fired employee in a YouTube video in February, prompting Oxygen to sue him for defamation in August, weeks before the criminal case became public

Oil prices fell slightly on Friday as markets weighed the possibility of a US-Iran truce against continued Houthi attacks on Saudi oil facilities. Negotiators in New York are discussing a phased path out of war that would involve Iran reopening the Strait of Hormuz in exchange for lifting US economic sanctions. The decline came after a volatile week where Brent rose 2.09% and both contracts spiked as much as 5% on Thursday.

• Brent crude fell 0.69% to $105.85 per barrel while WTI dropped 0.86% to $93.80, following Thursday's sharp gains of 3.4% and 2.7% respectively
• Since the war began in February, approximately 20% of global oil and gas shipments have been curtailed, driving prices up 50% in March alone
• Saudi Arabia intercepted Houthi missiles targeting the Taif province and Yanbu Red Sea area, highlighting that critical oil infrastructure remains vulnerable despite diplomatic progress

Insurance Australia Group settled a A$2.8 billion ($1.96 billion) lawsuit brought by Credit Suisse over losses related to the 2021 collapse of Greensill Capital. The settlement, with undisclosed terms, resolves claims tied to trade credit insurance policies issued to Greensill entities and follows a separate A$4 billion settlement earlier this year.

• The lawsuit related to policies issued by IAG's BCC Trade Credit unit to Greensill entities, with claimed amounts totaling A$2.8 billion plus interest
• This is IAG's second major Greensill-related settlement in 2024, following a A$4 billion agreement with Greensill Bank administrators months earlier
• IAG stated the settlement will not materially impact its 2027 financial results, though a separate A$170 million lawsuit from White Oak remains ongoing

OpenAI is expected to preview GPT-6 Cyber, a cybersecurity-focused AI model, within days, according to Fortune. The company also plans to launch a new product to help customers deploy the model more securely and automatically. Reuters could not independently verify the report, and OpenAI has not commented.

• GPT-6 Cyber represents OpenAI's move into specialized cybersecurity AI applications
• A companion product will be released to enable more secure and automated deployment for customers
• The report comes from multiple sources familiar with the plans but remains unconfirmed by OpenAI

Anthropic is seeking shareholder approval for a voting control structure that would grant its seven co-founders a combined 50.1% of voting power ahead of a potential IPO. The arrangement mirrors Palantir's founder-control model and would remain in effect as long as three of the seven co-founders retain a minimum number of shares. This move aims to preserve founder control as the AI company prepares for public markets.

• The voting structure would give seven co-founders combined 50.1% voting control, emulating Palantir's governance model
• Control requires at least three of the seven co-founders to maintain a minimum share threshold
• The arrangement is being structured ahead of Anthropic's anticipated initial public offering

Costco Wholesale exceeded quarterly revenue estimates, reporting $95.72 billion for the fourth quarter versus Wall Street's $94.86 billion estimate. Strong demand for essential goods from inflation-conscious shoppers drove increased foot traffic to the warehouse retailer's stores.

• Quarterly revenue of $95.72 billion beat analyst estimates of $94.86 billion
• Resilient demand for essentials from shoppers squeezed by high inflation fueled warehouse traffic
• Performance demonstrates Costco's competitive position as consumers seek value amid persistent inflationary pressures

The Dow Jones fell 162 points (0.32%) on Thursday as Treasury yields reached multidecade highs and oil prices surged on supply concerns. The 30-year Treasury yield hit 5.491%, its highest since June 2004, while oil climbed over 3% following Houthi attacks on Saudi Arabia and concerns about Strait of Hormuz disruptions.

• Treasury yields surged to multidecade highs: 10-year yield reached 5.21% (highest since July 2007) and 30-year yield hit 5.491% (highest since June 2004)
• Fed funds futures now show 71% probability of an October rate hike, up from 55% a week earlier, following stronger US business activity data
• Oil prices jumped sharply with Brent crude rising over 4% to above $107/barrel and WTI up 3% to around $95 amid Houthi attacks and Strait of Hormuz supply disruption concerns

Alaska Air expects Boeing's 737 MAX 10 to receive FAA certification by the end of September, with the airline planning to take delivery of its first aircraft next spring and put it into passenger service between April and mid-May. The certification is already several years behind schedule, and any further delays could threaten Alaska's timeline for deploying the new single-aisle jet.

• Alaska Air plans to take delivery of its first 737 MAX 10 next spring and begin passenger service between April and mid-May
• After FAA certification, Alaska must separately certify its heads-up display for pilots, which will take a 'few months'
• The airline's COO acknowledged the tight timeline is 'sporting' but said they are 'not panicking yet' about potential delays to the already years-late certification

The Senate is voting on a measure to end the U.S. war with Iran as Americans face high fuel costs linked to the conflict, with gas prices averaging $4.48 per gallon nationwide. The concurrent resolution would direct President Trump to remove U.S. troops from Iran unless Congress explicitly authorizes the war, though the measure is largely symbolic as it does not carry force of law.

• The measure requires only 50 votes to pass the Senate and has already passed the House in July, with Democrats seeing increased Republican support as midterm elections approach
• Gas prices have spiked to $4.48 per gallon nationwide during the conflict, with diesel prices particularly stressing farmers and truckers in midwestern states
• The vote timing is politically significant as it comes less than six weeks before midterm elections, creating pressure on incumbent Republicans who must explain rising fuel costs to voters

US news outlets MS NOW and CNN announced on Thursday that they have been granted access to the White House. This follows President Donald Trump's September 18, 2026 announcement banning these outlets, along with Politico, from White House access. The reversal marks a significant development in the ongoing tension between the Trump administration and certain media organizations.

• Trump initially banned CNN, MS NOW, and Politico from the White House on September 18, 2026
• Both MS NOW and CNN confirmed they received White House access as of September 24, less than a week after the ban
• The article does not clarify whether Politico has also regained access or the specific terms of the access restoration

BNP Paribas signed a five-year cloud and AI partnership with Google but will keep sensitive customer data and critical operations off public cloud infrastructure. The French bank will use Google's public cloud and Gemini AI models for internal applications like credit memos and trading, while maintaining on-premise infrastructure for highly confidential data such as medical information from insurance operations.

• The deal grants BNP access to Google's public cloud infrastructure and Gemini models for AI agents supporting corporate credit, sales, trading, and research functions
• Highly sensitive data like medical information from insurance operations will remain off public cloud, with BNP maintaining its on-premise infrastructure and partnership with French AI firm Mistral
• Google confirmed BNP retains data ownership and that customer data will not be used to train or refine Google's AI models, while less sensitive tasks like invoice processing may use Google technology