U.S. stock futures: Oracle rises over 29% pre-market, European stocks open higher across the board, euro declines, gold maintains its upward trend.

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Boosted by another surge in tech stocks and hopes that the Fed will cut interest rates, global stock markets have risen for a sixth consecutive trading day.

On Wednesday, European stocks opened higher collectively; Japanese and South Korean stock markets both closed at record highs; U.S. equity index futures also rose. Oracle surged more than 29% in U.S. premarket trading, expecting its cloud infrastructure revenue to grow 77% by fiscal year 2026 to $18 billion. TSMC rose over 2% in U.S. premarket trading, with August sales up 33.8% year-on-year.

Investors are focusing on the upcoming U.S. inflation report this week, which will directly impact the Fed’s rate decision next week and the path for cuts in 2025. Meanwhile, geopolitical risks are also on the rise. According to CCTV News, on September 9 local time, an explosion occurred in the Katara area north of Doha, Qatar’s capital. The Israel Defense Forces confirmed it carried out a precision strike on senior Hamas leadership, pushing up oil prices.

Oracle surged more than 29% in U.S. premarket trading, expecting its cloud infrastructure revenue to grow 77% by fiscal 2026 to $18 billion. TSMC rose over 2% in U.S. premarket trading, with August sales up 33.8% year-on-year.European stocks opened collectively higher. The Euro STOXX 50 Index rose 0.48%; the UK FTSE 100 Index rose 0.17%; France’s CAC 40 Index rose 0.26%; Germany’s DAX 30 Index rose 0.38%.Nikkei 225 Index closed up 0.9%, surpassing August highs to hit a record close at 43,837.67. Japan’s TOPIX closed up 0.6% at 3,140.97. South Korea's KOSPI ended up 1.7%, a record high at 3,314.53.10-year U.S. Treasury yield changed little at 4.08%.Germany’s 10-year government bond yield rose two basis points to 2.66%.Euro fell 0.2% against the dollar to 1.1683.Spot gold rose 0.53% to $3,645.42/oz.WTI crude rose 0.69% to $62.49/barrel.

Focus on the Federal Reserve: Cooling Labor Market and Inflation Test

Before next week’s Fed meeting, investors are closely watching the Producer Price Index (PPI) and Consumer Price Index (CPI) to be released this week. These data points are key indicators for the Fed’s next moves. Money markets now predict the Fed will cut interest rates two to three times this year.

Kyle Rodda, market analyst at Melbourne Capital.com, said:

"Based on current market risk appetite, the market seems to believe (rate cuts) are enough to shield the U.S. economy from recession. But a hot inflation report will complicate things, forcing the Fed to make a tough trade-off between the labor market and price stability."

Weak jobs data is supporting expectations for rate cuts. Preliminary benchmark revisions released by the U.S. government on Tuesday show that U.S. job growth in the year through March was much weaker than previously reported. Payroll jobs could be revised lower by a record 911,000, a decrease of 0.6%. Final data will be released early next year.

Dilin Wu, research strategist at Pepperstone Group Ltd., noted:

"The market expects U.S. PPI to edge down, and if so, this might strengthen bets on a 50-basis-point Fed cut in September, adding pressure on the dollar. But last month’s figures showed inflation pressure from producers has not yet fully passed to consumers, making tomorrow’s CPI data even more crucial."

S&P 500 futures rose 0.2%, Nasdaq 100 futures rose 0.2%. Oracle surged more than 29% in U.S. premarket trading, expecting its cloud infrastructure revenue to grow 77% by fiscal 2026 to $18 billion. TSMC rose over 2% in U.S. premarket trading, with August sales up 33.8% year-on-year.

Spot gold rose 0.53% to $3,645.42/oz.

Asian Markets Perform Strongly, Tech Stocks Are Dual Engines

Driven by optimism, Asian stock markets stood out. On Wednesday, South Korea’s KOSPI once climbed 1.8%, with index heavyweights Samsung Electronics and SK Hynix as the biggest drivers. Benefiting from the country’s ongoing corporate reform and the AI boom, the index has risen over 38% so far this year.

Indian stocks also advanced, with the Nifty 50 Index up as much as 0.7%, largely contributed by Infosys Ltd. and Tata Consultancy Services Ltd.

In addition, U.S. President Trump stated he is ready to join forces with the EU to impose comprehensive new tariffs on China and India, the main buyers of Russian oil, to pressure Russia and force it to negotiate over Ukraine. He also said he plans "in the coming weeks" to discuss trade matters with Indian Prime Minister Modi.

At the same time, geopolitical risks are also mounting. According to CCTV News, on September 9 local time, an explosion occurred in the Katara area north of Doha, Qatar’s capital. The Israel Defense Forces confirmed it carried out a precision strike on senior Hamas leadership, pushing up oil prices. WTI crude rose 0.69% to $62.49/barrel.

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