Hi there, this is your daily ☕️ Finpresso.
In today's newsletter:
🇨🇳 China's exports surge as AI demand fuels growth
🇨🇦 Ottawa's retaliation risks escalating US trade war
🏭 TSMC and Samsung adopt ASML's newest chip tools
🇫🇷 Samsung leads Mistral's $3.5B raise
💵 Citi and DBS settle first weekend cross-border payment
Plus: 🌍 9 macro news, 🏢 9 corporate news, and 📑 6 research & reports.
| 🇨🇳 China's exports surge as AI demand fuels growth LINK |
- China's exports jumped 25% in dollar terms in August from a year earlier, quickening from July's 23.9%, as global spending on AI infrastructure lifts demand for high-tech components and offsets weak domestic demand at home.
- Imports rose 28.2%, short of the 30% economists expected, signaling still-soft domestic demand; the gap pushed China's trade surplus to $119.09 billion from $112.5 billion in July, keeping exports as the economy's main growth engine.
- The surge is drawing pushback from trading partners, with China the lone G20 dissenter to a statement criticizing export-reliant economies, though analysts expect the friction won't derail Xi Jinping's planned Washington visit later this month.
| 🇨🇦 Ottawa's retaliation risks escalating US trade war LINK |
- Canada's retaliatory tariffs on $27.6 billion of U.S. goods took effect yesterday after trade talks collapsed last month, raising the risk of a deeper conflict between two allies that traded more than $700 billion in goods.
- The duties range from 15% to 50% and hit dairy, farm equipment, appliances and electronics, with tariffs on U.S. steel, aluminum and iron products doubling to 50% and furniture and clothing also facing the top rate.
- Economists say the affected goods are a small slice of trade but deal a severe blow to smaller firms and hard-hit sectors; Ottawa added a $7.5 billion support package to $25 billion already committed since the U.S. tariff push began in April 2025.
| 🏭 TSMC and Samsung adopt ASML's newest chip tools LINK |
- TSMC and Samsung, the world's two largest chipmakers, have committed to buying ASML's High NA extreme-ultraviolet lithography machines, tools that print circuit patterns onto silicon and can cost about $400 million each, as demand for advanced chips grows.
- Investors treat High NA adoption as central to ASML's growth after a 120% share gain over the past year, though Amsterdam-listed shares were flat-to-lower today; Samsung plans to make DRAM memory with the tools from 2028, TSMC for AI-driven chips.
- Barclays called the news "a positive," saying it clarifies adoption and leaves ASML facing a decision on whether to expand capacity beyond its plan to add roughly 30% more EUV output in 2027, since "demand is clearly strong."
| 🇫🇷 Samsung leads Mistral's $3.5B raise LINK |
- Samsung led a 3 billion euro ($3.5 billion) funding round for French AI startup Mistral, lifting its post-money valuation above 21 billion euros as it seeks to become a European alternative to OpenAI and Anthropic.
- The valuation nearly doubles from 11.7 billion euros a year ago, and CEO Arthur Mensch said the cash will fund its own data centers and rented computing power, aiming to roughly double the compute it owns within five years.
- Mensch, who earlier expected annual recurring revenue above $1 billion this year, said he now expects to beat that as Mistral pitches "sovereign" AI to European clients wary of relying on U.S. and Chinese providers.
| 💵 Citi and DBS settle first weekend cross-border payment LINK |
- DBS and Citi said today they completed the first weekend US-dollar cross-border payment between Singapore and New York using tokenized deposits on Swift's Digital Ledger, settling in minutes versus up to two business days for traditional transfers.
- The transaction, done September 5, removes weekend and time-zone delays that slow dollar payments, letting institutions move money outside banking hours, aimed at companies operating across jurisdictions such as e-commerce and digital services firms.
- Citi joined a Swift pilot for round-the-clock cross-border payments in July and is part of a group of US banks building a tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
🌍 Macro News
- Yen hits seven-month high as traders unwind bearish bets ahead inflation data. LINK
- Treasury yield nears 4.8%, threatening assets amid deficits and heavy borrowing. LINK
- Oil rises third day to six-week highs as Middle East tensions escalate. LINK
- Diesel shortage may persist through next year as lost supplies overwhelm refineries. LINK
- Copper hits record $14,617 as tight supply and tariff expectations support prices. LINK
- Maritime authorities warn parallel shipping systems could fracture trade and undermine safety. LINK
- China halts new battery-storage factory approvals while reviewing excess capacity. LINK
- UK regulator considers easing retail ban on financial prediction markets. LINK
- Trump threatens Bombardier sales ban unless company moves aircraft manufacturing to America. LINK
🏢 Corporate News
- Wistron shares tumble after $1.47 billion offering funds foreign-currency materials purchases. LINK
- Jaguar Land Rover plans 4,000 job cuts amid tariffs, competition and cyberattack. LINK
- Tesla shares slide as Europe weighs approval of supervised Full Self-Driving software. LINK
- FICO shares plunge after VantageScore gains approval for mortgage lending. LINK
- Robinhood joins Oura IPO syndicate as first-ever underwriter after regulatory approval. LINK
- Jio Platforms may begin IPO investor meetings next week ahead of listing. LINK
- Isar Aerospace reaches orbit, marking Europe’s commercial space milestone. LINK
- Grindr will pay £26 million to settle UK data-sharing lawsuit. LINK
- Proposed Ethereum update would let users pay fees with stablecoins or applications. LINK
📈 Stocks
📑 Research & Reports
- Google’s Ironwood TPU outperforms Nvidia chips in early inference tests per dollar. LINK
- UK roadmap urges faster securities tokenisation to protect London’s financial competitiveness. LINK
- Mastercard expects AI agents to handle over 10% of purchases by 2030. LINK
- Bernstein maintains Robinhood outperform rating, citing strong blockchain trading-fee growth. LINK
- HSBC warns resilient markets face risks from taxes, debt and shifting correlations. LINK
- Chinese AI firms may remain unprofitable through 2030 despite rising revenues. LINK