China Inflation Accelerates in August as CPI, PPI Rise 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Gold Prices Rise as Yen Rally Weakens Dollar 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
China to Inject $45 Billion Into State Financial Institutions 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
South Korea GDP Surges on Chip and AI Boom 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
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U.S. stocks tumbled Wednesday as Federal Reserve Chair Jerome Powell dashed hopes of imminent interest rate cuts and a tech-led selloff, driven by Nvidia, rattled markets. The S&P 500 dropped 2.2%, the Nasdaq plunged 3.1%, and the Dow Jones Industrial Average slid 699 points, or 1.7%.
Powell warned the Fed remains focused on containing inflation, stating that tariff-induced price hikes must not evolve into sustained inflationary pressures. This stance contrasts with Fed Governor Christopher Waller's recent openness to rate cuts if tariffs significantly slow growth.
Tech stocks were hit hardest, led by Nvidia (NASDAQ:NVDA), which sank over 6% after revealing a $5.5 billion revenue hit due to U.S. export restrictions on its H20 AI chip to China. The chip, previously cleared for Chinese sale, now faces stricter controls amid ongoing U.S.-China trade tensions.
The news dragged down semiconductor stocks, with AMD (NASDAQ:AMD) forecasting an $800 million writeoff tied to similar curbs, sending its shares down more than 7%. ASML (AS:ASML) also flagged weaker Chinese demand, while Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO), and TSMC (NYSE:TSM) also declined.
Outside tech, Travelers Companies (NYSE:TRV) gained over 1% despite a 60% profit plunge tied to $2 billion in wildfire-related losses. Hertz (NASDAQ:HTZ) surged 56% following a sizable stake increase by Pershing Square’s Bill Ackman. Meanwhile, Alphabet (NASDAQ:GOOGL) slipped nearly 1% amid a £5 billion UK class action lawsuit over alleged search market dominance.
On the economic front, U.S. retail sales jumped 1.4% in March, fueled by auto purchases ahead of potential tariffs. Stronger sales prompted Jefferies to revise its Q1 GDP forecast from 0.6% to 1.0%, suggesting resilient consumer demand despite economic uncertainty.
