Global markets absorbed a wave of crosscurrents on Thursday, as US jobless claims data highlighted signs of a cooling labour market, Nvidia’s multibillion-dollar investment sent Intel shares soaring, India’s market regulator issued a reprieve for the Adani Group, and US President Donald Trump voiced frustration with Russia’s war stance.
US jobless claims dip but labor market weakens
The number of Americans filing for unemployment benefits fell last week, but signs of a weaker labour market continue to emerge.
Initial jobless claims dropped by 33,000 to a seasonally adjusted 231,000 for the week ending September 13, according to the Labor Department.
The decline partially reversed a spike the previous week, when claims rose to their highest level since October 2021.
Much of that increase was linked to fraudulent applications in Texas following the Labor Day holiday.
Despite the latest drop, underlying trends point to easing demand and tighter supply of workers.
Hiring has slowed, with economists citing tariffs and tighter immigration rules as key drags.
Federal Reserve Chair Jerome Powell described conditions as a “curious balance” where both supply and demand have come down.
The unemployment rate now stands at 4.3%, close to a four-year high, and recent revisions suggest payrolls may have been overstated by as many as 911,000 jobs over the past year.
Nvidia’s $5 Billion stake sends Intel soaring
Intel shares surged more than 23% on Thursday after Nvidia announced a $5 billion investment in the chipmaker.
The deal, which will see Nvidia purchase Intel shares at $23.28 each, pushed Intel stock to a 52-week high and was welcomed as a critical vote of confidence in the company’s turnaround efforts.
Nvidia shares also gained 3%.
The investment is more than financial. Nvidia and Intel plan to collaborate on next-generation chips for both data centers and personal computers, combining Nvidia’s AI expertise with Intel’s manufacturing capacity.
For Intel, which has struggled to keep pace with competitors such as TSMC and Samsung, the partnership offers a potential path to close the gap in AI-specific hardware.
The deal also underscores broader strategic aims, particularly to strengthen US chip production amid geopolitical tensions.
With Washington already taking a nearly 10% government stake in Intel, Nvidia’s entry is seen as bolstering domestic manufacturing capacity while reducing reliance on Asian foundries.
SEBI clears Adani of related-party allegations
India’s Securities and Exchange Board of India (SEBI) ruled on Thursday that certain transactions linked to the Adani Group did not breach disclosure requirements under related-party rules.
The regulator said firms including Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure were not related parties under existing regulations.
SEBI also found that transactions between these entities and Adani’s listed companies did not meet thresholds requiring disclosure.
The decision offers partial reprieve for the conglomerate, which has faced intense scrutiny since early 2023 following allegations of fraud by short seller Hindenburg Research.
Adani Group, which has consistently denied wrongdoing, reiterated that its disclosures were fully compliant.
Trump expresses frustration with Putin
US President Donald Trump criticised Russian President Vladimir Putin on Thursday, saying the Kremlin leader had “really let me down” for failing to advance toward peace in Ukraine.
Speaking at Chequers alongside UK Prime Minister Keir Starmer, Trump said he had once believed the war would be the “easiest to solve” given his personal relationship with Putin.
Trump suggested Russia could be forced to reconsider the conflict if oil prices declined sharply and urged India and China to reduce Russian energy imports.
Starmer, hosting his first US presidential visit since taking office, stressed unity with Washington in the pursuit of peace and security.
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