The legal fight over tariffs in the United States is heading to the highest court, with President Donald Trump asking the Supreme Court to uphold his sweeping global levies.

At stake are trillions of dollars in trade and the structure of US economic authority itself. The administration’s appeal follows a federal appeals court ruling that struck down Trump’s ability to impose broad import taxes under a 1977 emergency law.

If the Supreme Court agrees to fast-track the case, arguments could take place in early November, setting up a ruling that may determine America’s tariff future before the year ends.

Tariffs under legal challenge worth billions

The appeal comes after the US Court of Appeals for the Federal Circuit ruled 7-4 that the International Emergency Economic Powers Act (IEEPA) does not allow presidents to impose large-scale tariffs.

The law gives wide-ranging powers to regulate imports during emergencies but does not explicitly mention duties or taxes. That ruling affirmed a prior decision from the US Court of International Trade.

If the Supreme Court declines to reverse that outcome, the effective US tariff rate, currently averaging 16.3%, could be cut by more than half.

Bloomberg Economics estimated that the US could be forced to refund tens of billions of dollars already collected. It would also put at risk framework agreements that Trump has negotiated with several countries.

The stakes have drawn attention across global markets, with businesses watching closely as levies remain in force pending judicial review.

Tariffs tied to emergencies and fentanyl

The appeal covers multiple measures, including Trump’s April 2 “Liberation Day” tariffs, which imposed duties ranging from 10% to 50% on most imports.

Those tariffs pushed US applied rates to their highest levels since the 1930 Smoot-Hawley Act, marking the sharpest increase in nearly a century.

The tariffs also extended to imports from Canada, Mexico, and China, introduced under the justification of combating fentanyl trafficking.

The Justice Department warned that overturning the tariffs could “unilaterally disarm” US trade policy, leaving the economy vulnerable to retaliatory measures.

While some of Trump’s other tariffs, such as those on steel, aluminium, and automobiles, were imposed under different laws and are not part of this case, the challenge goes directly to the breadth of presidential power in trade policy.

Supreme Court timeline and constitutional question

The Justice Department asked the Supreme Court to decide quickly, proposing arguments in early November. That would allow the justices to deliver a ruling by the end of the year, though the Court’s current term extends into mid-2025.

The challengers, made up of Democratic-led states and small businesses, have agreed to the expedited schedule. The administration asked the Court to accept the case by September 10.

At the heart of the legal question is whether Congress handed tariff authority to the president.

The Constitution places that power in Congress, and the Supreme Court has previously ruled that explicit language is required when lawmakers delegate major economic decisions.

Trump’s legal team argues that the power to “regulate importation” includes the right to impose tariffs, while opponents contend that trade deficits are not the kind of extraordinary emergency envisioned by IEEPA.

A ruling in Trump’s favour would set few limits on presidential authority to declare emergencies and impose tariffs.

Global economic implications

The outcome could reverberate far beyond Washington. Trump has cast tariffs as essential tools to reduce trade deficits and support US industries, but the legal challenge threatens the stability of recent negotiations with foreign partners.

The appeals court decision has already unsettled talks with other nations, according to filings by Solicitor General D. John Sauer.

If the tariffs are struck down, decades of trade policy precedent could be reset, and refund obligations could run into the tens of billions.

For international partners like Canada, Mexico, and China, the ruling could reshape existing agreements and shift global trade balances.

With trillions of dollars at stake, the Supreme Court’s decision will have consequences not only for US constitutional law but also for the global economy.

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Shares of Japanese motor maker Nidec Corp. tumbled steeply on Thursday after the company disclosed possible accounting misconduct at one of its Chinese subsidiaries, sparking concerns over governance and financial transparency.

The stock fell as much as 22% in early trading before narrowing losses to close down 19% at 2,531 yen ($17.09), marking the steepest one-day decline in its history.

The selloff contrasted with broader gains in Tokyo, where technology shares tracked overnight strength on Wall Street.

Improper accounting under investigation

Nidec said late Wednesday that it would set up a third-party committee after internal probes pointed to “suspected improper accounting” at its Nidec Techno Motor unit in China.

A payment of about 200 million yen ($1.4 million) at a Chinese subsidiary in September 2024 triggered the investigation.

Documents reviewed during the internal probe suggested that “the company and its group companies could have engaged in improper accounting with the involvement or knowledge of its or their management,” Nidec said in a statement.

“The investigations found multiple documents suggesting that, in addition to Techno, the Company (Nidec) and its group companies could have engaged in improper accounting with the involvement or knowledge of its or their management,” it said.

The company declined to provide further details but pledged to cooperate fully with the independent inquiry.

A spokesperson added that another announcement may follow as the probe progresses.

Governance worries resurface: upside to shares unlikely

The revelations reignited long-standing concerns about governance at the Kyoto-based manufacturer, which has been dominated for decades by its 81-year-old founder and chairman, Shigenobu Nagamori.

“Looking at today’s stock price reaction, I think concerns about Nidec’s management and internal controls are surfacing again,” said Ryousuke Kiyota, senior analyst at Tokai Tokyo Intelligence Laboratory.

Analysts said the scale of the potential accounting problems remains unclear, making it difficult for investors to assess the financial impact.

“If there were indeed improper accounting practices, the size of the impact is opaque, which would be a negative surprise,” wrote Citigroup analyst Takayuki Naito in a note.

“The shares are likely to find upside hard work until the results of the third-party committee’s investigation are released.”

Previous accounting scrutiny

This is not the first time Nidec has faced questions over its financial reporting.

In May 2024, the company revised down two years of operating profit by about $67 million after concluding that sales at a subsidiary were recorded in an inflated manner.

Just three months ago, Nidec postponed its annual report due to potential errors in country-of-origin declarations for motors at an Italian subsidiary, which may have resulted in unpaid import duties.

Back in 2016, short-seller Muddy Waters accused the company of aggressive accounting practices and failing to meet sales targets, though Nidec dismissed those claims at the time.

Critical role in EV transition

Despite its current troubles, Nidec has positioned itself as a key player in the global shift to electric vehicles, investing heavily in the production of EV drive units.

The company remains an important supplier of automotive components and precision motors used in a range of applications.

Still, the latest revelations cast a shadow over its reputation at a time when investors are increasingly scrutinizing governance standards at Japan’s largest manufacturers.

As the third-party committee begins its work, analysts say the results of the investigation will be pivotal in determining whether the company can restore investor confidence.

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The iShares 20+ Year Treasury Bond ETF (TLT) has remained in a tight range this week as investors assess the impact of tariffs on the economy and the upcoming actions of the Federal Reserve. TLT was trading at $86.57, inside the range it has been in the past few weeks and 5.5% above the year-to-date low.

iShares 20+ Year Treasury Bond ETF outflows are slowing

The TLT ETF has had over $2.8 billion worth of outflows this year a concerns about Donald Trump’s tariffs have remained. While it has shed assets in the past three consecutive weeks, the trend is improving. 

Data shows that it shed $77 million in assets last week, better than the previous week’s outflows of $193 million and $379 million a week earlier. 

A likely reason for this is that investors are changing their views about Donald Trump’s tariffs. While most of them expect the tariffs to the economy in the near term, there is hope that the tariff revenue will help to improve the US fiscal situation.

In a recent report, the Congressional Budget Office (CBO) estimated that these tariffs will help to reduce the US budget deficit by about $4 trillion in the next ten years, and help to offset the impact of Trump’s tax cuts. The CBO estimated that Trump’s tax cuts will boost the country’s borrow by $4.1 trillion in this period.

Still, it is unclear whether these tariffs will exist in the long term as two US courts have found them illegal as they did not involve Congress. Trump hopes that the Supreme Court will solidify the tariffs. In a recent statement, an analyst at Macuarie said:

“If the bulk of Trump’s tariff programme is nullified by the courts some analysts will cheer, inflation will subside, growth may improve, and the Fed may be more inclined to ease monetary policy. But if the focus is on debt and deficits at that time, the bond market may riot.”

The TLT ETF has reacted to the recent performance of the bond market, which is a reflection on the state of tariffs on beefing the finances. The 30-year yield moved from 5.152% in March to the current 4.893%. 

The next important catalyst for the TLT ETF is the upcoming US nonfarm payroll (NFP), which will impact the next action of the Federal Reserve. Analysts expect the Fed to cut interest rates, which may impact shorter and longer-term bond yields.

TLT ETF stock price technical analysis

The weekly chart shows that the TLT ETF has remained in a tight range in the past few months. It was trading at $86.57, down 12% from the highest point last year.

The stock has formed a symmetrical triangle pattern and has moved slightly below the 50-week and 100-week moving averages. The two lines of the triangle are nearing their confluence level.

Therefore, the most likely scenario is where the TLT ETF remains in this range for a while. The stock will then have a bearish breakdown, possibly to the psychological point at $80. 

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A tense and divided morning is unfolding across European markets, with stocks opening to a mixed and hesitant picture as investors grapple with a legal bombshell that has thrown the future of global trade into profound uncertainty.

The market is caught in a state of suspended animation, waiting for a verdict not only from the US Supreme Court but also from a series of critical economic reports that will determine the health of the American economy.

The pan-European Stoxx 600 hovered around the flatline at the open, a picture of indecision that masked a sharp divergence beneath the surface.

Battered technology shares, which have suffered from the week’s risk-off mood, staged a modest 0.3 percent rebound, while travel stocks tumbled 1.3 percent.

The tariff turmoil: a battle for the Supreme Court

The primary source of the market’s anxiety is the legal firestorm erupting around President Donald Trump’s trade tariffs.

After a federal appeals court delivered the stunning ruling last week that most of his global levies are illegal, the president has gone on the offensive.

On Wednesday night, he formally asked the Supreme Court to fast-track an appeal, seeking a final decision on the legality of the duties that have reshaped global commerce.

According to filings obtained by NBC News, Trump is asking the nation’s highest court to hear arguments in early November, a move that ensures the cloud of tariff uncertainty will continue to hang over the market for weeks to come.

The Economic Barometer: All Eyes on the American Worker

While the legal drama plays out, a more immediate and perhaps more crucial test is on the horizon. Wall Street is bracing for a volley of labor market data that will provide a vital health check on the US economy.

The ADP private payrolls report is due Thursday, a key prelude to Friday’s all-important government jobs report. Economists polled by Dow Jones expect to see a significant slowdown in private job creation, a signal that could sway the Federal Reserve’s next move.

A divided kingdom: London lags as a corporate shake-up takes shape

This global uncertainty is being felt acutely in London, where the blue-chip FTSE 100 has ticked down 0.2 percent, noticeably underperforming its continental peers.

The pound has pared some of its earlier gains, while a curious split has emerged in the bond market, with yields rising on short-term debt and falling on the long end.

Against this nervous backdrop, a significant corporate reshuffle is taking shape. The FTSE 100 is set to welcome the luxury group Burberry and the newly-listed Greek energy and metals group Metlen to its ranks.

They will replace the student accommodation developer Unite and the homebuilder Taylor Wimpey, a clear sign of the changing economic winds.

The churn continues in the FTSE 250, where the fast-fashion firm Asos and the housebuilder Crest Nicholson are among those being demoted, a tangible consequence of the pressures facing the modern consumer.

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BYD has lowered its sales target for this year by as much as 16% to 4.6 million vehicles, Reuters reported earlier today, citing two people with knowledge of the matter.

The cut reflects the Chinese electric vehicle maker’s slowest annual growth in five years and signals that its era of record-breaking expansion may be ending.

The company, which is China’s largest automaker, told analysts in March that it was targeting sales of 5.5 million vehicles in 2025.

However, the goal has been revised downward several times in recent months, according to the people cited in the report.

The latest figure of at least 4.6 million vehicles was communicated internally and to some suppliers last month to guide planning.

The sources, who spoke on condition of anonymity, said the target remains subject to change depending on market conditions.

What’s behind BYD’s sales forecat

BYD’s Hong Kong-listed shares fell further after the report, dropping 3.1% in afternoon trading from a 1.4% decline earlier in the day.

The report noted that the new target is below several recently lowered analyst forecasts.

Deutsche Bank this week estimated 4.7 million vehicles, while Morningstar put its forecast at 4.8 million.

The 4.6 million sales target represents a 7% increase from last year, but would mark the slowest growth since 2020, when sales fell 7%.

The downward revision follows a 30% drop in BYD’s quarterly profit last week, its first decline in more than three years.

As per the report, the weaker outlook to intensifying competition from rivals such as Geely Auto and Leapmotor.

Media reports from June previously suggested that BYD had slowed production and delayed capacity expansion at its Chinese factories.

The latest move underscores broader deflationary pressures in China, where a prolonged housing downturn has weighed on domestic demand.

Through the first eight months of this year, BYD has met just 52% of its original 5.5 million vehicle target, as per the report.

Signs of slowdown in the core market

Despite its rapid rise in recent years, BYD is showing signs of strain in China, which accounts for nearly 80% of its sales.

The company’s sales of economy cars priced under 150,000 yuan ($21,000) — a key segment in its domestic market — fell 9.6% in July compared with a year earlier, according to the report.

By comparison, Geely’s sales in the same price bracket surged 90% year-on-year in July.

Geely has also raised its own 2025 sales target to 3 million vehicles from 2.71 million, its executives said during an August earnings call.

BYD’s production has now contracted for two consecutive months through August, Reuters said, marking its first back-to-back monthly decline since 2020.

Over the past four years, BYD transformed from an EV upstart into a global leader by producing much of its output in-house, which helped it control costs while introducing new features.

Its sales of pure EVs and plug-in hybrids grew tenfold between 2020 and 2024, reaching 4.3 million vehicles — placing it alongside General Motors and Ford in global sales.

But with intensifying competition, weakening demand, and signs of saturation in its home market, Reuters reported that the company’s breakneck pace of growth may be slowing.

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South Africa’s sugar farmers face a “double whammy” from cheap imports and US tariffs, which have been eating into their earnings. 

Nkosinathi Msweli’s sugarcane farm in KwaDukuza, a predominantly rural and impoverished region on South Africa’s eastern coast, has for three decades represented a consistent, albeit modest, economic achievement, providing employment for eight full-time staff and 30 seasonal workers, according to a Reuters report.

However, cheap sugar imports had already begun to erode his profits when US President Donald Trump imposed a substantial tariff on South African imports, resulting in what Msweli described as a “double whammy” that now compels the 53-year-old to confront difficult decisions.

“All in all, I will have to cut about 20 workers from this current season,” Msweli was quoted in the report.

The person that is here in the field maybe has 10 lives that he’s supporting.

South Africa sugar industry

Supporting over 300,000 jobs directly and indirectly, South Africa’s sugar industry is valued at approximately 25 billion rand ($1.42 billion). 

This sector plays a crucial role in a nation grappling with one of the highest unemployment rates globally.

In South Africa, a nation where agricultural land ownership remains primarily in the hands of a white minority, a direct consequence of the country’s apartheid history, the nearly 26,000 small-scale farmers are predominantly Black, working alongside 1,100 large-scale growers.

However, the sector is increasingly vulnerable to headwinds due to a confluence of market forces and political factors.

South African farmers face stiff competition from inexpensive imports, particularly from nearby Eswatini, which enjoys a competitive edge due to preferential access under a regional customs agreement. 

Global production weigh on prices

Adding to their difficulties are the low global sugar prices, a consequence of abundant harvests in key producing nations such as India and Brazil.

The imposition of a 30% tariff by the Trump administration on imports from South Africa is poised to deliver a substantial blow to the nation’s export economy as well. 

This significant tariff increase could severely impact various sectors within South Africa that rely heavily on international trade, leading to reduced demand for their products in the American market. 

The ripple effects of such a policy could include a decline in export revenues, potential job losses in export-oriented industries, and a broader slowdown in economic growth. 

Possible trade agreement 

Under the African Growth and Opportunities Act, the US previously allowed South Africa to export 24,000 metric tons of sugar duty-free.

The US market, despite accounting for only 5% of South Africa’s total sugar exports, has been crucial for the South African Cane Growers’ Association.

It provides high prices, which helps to maintain domestic employment.

While the extent of potential job losses is still uncertain, the industry association is pressing the government to finalise a trade agreement with Washington to protect exports to the US.

“If we don’t have good trade relationships with the US, it’s going to be detrimental, not just to our sector, but to many others as well,” Pratish Sharma, a member of the association’s board, was quoted in the Reuters report.

A potential deal, if it materialises, will likely be too late for the current season. Msweli, calculating the impending costs, anticipates significant hardship.

He said:

All this is going to cause starvation and hunger.

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Shares of American Eagle Outfitters jumped nearly 24% in premarket trading on Thursday after splashy celebrity campaigns featuring actor Sydney Sweeney and National Football League star Travis Kelce boosted demand for the apparel retailer’s jeans and fall collections.

The surge marked one of the strongest single-session rallies in the company’s history, reversing months of investor pessimism about sluggish apparel sales.

Chief marketing officer Craig Brommers said on a post-earnings call on Wednesday that the company’s fall denim push, branded under the slogan “Sydney Sweeney Has Great Jeans,” delivered “unprecedented new customer acquisition” within just six weeks of its launch in late July.

Executives also said Sweeney’s signature jeans sold out within a week.

The campaign included high-profile activations such as a Sphere takeover in Las Vegas, 3-D billboards in New York and Los Angeles, and a partnership with HBO Max’s “Euphoria.”

“Consumer acquisition is coming from every single county in the US. This momentum is national, and it is pervasive,” Brommers said.

Search interest for American Eagle spiked 186% in the week ending August 3 compared with the prior week, according to media research firm Carma.

Website traffic also grew 15% in July versus June, underscoring the impact of the campaign.

Travis Kelce collaboration adds to momentum

American Eagle also credited a limited-edition collaboration with Kansas City Chiefs tight end Travis Kelce’s Tru Kolors line for boosting foot traffic and delivering the company’s best Labor Day sales to date.

The partnership, announced shortly after Kelce’s engagement to pop star Taylor Swift captured widespread attention, has been a driver of both consumer awareness and media buzz.

Brommers said collaboration with Kelce is building momentum in the men’s category.

The retailer’s men’s business started to gain strength in July, Brommers says, and has accelerated in recent days with the launch of the new partnership.

“We’ve seen incredible interest on this first drop and expect even more in the second drop,” he says. “Travis is front and center in the national conversation,” he said.

Chief executive Jay Schottenstein told analysts that brand awareness, comparable sales and consumer engagement were all rising as a result of improved product offerings and the celebrity tie-ins.

“We have seen periods of very strong demand from both campaigns, fueling positive traffic in August, which was up consistently throughout the month,” Schottenstein said.

Analysts cautious on sustainability

While investors cheered the immediate sales boost, analysts urged caution on whether American Eagle can sustain momentum.

“A 25% leap in extended trading also bakes in a lot of faith that the celebrity-fuelled demand burst holds through the holiday season, which makes the move partly victory lap and partly future tense,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.

Others noted the retailer’s exposure to tariffs and its competitive pressures from fast-fashion rivals.

“The retailer has little room to pass costs directly from tariffs to shoppers who are already highly price-conscious and will likely have to absorb some of the margin pressure,” said Natasha Nair, analyst at Third Bridge.

American Eagle said it expects tariffs to cost it around $20 million in the third quarter, and $40 million to $50 million in the fourth quarter.

Nair added that competitors like Zara and Shein can also quickly copy trends and undercut on price, making it harder for American Eagle to defend its market share.

Broader retail challenges remain

Like other apparel retailers, American Eagle has been navigating weaker discretionary spending as US consumers tighten budgets on clothing and accessories amid economic uncertainty.

The company pulled its full-year outlook in May, citing volatility in consumer spending, but now expects comparable sales to rise modestly in the third and fourth quarters.

Executives said American Eagle is diversifying its supply chain to offset tariff pressures.

The company now expects China to account for a single-digit percentage of production, while shifting more sourcing out of Vietnam.

Pricing adjustments, supplier negotiations and logistics changes are also part of its strategy to defend margins.

Reactions to Sweeney’s campaign

Sweeney’s campaign has not been without controversy. Some longtime female shoppers suggested the tone of the advertisements strayed from American Eagle’s traditional female-focused marketing.

Yet others, including public figures, praised the approach. Former US President Donald Trump posted on Truth Social that Sweeney had “the hottest ad out there.”

Source: Truth Social

Trump’s praise sent the share price of American Eagle soaring by 23% in a single day last month.

American Eagle’s market share rose from 18.5% on August 2 to 19.5% on August 9, before easing back to 18.9% by late August, according to data from Consumer Edge.

The company has also partnered with other young celebrities to appeal to Gen Z shoppers, including tennis player Coco Gauff and actor Jenna Ortega.

Financial results show mixed picture

For the fiscal second quarter ended August 2, American Eagle reported net income of $77.6 million, up slightly from $77.3 million a year earlier.

Total net revenue fell 1% to $1.28 billion, but still topped Wall Street estimates of $1.24 billion, according to FactSet.

Comparable sales across the company declined 1%, with sales down 3% at the American Eagle brand but rising 3% at its Aerie chain.

Executives said they expect sales growth to stabilize through the remainder of the year, driven by the high-profile campaigns and back-to-school demand.

Still, with stock gains hinging on the durability of celebrity-driven momentum, analysts say the results of the holiday season will be critical in determining whether American Eagle’s marketing gambit pays off.

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JPMorgan is making a bold entry into Germany’s crowded digital banking sector, hoping its global brand and technology investments can help it break through fierce competition and regulatory hurdles.

The US banking giant aims to launch its Chase digital retail bank in Germany by the second quarter of 2026, a move that could reshape the local banking landscape if successful.

American giant’s high-stakes entry

JPMorgan Chase is gearing up to launch its digital bank in Germany in early 2026, its biggest retail banking push in Europe so far.

Germany’s retail market is the largest on the continent, and digital banking there is expected to expand from about $106 billion in 2024 to nearly $174 billion by 2033, growing at a steady clip of around 6% a year.

It’s a tempting market, but also a crowded one as Deutsche Bank still holds sway, while fintech players like N26 and Revolut already control roughly 70% of the digital space.

JPMorgan is not starting from scratch. It already services major German corporations and holds local regulatory licenses, giving it a foundation for the consumer rollout.

The bank is betting big on its annual technology investment of $17–18 billion and global digital expertise, which powered the successful UK launch of Chase in 2021, where it quickly attracted 1.6 million customers and $19 billion in deposits.

For Germany, JPMorgan is hiring local engineers and product managers to tailor products for German tastes and will start with savings and payments products, expanding into lending as it gains traction.

Can JPMorgan win where others struggled?

Despite its resources, JPMorgan faces daunting challenges in Germany’s famously low-margin, tightly regulated market.

Neobanks and traditional lenders have set high standards for user experience and pricing, competing aggressively for customers who often lack deep loyalty to any brand.

Regulatory compliance, especially under new rules like the Digital Operational Resilience Act (DORA) and the revised Payment Services Directive (PSD2), means JPMorgan will need robust cybersecurity and authentication measures from day one.

High customer acquisition costs and a fragmented market leave little margin for error.

JPMorgan’s strategy is expected on hinge on leveraging its corporate relationships to cross-sell to retail clients and using its superior tech to deliver innovative, efficient user experiences.

Many analysts see JPMorgan’s Germany play as ambitious but well-calculated.

JPMorgan CEO Jamie Dimon acknowledged the challenges, but emphasized the digital era is leveling the field for global retail banks in ways not previously possible.

Market observers point to the bank’s $17–18 billion annual technology budget and hybrid strategy, anchoring digital growth on existing corporate relationships as major structural advantages.

Yet, skepticism remains: as Henry Rivers of AI Invest notes, “The German market is fragmented, highly regulated, and historically unprofitable. To succeed, JPMorgan must combine disciplined cost control with real product innovation that resonates with local tastes.”

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A recent analysis of over a billion job postings by LightCast, a labour insight platform, has revealed a significant increase in the demand for artificial intelligence skills, with these roles also commanding higher average salaries.

Although there are increasing concerns that artificial intelligence is displacing jobs, the outlook for the labour market is not entirely negative, especially for individuals possessing AI competencies.

The July study revealed that many companies are employing workers who can utilise artificial intelligence, rather than replacing human roles with AI, according to a CNBC report.

AI skills imperative

LightCast, a labour insight platform, analysed over a billion job postings and discovered a surge in demand for AI skills.

Their analysis also revealed that jobs requiring AI skills offer higher average pay.

Elena Magrini, head of global research at LightCast, told CNBC:

Job postings are increasingly emphasizing AI skills and there are signals that employers are willing to pay premium salaries for them.

Job advertisements specifying at least one AI skill offered salaries that were, on average, 28% higher than those without any AI skills, equating to an annual increase of approximately $18,000.

For positions requiring a minimum of two AI skills, this premium rose to 43%.

The study identified customer and client support, sales, and manufacturing and production as the three fields commanding the largest premiums.

Easier to access

LightCast’s report identified over 300 AI skills, encompassing areas from AI ethics and generative AI to machine learning. 

The study revealed that distinct career paths necessitate fundamentally different AI skill sets. 

For instance, transportation roles often require autonomous driving expertise, while maintenance positions prioritise robotics capabilities. 

Although many AI skills demand significant technical proficiency, the most frequently listed ones were often general, such as competence in using ChatGPT or Microsoft Copilot.

According to Bridget Wong, head of human relations at Accenture Singapore, these fundamental skills are increasingly common and available in the job market.

Demand in non-tech jobs

The LightCast study revealed that the demand for AI skills is surprisingly higher in non-tech sectors compared to the IT and computer science fields, which are typically linked with AI.

The study also found a substantial increase of 800% in job postings mentioning generative AI skills for non-tech roles since 2023, the year OpenAI introduced ChatGPT.

Although IT and computer science continue to lead in sectors requiring AI skills, marketing and public relations secured the second position. This was followed by science & research, and social analysis and planning.

Magrini added: 

It’s not just software developers or the data scientists that are benefiting from AI skills; It’s something people in everything from marketing to finance to HR should be thinking about.

Magrini emphasised that AI skills are becoming essential across all job functions and career paths, though the pace of adoption varies.

Therefore, a foundational understanding of AI is crucial for everyone.

AI is coming, but we don’t need to be scared. We need to be prepared.

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Putting aside a two-day sell off as July passed into August, the US stock market managed to hold up pretty well through the late summer doldrums.

All the US majors posted gains for August, with the S&P 500 celebrating the unofficial end of summer by crossing above 6,500 for the first time ever.

Investors forgot about tariffs and US President Trump’s ongoing trade war(s).

Instead, they reacted positively to what turned out to be a perfectly respectable second quarter earnings season, which was effectively topped off by some solid results from Nvidia.

Not only is this the most valuable corporation in history, as measured by market capitalisation, but it is also, and relevantly, the company at the vanguard of the development of generative AI.

Interestingly, Nvidia’s stock price has struggled to maintain upside momentum since it published its results in late August.

The daily chart shows quite clearly how Nvidia repeatedly ran into resistance around its all-time highs, just north of $184, throughout last month.

Worse, it gapped lower following US ‘Labor Day’ on 1st September and began testing an area of mild support around $171.

Could this be something for the bulls to worry about? Quite possibly. After all, Nvidia accounts for around 8% of the S&P 500 by market cap.

It is also widely held, and a huge favourite with the increasingly significant cohort of retail traders, as well as seasoned day traders.

While its exalted position is protected to a great extent as no other chipmaker can do what Nvidia does, the company is as much subject to investor sentiment as any other in the NASDAQ and S&P.

Analysts have many arguments to justify its high valuation. But when sentiment switches from positive to negative, it can be hard to find a hiding place.

As investors struggle to shrug off the summer and embrace autumn, there are a few potential hurdles to clear.

Lurking in the background is the Trump administration’s ongoing trade war with the rest of the world.

But the President is also keeping busy in other areas, one being his repeated attacks, personal and professional, on members of the US Federal Reserve.

His ‘firing’ of Lisa Cook for alleged mortgage fraud is now a case for the courts.

Meanwhile, he is in the process of installing his favoured candidate, Stephen Miran, as a replacement as governor for Adriana Kugler who resigned last month.

That should be confirmed soon. In the meantime, Mr Trump continues to harass Fed Chair Jerome Powell, calling him a dreadful appointee (appointed by Trump himself) who acts politically by deliberately keeping interest rates high to spite President Trump personally.

And now it appears to be coming to a head.

Mr Powell made a keynote speech at the Jackson Hole Economic Symposium towards the end of August.

This was immediately interpreted as very dovish, finally signalling that the US central bank was prepared to resume rate cuts at its September meeting.

This is despite the fact that every inflation measure is significantly above the Fed’s 2% target, and going in the wrong direction.

Mr Powell has blamed tariff uncertainty, which may be a factor.

But it was July’s appalling and unexpected Non-Farm Payrolls which really set the cat amongst the pigeons.

The data was so poor, and the downward revisions so steep, that the President decided that the numbers were fake.

So he fired Erika McEntarfer, the Biden-appointed head of the Bureau of Labor Statistics (BLS) and lined up one of his own fanboys, EJ Antoni, as her successor.

Before the Fed’s FOMC announces its rate decision on 17th September, there are two vital inflation updates, CPI and PPI.

These are important. But perhaps the bigger concern is the Non-Farm Payroll update on 5th September.

Expectations are for a modest payroll gain of around 75,000, and this should keep the probability of a 25 basis point rate cut at close to 100%.

So, for Mr Trump to get his rate cut, perversely he needs another set of bad numbers.

And if they’re really bad, we may hear speculation that the Fed could cut by 50 basis points, just as they did last year.

But what would really upset the apple cart is a significantly stronger number.

That could see the chances of a cut slashed, which, in turn, could exert some heavy selling pressure across global equities. All outcomes are in play.

(David Morrison is a Senior Market Analyst at Trade Nation. Views are his own.)

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