Another day, another AI record

Oracle’s skyrocketing share price lifted Asian equities on Thursday, as AI enthusiasm shows no signs of abating. Meanwhile, European markets remain in wait-and-see mode ahead of the European Central Bank’s rate decision later today. The focus will be less on what the ECB does – which is expected to be nothing – and more on what President Christine Lagarde says.Investor attention will then turn once again to U.S. inflation data, with a consumer price update due following a soft producer price report yesterday. This is one of the last major data releases before the Federal Reserve’s meeting next week, and the question now is not whether the central bank will cut but by how much.Today’s Market Minute* Police and federal agents mounted an intense manhunt on Thursday for the sniper believed to have fired the single gunshot that killed conservative activist Charlie Kirk during a university appearance.* Protesters across France obstructed highways, burned barricades and clashed with police on Wednesday in a show of anger against President Emmanuel Macron, the political elite, and planned spending cuts.* Klarna (KLAR.N) shares jumped 30% in their hotly anticipated New York debut, valuing the Swedish fintech at \$19.65 billion and underscoring a rebound in the U.S. IPO market.* The global crude oil market is facing two long-term shifts that will change how cargoes flow and how they are priced, writes ROI columnist Clyde Russell.* The dollar has been under pressure this year amid expectations for Fed easing, but ROI markets columnist Jamie McGeever argues that while nominal rate cuts may be priced in, real rate adjustments may not be.Another day, another AI recordOracle (ORCL.N) shares skyrocketed nearly 40% on Wednesday – the company’s biggest one-day jump since 1992 – after announcing four multi-billion-dollar contracts.* Co-founder Larry Ellison’s fortune surged by about \$100 billion to \$392.6 billion, according to Forbes.* Oracle’s rally lifted Asian tech stocks, pushing indices in Japan, Taiwan, and South Korea to fresh highs.* European shares edged up modestly Thursday morning, with the STOXX 600 rising as investors await the ECB’s decision.The ECB is widely expected to hold rates steady after cutting its key policy rate to 2% earlier this year. Lagarde is likely to keep the door open for further easing, especially with inflation projected to dip below the 2% target in 2026.In the U.S., the dollar steadied during Asian trading while gold hovered near record highs. The Producer Price Index fell 0.1% in August after a downward revision to July’s data. Markets are pricing in at least a 25 bps Fed cut next week, with a slim chance of a 50 bps move.U.S. CPI data due today is expected to show a 0.3% monthly rise and a 2.9% annual increase. A weaker reading could fuel bets for a larger Fed cut, though only a significantly hotter print would alter easing expectations.Chart of the DayOracle (ORCL.N) surged more than 40% to a record high Wednesday, putting the company on track to join the trillion-dollar club as it races to secure its position in the AI arms race.Key Events Today (ET)*ECB interest rate decision – 8:15 AM**U.S. CPI for August – 8:30 AM**U.S. weekly jobless claims – 8:30 AM**U.S. 30-year Treasury bond auction – 1:00 PM*