(The opinions expressed here are those of the author, a

columnist for Reuters)

By Mike Dolan

LONDON, Sept 9 (Reuters) - What matters in U.S. and

global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

Global stocks pushed higher on Tuesday as U.S. rate cut fever

built and a wave of European merger activity helped offset the

week's political upheavals in France and Japan.

With U.S. long-term bond yields sliding to four-month lows on

Monday ahead of the week's big debt auctions, the dollar fell to

a seven-week low as expectations of big downward revisions to

U.S. jobs data through last March reinforced bets on deeper

Federal Reserve rate cuts. U.S. stock futures nudged higher,

after the tech-heavy Nasdaq clocked a record close on Monday.

Gold extended its record-breaking rally.

* The dollar fell to its weakest since July 24 as traders

braced

for benchmark revisions to employment data that could show up to

one million fewer jobs than previously reported. The anticipated

downgrade would underscore a deteriorating labor market, already

under pressure from tariffs, immigration curbs and automation.

The New York Fed's August consumer survey saw hopes of finding a

new job within three months at their lowest in over a decade,

even as inflation expectations remained at 3% or above. Traders

now see a 25-basis-point Fed cut next week as a certainty, with

growing speculation around a 50-point move. Gold rose to a new

record of $3,659.10 as the dollar fell and investors sought

safety and a hedge against inflation ahead of the week's U.S.

consumer price report.

* European equities were steady, supported by a surge in M&A

activity. Anglo American jumped more than 7.0% in early trading

after announcing a +$50 billion merger with Teck Resources to

form Anglo Teck Plc. In Italy, Monte dei Paschi di Siena shares

initially jumped more than 5.0% after securing 62% of its bid

target Mediobanca, whose shares also rose. France's CAC 40 rose

modestly despite political uncertainty following Prime Minister

Francois Bayrou's ouster in a no-confidence vote, and French

bond yields and yield premium over Germany ticked higher.

* In Asia, Japan's Nikkei and China's mainland stocks both

ended

lower, the latter dragged down by the tech sector and a 10%

slide in chipmaker SMIC. But Hong Kong stocks hit four-year

highs on U.S. rate cut expectations. Oil prices rose for a

second day after OPEC+ announced a smaller-than-expected output

hike of 137,000 barrels per day starting in October. The move

comes amid speculation of tighter sanctions on Russian oil

following a major airstrike on Kyiv.

In today's column, I discuss whether the ECB's complex structure

may shield it from the political pressures facing other central

banks - and whether that's a good thing.

Today's Market Minute

* French President Emmanuel Macron is seeking his fifth prime

minister in less than two years after opposition parties united

to kick out centre-right Prime Minister Francois Bayrou over his

unpopular plans for budget tightening.

* London-listed miner Anglo American said on Tuesday it has

agreed a merger with Canada's Teck Resources in what would be

the biggest mining sector M&A deal in more than a decade.

* Elon Musk's SpaceX said on Monday it will buy wireless

spectrum licenses from EchoStar for its Starlink satellite

network for about $17 billion, a major deal crucial to expanding

Starlink's nascent 5G connectivity business.

* Tesla's U.S. market share dropped to a near eight-year low in

August as buyers chose electric vehicles from a growing stable

of rivals over the aging lineup offered by CEO Elon Musk's

company, according to data from research firm Cox Automotive

shared exclusively with Reuters.

* Long-term bond yields spiked globally last week, stoking fears

about the ability of governments to finance their deficits.

Sensible fiscal policies in Europe may stop this "doom loop" in

2026, writes Panmure Liberum investment strategist Joachim

Klement, but there is little reason to believe the U.S. will be

so lucky.

* The recent wave of Ukrainian drone attacks on Russian oil

refineries and export facilities could boost global refining

profit margins - particularly those in the U.S. - just as the

peak summer demand season fades. Read the latest from ROI energy

columnist Ron Bousso.

Chart of the day:

The New York Fed's August survey of consumers showed

expectations of finding a new job within three months of losing

one at the lowest in over a decade, while inflation expectations

over one and three years were 3% or above.

Today's events to watch

* U.S. NFIB August small business survey (6:00 AM EDT), U.S.

annual payroll revisions (10:00 AM EDT); Mexico August inflation

(8:00 AM EDT)

* Bank of England Deputy Governor Sarah Breeden and Bank of

France

Governor Francois Villeroy de Galhau speak at BIS conference in

Basel

* U.S. corporate earnings: Oracle, Synopsys

* U.S. Treasury sells $58 billion of 3-year notes

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(The opinions expressed here are those of the author, a

columnist for Reuters)