Highlights for the morning: Trump's duties, Oracle rally, Klarna IPO and the dispute over Fed independence

Donald Trump has called on the EU to impose duties of up to 100% on goods from China and India for buying Russian oil - following Washington, which has already raised import duties on Indian goods. Swedish fintech startup Klarna announced the results of its IPO in New York with a $15 billion valuation, while Oracle shares jumped 28% thanks to large cloud contracts and integration with OpenAI. These and other topics are in our review of key events on the morning of September 10.

US President Donald Trump has proposed that the European Union impose duties of up to 100% on goods from China and India for their purchases of Russian oil, the Financial Times reports. According to sources, Washington is ready to mirror the EU's moves. The US has already raised duties on Indian goods to 50%, which New Delhi called "unfair and unreasonable."

China, the largest buyer of Russian oil, has so far avoided "secondary" duties by getting new levies on its products reduced to 30%. Meanwhile, Russia's trade with India and China reached record levels, while Trump and Putin's talks in Alaska failed to produce a breakthrough on Ukraine.

Trump emphasized that relations with Indian Prime Minister Narendra Modi are "very friendly" and expressed confidence in a trade agreement soon. However, negotiations with China remain stalled - a visit by Chinese negotiator Li Chenggang to Washington in August brought no tangible progress.

Oracle shares jumped 28% in the postmarket after the company reported a surge in future revenue thanks to new cloud contracts, even though quarterly revenue ($14.93 billion) and earnings ($1.47 per share) fell slightly short of forecasts, CNBC writes. Remaining contract obligations grew 359% to $455 billion, while cloud infrastructure revenue rose 55% to $3.3 billion.

The company has signed four multi-billion-dollar agreements, including a partnership with OpenAI to develop 4.5 GW of data centers, and has also agreed to host Google Gemini models on its infrastructure. Co-founder Larry Ellison announced the launch of Oracle AI Database in October, which will enable OpenAI and other developers' models to be used on client data.

Oracle forecasts $18 billion in cloud revenue in fiscal 2026 (+77% to 2025) and growth to $144 billion by 2030. The stock is up 45% since the beginning of the year, and Wednesday's surge could be the largest since 1999 and could push the company's capitalization above $800 billion.

Swedish fintech startup Klarna held an IPO on the New York Stock Exchange, setting the offering price at $40 per share - above the forecast range, CNBC writes. The company raised $1.37 billion, of which $1.17 billion will go to existing shareholders and only $200 million will go to Klarna itself. The market value of the company is estimated at about $15 billion.

Klarna, known for its buy-now-pay-later service, has been struggling to establish itself as a digital retail bank in recent months. Its losses widened to $53 million in the second quarter from $18 million a year earlier, but revenue rose 20% to $823 million. The company's main revenue comes from merchant fees, interest on long-term loans and late fees.

Klarna's offering was another test of demand for technology IPOs, which has been revitalized in recent months following the successful exits of Circle and Figma. Investors will be watching closely to see if the company meets expectations for further growth and business model transformation.

Federal Judge Gia Cobb on Tuesday suspended President Donald Trump's decision to fire Federal Reserve Board of Governors member Lisa Cook, Bloomberg writes. The court ruled that her suspension violated a provision of the Fed law that allows governors to be fired only "by reason of" misconduct in office. Trump has cited alleged mortgage fraud, but it dates back to before Cook took office.

Cook, the first black woman in Fed leadership, denies the charges and will now be able to participate in the Sept. 16-17 meeting, where the regulator is expected to cut rates. This is the first time in history that a president has tried to fire a Fed Board member. It will be up to the Supreme Court to set the record straight .

Cook's lawyer called the decision "a victory for the Fed's independence," emphasizing that political interference in its work threatens the stability of the financial system. If the dismissal does take place, Trump will have the opportunity to appoint a new candidate and increase his influence in the Board of Governors.

- Japan's broad Topix index was up 0.6%. The benchmark Nikkei 225 was adding 0.8%.

- In South Korea, the Kospi index was up 1.75%, while the Kosdaq small-company index was up 1%.

- Australia's S&P/ASX 200 was up 0.3 percent.

- Futures on the S&P 500 added 0.25 percent, the Nasdaq 100 added 0.19 percent and the Dow Jones Industrial Average fell 0.1 percent.

This article was AI-translated and verified by a human editor