{"id":72127,"date":"2026-09-23T05:38:11","date_gmt":"2026-09-23T09:38:11","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-market-update-l-nvidia-backed-firmus-eyes-10b-financing\/72127\/"},"modified":"2026-09-23T05:38:11","modified_gmt":"2026-09-23T09:38:11","slug":"global-market-update-l-nvidia-backed-firmus-eyes-10b-financing","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-market-update-l-nvidia-backed-firmus-eyes-10b-financing\/72127\/","title":{"rendered":"Global Market Update: L&#038;G to Cut 10% of Staff; Nvidia-Backed Firmus Eyes $10B Financing"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Legal &amp; General (<a href=\"\/stock\/LGEN\">LGEN<\/a>)<\/strong> is reportedly planning to reduce its global workforce by approximately <strong>10%<\/strong> (c. 1,000 roles) by mid-2027 to drive operational efficiency.<\/li>\n<li><strong>Firmus Technologies<\/strong> is in talks for a <strong>$10 billion<\/strong> financing package to purchase <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong> chips for its Indonesian data center ahead of a projected <strong>$5 billion IPO<\/strong>.<\/li>\n<li><strong>Chinese President Xi Jinping<\/strong> has departed Beijing for a state visit to the U.S. at the invitation of President Trump, signaling a potential shift in bilateral relations.<\/li>\n<li><strong>ECB&#39;s Gabriel Makhlouf<\/strong> warned that the central bank remains &quot;uncomfortable&quot; with inflation outlooks over <strong>3%<\/strong> and will act if energy costs begin to feed through to the broader economy.<\/li>\n<li><strong>IG Metall<\/strong>, Germany&#39;s largest industrial union, has formally demanded a <strong>5% pay increase<\/strong> for 3.7 million workers in the metal and electrical sectors.<\/li>\n<\/ul>\n<h2>Corporate Restructuring and AI Expansion<\/h2>\n<p><strong>Legal &amp; General (<a href=\"\/stock\/LGEN\">LGEN<\/a>)<\/strong> has announced plans to cut its headcount by roughly <strong>10%<\/strong> as part of a broader strategy to streamline operations. The insurer aims to improve its efficiency and reduce costs by the middle of 2027, with reports suggesting approximately <strong>1,000 roles<\/strong> could be affected.<\/p>\n<p>In the technology sector, Australian AI startup <strong>Firmus Technologies<\/strong> is seeking <strong>$10 billion<\/strong> in financing to fund hardware for its 360-megawatt <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> DSX AI Factory<\/strong> in Indonesia. The deal, which includes credit support from <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong>, precedes a planned <strong>$5 billion IPO<\/strong> in late October that would rank among Australia&#39;s largest-ever listings.<\/p>\n<h2>Geopolitical Developments and Peace Efforts<\/h2>\n<p>The <strong>Kremlin<\/strong> stated today that grounds for peace talks with Ukraine are &quot;still not in place,&quot; despite high-level diplomatic activity at the UN General Assembly. Moscow emphasized that there are no concrete details for a high-level meeting and suggested that any future talks would require the Ukrainian leadership to travel to Moscow.<\/p>\n<p>Concurrently, <strong>Chinese President Xi Jinping<\/strong> has left Beijing for a state visit to the United States. This visit follows recent meetings between U.S. and Chinese officials aimed at stabilizing relations and comes amid reports of potential &quot;fantastic trade deals&quot; being discussed between the two superpowers.<\/p>\n<h2>Central Bank Outlook and Labor Demands<\/h2>\n<p><strong>ECB Governing Council member Gabriel Makhlouf<\/strong> noted that while &quot;second-round effects&quot; on inflation are not yet visible, the bank remains vigilant. Makhlouf expressed discomfort with inflation projections staying above <strong>3%<\/strong> and indicated that the ECB would be forced to act if rising energy costs begin to impact wages and consumption.<\/p>\n<p>In Germany, <strong>IG Metall<\/strong> is pushing for a <strong>5% wage hike<\/strong> for nearly <strong>3.7 million workers<\/strong> in the engineering and electrical sectors. The union&#39;s president, Christiane Benner, described the demand as a &quot;combative sense of realism,&quot; warning that warning strikes could begin in November if negotiations, set to start in October, fail to meet worker expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Legal &amp; General (LGEN) is reportedly planning to reduce its global workforce by approximately 10% (c. 1,000 roles) 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