Trading Day: Thumping job revisions, looming inflation

Company Mergers and Acquisitions - Anglo American and Teck Resources are merging in a $53 billion deal, creating the world's fifth-largest copper company and marking the second-largest mining M&A deal ever [1] - Investors reacted positively, with Anglo shares rising 9% and Teck shares increasing by 11% following the announcement [1] Employment and Economic Indicators - The number of new U.S. jobs created through March was revised down by almost a million, marking the largest downward revision on record [2] - U.S. employment growth revisions and upcoming inflation data are influencing market sentiment and expectations regarding Federal Reserve policy [5][7] Market Performance - Japan's Nikkei index reached a record high but closed lower, while the S&P 500 and Nasdaq achieved record closing highs [3] - UK miners saw a 2.7% rise in shares due to the Anglo/Teck merger, while other sectors experienced varied performance [3] Inflation and Federal Reserve Policy - The Federal Reserve is expected to cut interest rates next week despite inflation being around 3%, which is above the 2% target [7][8] - There is a growing sentiment that 3% inflation may be considered the new 2%, as consumer inflation expectations have risen [13][14] Global M&A Activity - Global M&A activity reached $2.6 trillion in the first seven months of the year, the highest since 2021, driven by tight spreads and favorable financial conditions [6]