Global financial media focused on the following major headlines overnight:

1. What's next in the Trump-Fed Governor Cook conflict 2. Apple to hold event on September 9, unveiling iPhone 17 series and upgraded watches 3. After Intel deal, Lutnick hints US government eyeing defense and other industries 4. Apple internally discusses acquisitions of Mistral and Perplexity 5. Richmond Fed President expects minor US policy rate adjustments, refuses to discuss September meeting stance 6. Bank of Canada Governor: inflation target to remain at 2%

**Trump-Fed Governor Cook Conflict: What's Next** After Federal Reserve Governor Lisa Cook refused to resign over allegations related to mortgage applications, President Trump claimed he would directly dismiss Cook, escalating the situation and setting the stage for subsequent litigation that will help determine the White House's jurisdiction over the Federal Reserve.

Trump posted a letter on Truth Social on August 25, stating he had "sufficient grounds" to fire Cook, implicitly acknowledging that under US law, he must have legitimate reasons to dismiss Cook. Cook has been accused of so-called "mortgage occupancy fraud," where homebuyers falsely report properties intended as second homes as primary residences when applying for loans to secure better lending terms. However, she has not faced any formal charges.

**Apple to Hold September 9 Event, Unveiling iPhone 17 Series and Upgraded Watches** Apple plans to hold a major fall product launch event on September 9, where the iPhone 17 series is expected to be unveiled, including a thinner and lighter model.

The event will begin at 10 AM local time with online streaming, continuing the virtual launch strategy adopted since the COVID pandemic. According to invitations posted online and sent to media, the event's tagline is "awe dropping."

Apple has set the product launch date for September 9.

**After Intel Deal, Lutnick Hints US Government Eyeing Defense and Other Industries** Commerce Secretary Lutnick hinted that after acquiring a 10% stake in chipmaker Intel through unconventional transaction methods, the US government is eyeing defense and other industries for potential equity stakes in companies.

"Oh, there's been intense discussion about the defense sector," Lutnick said Tuesday when asked whether the government was considering similar arrangements with companies benefiting from government policies, including defense industries.

Lutnick specifically mentioned Lockheed Martin, noting that the company derives most of its revenue from the US government. "They're basically a branch of the US government," he said.

**Apple Internally Discusses Acquisitions of Mistral and Perplexity** According to sources, Apple has begun internal discussions about acquiring French AI startup Mistral and Perplexity.

Apple has lagged behind competitors like Google and Samsung in rolling out AI features for its devices.

Apple CEO Tim Cook stated last month that the company was willing to accelerate its technology roadmap through larger AI-related acquisitions—a significant shift from Apple's historically conservative acquisition strategy.

**Richmond Fed President Expects Minor US Policy Rate Adjustments, Refuses to Discuss September Meeting Stance** Richmond Federal Reserve Bank President Tom Barkin said he expects only minor rate adjustments, given his expectation that economic activity won't change much for the remainder of the year.

"I think the economy will have minor fluctuations," Barkin said in an interview after an event in Blacksburg, Virginia on Tuesday.

"If the economy has minor fluctuations, that means rates will adjust moderately," he said. "Of course, I don't know if the economy will have minor fluctuations. That remains to be seen. So that's my forecast, but forecasts can change."

**Bank of Canada Governor: Inflation Target to Remain at 2%** The Bank of Canada plans to maintain its 2% inflation target but is studying the best methods for measuring core inflation and how to incorporate housing costs into its monetary policy decisions.

Bank of Canada Governor Tiff Macklem previewed some issues being considered in the central bank's upcoming monetary policy framework assessment.

Since interest rates directly impact housing demand, "it's worth studying how monetary policy affects housing sector dynamics and how to optimally incorporate housing affordability into our focus on overall price stability," Macklem stated in prepared remarks.