Track the evolution of major financial and economic events
On May 26, BP's board of directors removed Chairman Albert Manifold with immediate effect following a unanimous vote. BP's London-listed shares fell by 9% after the news of the chairman's removal. The removal was triggered by issues related to governance standards, oversight, and conduct raised with the board.
The U.S. FDA granted Outlook Therapeutics' appeal for the retinal drug LYTENAVA following a Formal Dispute Resolution process. The company plans to resubmit its biologics license application in June 2026. If approved, LYTENAVA would be the first FDA-approved ophthalmic formulation of bevacizumab with FDA-approved manufacturing and labeling.
Ferrari unveiled the Luce model, the company's first fully electric vehicle, priced at $640,000. The electric car received a test drive from the Pope at Castel Gandolfo, but Ferrari's stock plunged 8.4% in Milan after critics claimed the car doesn't embody the Ferrari spirit. Meanwhile, Lamborghini CEO Stephan Winkelmann stated that the company's decision to cancel its all-electric vehicle plans was the right choice.
On May 25, Spotify announced ambitious targets for 2030, aiming for a gross margin of 35-40% and operating margins above 20%. This announcement led to a rise in the company's stock prices, reflecting investor confidence in its future strategy.
Asian stocks hit record highs on May 25, with Japan's Nikkei 225 Index rising 2.85% to 65,110 yen amid expectations of a 60-day ceasefire extension between the U.S. and Iran. South Korea's and India's indices also saw significant gains, reflecting investor optimism about peace talks. However, markets fell on May 28 following reports of new U.S. military strikes on Iran, leading to rising oil prices and investor concerns about escalating tensions.
Enphase Energy shares surged 21.1% on May 24 following the expansion of the PowerMatch software and the launch of the GaN-based IQ9S-3P commercial microinverters. This move reflects the company's strategy for market expansion and enhancing the use of artificial intelligence in data centers.
On May 24, Sandisk reported Q3 revenue of $5.95 billion, exceeding previous guidance. Data center revenue surged 233% quarter-over-quarter to $1.467 billion. The company also secured $42 billion in contractual obligations, covering over one-third of the FY27 bit volume.
On May 23, Meta announced the construction of one of the world's largest AI data centers in Louisiana, valued at $200 billion. The project will require a total of 7.5 gigawatts of power, with 5 gigawatts allocated for computing, powered by 10 new natural gas plants.
BrasilAgro reported an operational loss in Q3 of fiscal year 2026, with a negative adjusted EBITDA of R$30 million. Revenues fell by 26% year-over-year driven by lower crop prices and sales volumes.
AS Watson, the owner of Superdrug, plans to publicly trade shares in both Hong Kong and London before the end of 2026. The company aims to raise $30 billion through this dual listing.
On May 22, Heartnut Grove WWT, a wholly-owned subsidiary of Water Ways, filed a voluntary assignment in bankruptcy in Canada. This decision comes amid the company's restructuring efforts.
Wix.com is facing a legal probe after its shares plummeted 27% in a single day, wiping out over $1.1 billion of its market capitalization. On the same day, the company reported a massive 46% year-over-year increase in operating expenses for Q1 2026. The $20.56 price drop has significant repercussions for the company.
Deckers Outdoor Corp reported record-breaking financial results for fiscal year 2026, with total revenue reaching $5.47 billion, the highest in the company's history. The strong performance was driven by robust consumer demand for its flagship brands, HOKA and UGG. Diluted earnings per share came in at $7.02, reflecting solid profitability alongside the revenue milestone. These results underscore Deckers' growing strength in the global footwear and lifestyle market.
On May 22, Perpetua Resources received approval for a $2.9 billion senior secured project loan from the Export-Import Bank of the United States for the Stibnite project. The loan aims to support rebuilding a secure domestic antimony supply chain in the United States under the 'Make More in America Initiative'. On the same day, NevGold is accelerating its maiden Mineral Resource Estimate at the Limo Butte Project in Nevada to address the antimony supply deficit.
On May 22, the US Pentagon announced a temporary pause on a $14 billion arms package for Taiwan. Acting Navy Secretary Hung Cao cited the need to ensure missile and interceptor stockpiles for the war with Iran as the reason for the pause. Reports suggest that Beijing is pressuring the Trump administration by withholding approval for Pentagon visits until the arms deal is decided.
Cadence Design Systems reached a record high stock price of $376.83 on May 22 after its earnings surpassed estimates. The company also raised its financial guidance for Q2 2026 and the full fiscal year 2026. Institutional ownership stands at 84.85% with a 'Moderate Buy' analyst consensus.
On May 22, Futu Holdings received an investigation notice and an administrative penalty pre-notification letter from the China Securities Regulatory Commission (CSRC). This comes as part of investigations concerning the company's operations in China.
On May 22, a coalition of over 30 state attorneys general requested a court order to break up Live Nation and Ticketmaster following a jury finding of an illegal monopoly. This move is part of efforts to enhance competition in the ticketing market and protect consumer rights.
HPE stock hit an all-time high of $34.82, marking a 98% increase over the past year. The company sold a 13.8% stake in H3C Technologies for $986.8 million, contributing to the demand driven by AI workloads. Analysts noted that the stock might be overvalued, alongside increased activist investor engagement.
SpaceX disclosed its holding of Bitcoin valued at $1.4 billion, generating significant interest in the cryptocurrency market. Simultaneously, the market experienced sharp fluctuations due to geopolitical tensions, with Bitcoin's value dropping below $75,000. However, following Trump's announcement of a peace agreement with Iran, Bitcoin's value rebounded, highlighting the impact of political events on the cryptocurrency market.
U.S. gas prices have surged to four-year highs amid rising tensions with Iran. Analysts warn that prices could reach $5 per gallon if the Strait of Hormuz remains closed. Following some progress in negotiations, oil prices fell, but U.S. military strikes on Iranian sites reignited fears about regional stability and oil prices. Meanwhile, reports indicate that U.S. commercial inventories have dropped to their lowest levels since 2004, raising concerns about potential price hikes in the future.
On May 22, a consortium led by FedEx proposed a €7.8 billion all-cash acquisition of the Polish firm InPost. This bid is seen as a strategic move by FedEx to enhance its presence in the European market.
Kevin Warsh officially began his tenure as Chair of the Federal Reserve on May 22 amid historic market volatility. Warsh emphasized the importance of institutional independence and the need to achieve price stability while maintaining economic growth. At the same time, consumer confidence hit record lows, raising concerns about housing security among the younger population. Additionally, inflation expectations rose to 3.9%, putting further pressure on monetary policy.
On May 22, Masdar and Sungrow signed an agreement for a 7.5GWh energy storage system for Abu Dhabi's RTC project. This agreement marks a significant step towards enhancing the renewable energy infrastructure in the region.
