Track the evolution of major financial and economic events
On May 5, the 400,000 barrels-per-day Kirishi refinery owned by Surgutneftegas was hit by drone attacks, causing fires. NASA satellite imagery detected heating anomalies indicating fires at the refinery and nearby areas. On May 22, Ukraine targeted the Yaroslavl oil refinery and President Zelensky announced the use of long-range drones against Russian oil refining assets. On May 24, Russia launched a massive attack on Kiev using hypersonic ballistic missiles, resulting in at least one death and 20 injuries.
Stocks started the week on a negative note due to rising tensions in the largely closed Strait of Hormuz. Iran warned the U.S. about being dragged back into a quagmire. Despite the geopolitical pressures, futures are pointing to small gains at today's market open.
On May 5, Swiss consumer prices increased by 0.6% year-on-year, surpassing the 0.3% inflation rate recorded in March. The conflict in Iran has driven up imported energy costs, contributing to the overall rise in inflation rates.
On May 4, Monolithic Power Systems reported a 26.1% year-over-year revenue increase, reaching $804.2 million. This revenue growth was largely driven by higher sales in enterprise data, particularly for AI and server applications.
On May 4, ATB Capital upgraded Agnico Eagle Mines to 'Outperform' after the company reported an adjusted EPS of $3.41 for Q1 2026, surpassing analyst expectations. The company also renewed its share buyback program for up to $2 billion after generating $732 million in free cash flow. This strong performance reflects Agnico Eagle's ability to deliver positive results amid current market conditions.
Nebius Group experienced an astonishing 802% surge in AI-cloud revenue year-over-year, with annualized recurring revenue hitting $1.25 billion in Q4 2025. The company also acquired Eigen AI for $643 million to enhance its capabilities in this area. Meanwhile, companies like Microsoft and Amazon reported significant growth in their cloud service revenues, reflecting the increasing demand for AI-driven solutions.
On May 3, GameStop CEO Ryan Cohen announced that the company offered to acquire eBay for $125 per share in a cash and stock deal. GameStop has built a roughly 5% stake in eBay according to Cohen's statements. The acquisition offer represents a roughly 20% premium over eBay's closing price on Friday. On May 4, Michael Burry sold all his GameStop shares.
On May 3, Bank of Greece governor Yannis Stournaras warned that concerns about the eurozone slipping into recession are real and justified. Stournaras noted that talks to end the conflict in the Middle East will be key for ECB monetary policy.
Palantir has a bullish outlook as its US Commercial segment achieved a 109% year-over-year revenue growth in FY25. The price target for PLTR is set at $224, indicating a potential upside of 55%. Management is guiding for a 115% year-over-year revenue growth in the US Commercial segment for FY26.
On May 1, Origin Materials' Board of Directors decided to sell its PET cap technology and remaining assets, followed by an orderly wind down of operations. The company is also reducing its workforce to cut costs and support the planned sale of assets.
On May 1, Spirit Airlines' stock dropped below $1 as the carrier faced a potential collapse. Talks with the federal government regarding a $500 million bailout reportedly stalled. On May 4, the airline ceased operations after 34 years, impacting about 17,000 employees. Kevin Hassett, former White House National Economic Council Director, stated that the Iran war could affect airline profits, but attributed Spirit's collapse to a non-viable business model. Following Spirit's shutdown, shares of JetBlue and Frontier rose, raising hopes that these carriers can capture market share.
Occidental Petroleum announced a CEO succession plan for 2026. Vicki Hollub will retire as President and CEO effective June 1, 2026. The Board of Directors has named Richard Jackson, the Chief Operating Officer, as her successor.
The ongoing war in Iran is causing a global base oils shortage that is beginning to affect luxury vehicle drivers. Supercar engines rely on base oils for their ability to withstand extreme heat and high pressure. On May 4, shares of EU automakers slid after Trump announced that tariffs would rise to 25%.
Rolls-Royce reported a 14% increase in revenues to £20.1B in its 2025 results. Operating profit surged by 38% to £3.5B, with free cash flow reaching £3.3B. The company also announced an aggressive £7–9B share buyback program through 2028.
Heidi O'Neill, the incoming CEO of Lululemon and a former Nike executive, is set to take over in September. However, investors have expressed dissatisfaction with her appointment even before her official start date. This early pressure reflects concerns about the company's future strategies.
In late April, the number of people applying for unemployment benefits sank to a 57-year low. This decline reflects the tight labor market in the United States, indicating a strong economic recovery.
On April 30, a Nikkei report indicated that the Japanese Ministry of Finance intervened in the FX market to buy the yen after it breached 160 per dollar. Finance Minister Katayama issued a warning following this drop, signaling decisive steps to support the currency. The Bank of Japan also held rates at 0.75% with a split vote and hawkish signals in the quarterly outlook report.
The U.S. national debt has surpassed 100% of GDP in a major fiscal milestone. On April 30, the federal debt exceeded the size of the national economy, marking a significant stage in the financial policy of the United States.
Global rice supply is expected to decline this year as Asian farmers reduce planting acreage due to fertilizer shortages and soaring fuel costs. Additionally, the Iran war and the emerging El Nino are set to further squeeze the output of the world's most consumed staple.
On April 30, Trump revealed that he discussed a ceasefire in Ukraine with Russian President Vladimir Putin. On May 5, Russia announced it would observe a ceasefire with Ukraine on May 8 and 9, while Zelensky announced an earlier ceasefire starting on May 5-6. On the same day, the Russian military warned of major attacks on Kyiv if Ukraine targeted Moscow during Victory Day celebrations, and a Ukrainian drone hit a high-rise apartment building in Moscow.
The U.S. economy began 2026 slowly but demonstrated strength at the end of the first quarter despite the geopolitical conflict with Iran. This resilience indicates the economy's ability to adapt to challenging conditions.
The Senate Banking Committee approved Kevin Warsh's nomination to lead the Federal Reserve in a 13-11 party-line vote. This nomination comes as Warsh faces external political pressures and energy shocks, while Jerome Powell warns that the central bank's independence is 'at risk.' The Federal Reserve is expected to start cutting interest rates next year, but inflation concerns remain high.
Apple Inc. announced a leadership shake-up with Tim Cook exiting and John Ternus stepping in as CEO. The company faces challenges related to the end of the iPhone replacement cycle, yet iPhone sales reached $56.99 billion, contributing to total quarterly sales of $111 billion. Financial results showed strong optimism with robust revenue and profit growth, leading to a surge in stock prices. Tim Cook warned of intensifying memory constraints and indicated that Apple may consider options like raising prices or signing longer supplier agreements.
Kone is nearing a cash-and-stock deal to acquire its German rival TK Elevator. The potential deal is valued at approximately $34 billion according to media reports.
