Track the evolution of major financial and economic events
Siemens launched a share buyback program of up to $7 billion over a period of five years. This announcement follows the company's report of higher second-quarter revenue in its industrial businesses, reflecting strong financial performance. The program demonstrates the company's confidence in its ability to achieve further growth in the future.
The closure of the Strait of Hormuz has halted construction projects globally due to shortages of oil-derived products, leading to a sharp rise in raw material costs. Oil prices have surged significantly, while major energy companies predict that prolonged closure will result in a global supply crisis. Meanwhile, Iran has launched a digital insurance platform to ensure safe passage for vessels through the strait, reflecting ongoing tensions in the region.
On May 13, European Council President António Costa stated that the EU needs to talk to Russia at the right moment to address common security issues. On the same day, Russian President Vladimir Putin hinted that the Ukraine conflict may be nearing its end but insists on settled peace terms before any meeting. Additionally, the US is withdrawing 5,000 American troops from Germany amid President Trump's criticisms of NATO.
Oil prices surged by 4% due to rising geopolitical tensions between the US and Iran, as hopes for a ceasefire deal failed to materialize. Markets are focusing on US CPI data, with expectations that strong data will support the dollar. Meanwhile, Trump indicated the possibility of military action against Iran if negotiations do not progress, increasing uncertainty in the markets.
On May 13, Ninety One SA Pty Ltd increased its stake in Microsoft by 9.0%, raising its total holdings value to $72 million. Microsoft reported strong quarterly earnings of $4.27 per share and revenue of $82.89 billion, exceeding analyst expectations. Institutional investors and hedge funds now collectively own 71.13% of the company's stock.
On May 13, Dream Finders Homes made a bid to acquire Beazer Homes USA at $25.75 per share. The total value of the proposed acquisition deal is approximately $704 million. As a result, Beazer Homes' stock surged by 22%.
Babcock & Wilcox reported a Q1 loss of $0.60 per share, significantly exceeding FactSet estimates of a $0.03 loss per share. This substantial widening of the loss reflects financial challenges the company is facing during this period.
On May 13, Commonwealth Bank of Australia shares fell by 9% after the bank set aside an additional A$200 million in provisions for risks associated with the Middle East conflict. Investors also reacted negatively to housing tax changes introduced in the federal government's budget.
Nintendo shares plunged sharply after full-year operating income forecasts missed Bloomberg consensus estimates. The company warned that memory prices and tariffs could impact the business by about 100 billion yen ($640 million). Additionally, fourth-quarter operating income was 59.72 billion yen, falling short of the estimated 74.78 billion yen.
On May 13, Circle raised $222 million in an Arc token presale at a $3 billion valuation, with support from BlackRock, Apollo, and a16z. The company reported a 20% revenue growth in Q1, with revenues reaching $694 million and USDC transactions soaring by 262% year-over-year. Circle's shares jumped over 4% in premarket trading following the release of a positive earnings report.
On May 13, the Dallas Fed models indicated that a potential war with Iran could drive oil prices up to $167 per barrel. The analysis suggests that a three-quarter oil shock could elevate core inflation and reshape sector outlooks.
On May 13, Norges Bank raised its policy rate to 4.25 percent, according to Governor Ida Wolden Bache. This decision is part of the tightening monetary policy cycle being implemented by the bank.
Lincoln Educational Services reported earnings of $0.14 per share, significantly beating the analyst consensus estimate of $0.04. The company's revenue jumped 22.5% to $143.96 million compared to $117.51 million in the previous year. The total student population rose by 17.6% driven by strong employer demand for skilled trades. Additionally, the company announced the launch of its initial public offering roadshow, which includes 21,049,988 shares of Class A common stock, with an expected offering price between $18.00 and $20.00 per share.
The Ontario Securities Commission issued a cease trade order against Canada Carbon for failing to file its audited annual financial statements for 2025. Consequently, the TSX Venture Exchange suspended trading in the Company's securities.
On May 13, U.S. pharmaceutical giant Bristol-Myers Squibb entered into a strategic partnership and licensing deal with major Chinese drugmaker Hengrui Pharmaceuticals. The deal could be worth more than $15 billion in total value.
On May 13, oral VK2735 demonstrated up to 12.2% mean weight reduction from baseline at Week 13 in Phase 2 trials. This announcement led to a gain in shares for Viking Therapeutics.
On May 13, Fortinet reported a 32% EPS beat in Q1 FY2026, resulting in a 25% surge in its stock. The company also raised its full-year guidance, supported by its vertically integrated hardware-software model and strong profitability.
The U.S. Senate confirmed Kevin Warsh's nomination to the Federal Reserve Board of Governors on May 12. He was also confirmed as Fed Chair in a party-line vote on May 13, signaling significant challenges ahead due to a Fed committee skeptical of the rate cuts demanded by President Trump. The vote was the most divisive in the history of Fed chair confirmations, and April's inflation spike leaves Warsh with no excuses not to raise rates.
China's factory inflation hit a 45-month high in May, driven by a significant shock in energy prices. Car sales in China fell by 21.5% in April, with internal combustion engine sales declining by over 30%. Additionally, the producer price index rose by 6.0% year-on-year, signaling the end of a nearly four-year deflationary cycle.
The conflict with Iran is impacting U.S. inflation outlook, with inflation rising to 3.8% due to surging energy costs. On May 13, U.S. Treasury bond yields reached 5%, prompting investors to ditch government debt. Additionally, Goldman Sachs has delayed its Fed cut outlook to December 2026 as the war drives U.S. inflation.
Russia recorded 11 technical defaults in 2024, 24 in 2025, and 11 in the first three months of 2026. Reports indicate that a quarter of the Russian bond market is currently at risk of default.
On May 9, Block reported strong Q1 results, beating non-GAAP EPS and revenue expectations, with adjusted EBITDA exceeding $1B for the first time. Cash App's primary banking actives grew 18% YoY to 9.7M, with inflows per active rising by 10%. However, the company posted a sharp net income loss tied to layoffs despite the operational beat.
The April jobs report indicated that hiring in the United States is growing at its strongest pace in over a year. However, white-collar sectors continue to lose workers, with AI potentially contributing to the decline in these roles.
India, the fastest-growing major economy, is facing economic pressures due to rising energy prices from the Iran war, causing the rupee to hit an all-time low. Investors heavily sold Indian assets, and gold prices surged following an increase in import duties. Prime Minister Modi urged citizens to adopt measures to conserve foreign exchange, including limiting travel and working from home.
