Track the evolution of major financial and economic events
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.
On May 7, IREN signed a 5-year, $3.4 billion AI Cloud contract to deploy NVIDIA Blackwell GPUs within its existing data centers. IREN also granted NVIDIA a 5-year right to purchase up to 30 million shares at an exercise price of $70 per share. The company is targeting $3.7 billion in Annual Recurring Revenue (ARR) by the end of calendar year 2026.
TG Therapeutics stock surged after H.C. Wainwright raised its price target to $70, indicating a potential upside of 76.1%. On the same day, the company reported Q1 2026 revenues of approximately $205 million, driven by BRIUMVI sales. TG Therapeutics also raised its full-year global revenue target to approximately $925 million.
On May 6, President Trump announced plans to raise tariffs on cars imported from the European Union, highlighting the limited protection offered by existing trade deals. On May 8, Trump set a July 4 ultimatum for the EU to meet trade deal terms. On May 9, Trump threatened that all passenger vehicle imports from the European Union would face a 25% tariff starting next week.
On May 6, Anavex Life Sciences' Board of Directors appointed Terrie Kellmeyer, PhD, as Interim Chief Executive Officer. This appointment follows the resignation of former CEO Christopher Missling on April 30, 2026, after a request for his resignation from the Board.
On May 6, 2026, the four largest U.S. self-storage REITs released their financial results for the first quarter. National Storage Affiliates Trust announced a merger agreement with Public Storage valued at approximately $10.5 billion. Reports indicated stabilized performance and modest growth with improving rental rates despite elevated operating costs.
The yield on the 30-year U.S. Treasury bond is nearing the 5% threshold due to rising inflation expectations and real interest rates. On May 5, former Treasury Secretary Steven Mnuchin stated that there is no 'break-the-glass' solution if the U.S. cannot finance its debt.
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.
