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Top Stories
Trump's Budget Proposal: Massive Boost for Security, Deep Cuts to Domestic Programs
Trump's proposed FY2026 budget includes a 65% increase in Homeland Security spending, a 13% boost in defense spending, and a 23% reduction in non-defense spending. The $1.7 trillion budget aims for the lowest non-defense spending since 2000, with significant cuts to various agencies and programs.
China Open to Trade Talks as Strong US Jobs Data Boosts Markets
China signals openness to US trade talks, boosting global stocks and futures. Investors anticipate potential easing of trade tensions, though China warns against coercion. Strong US jobs report further lifts markets, with S&P 500 aiming for longest winning streak since 2004.
US Job Growth Beats Expectations in April, Unemployment Steady at 4.2%
The US economy added 177,000 jobs in April, exceeding expectations of 138,000. The unemployment rate held steady at 4.2%. Wage growth cooled slightly to 3.8% year-over-year. The labor market remains resilient despite economic headwinds.
Chevron Beats Earnings Estimates, Cuts Buybacks Amid Oil Price Pressure
Chevron's Q1 earnings beat estimates with adjusted EPS of $2.18, but revenue fell short at $47.61B. The company plans to reduce share buybacks by 30% in Q2 due to lower oil prices impacting profits. Production remained flat year-over-year.
Other Events
Macro Events
U.S. Job Market Stays Resilient: Economy Adds 177,000 Jobs in April, Beating Expectations Amid Mixed Signals
The U.S. economy added 177,000 jobs in April, surpassing expectations of 138,000 and signaling a resilient labor market despite ongoing economic uncertainties. The unemployment rate remained steady at 4.2%, in line with forecasts. While job growth exceeded predictions, it showed a slowdown compared to March's revised figure of 185,000 jobs added.
Euro Zone Inflation Holds Steady, Core Prices Surge as ECB Weighs Rate Cuts Amid Trade War Concerns
Euro zone inflation held steady at 2.2% in April, just above the European Central Bank's 2% target. This unexpected result missed expectations for a move lower. Core inflation, which excludes volatile items like food and energy, rose more than projected to 2.7%, up from 2.4% in March. The surge in service prices is causing concern among ECB policymakers, who are weighing potential interest rate cuts to counter the economic impact of US tariffs. The unemployment rate in the euro zone remained at 6.2% in March. These inflation figures present a challenge for the ECB as they consider their next moves in monetary policy, balancing the need to address price pressures with supporting economic growth amid trade tensions.
Global Manufacturing PMI Data Shows Mixed Results; Markets Await US Jobs Report and Eurozone Inflation Figures
Global manufacturing PMI data for April 2025 shows mixed results across various countries. India's manufacturing sector remains strong with a PMI of 58.2, while the Eurozone's final manufacturing PMI rose to 49.0, slightly better than expected. Germany and France saw improvements, with PMIs of 48.4 and 48.7 respectively. Italy surprised with a PMI of 49.3, exceeding forecasts. However, Turkey's manufacturing PMI remained unchanged at 47.3, and Switzerland's PMI dropped unexpectedly to 45.8. The US manufacturing sector showed subdued growth. Meanwhile, Norway's unemployment rate fell to 2.0%, and Italy's rose to 6.0%. Financial markets are now focusing on upcoming US jobs data and Eurozone inflation figures, with key events including the April Non-Farm Payrolls report and Unemployment Rate.
Trump Touts Economic Gains, Urges Fed to Cut Rates Amid "Transition Stage"
President Trump has taken to social media to comment on the state of the US economy and push for lower interest rates. He highlighted positive economic indicators, including low gas prices, declining grocery and energy costs, falling mortgage rates, and strong employment. Trump emphasized that billions of dollars are flowing in from tariffs and claimed there is no inflation. He described the economy as being in a "transition stage" and repeatedly called on the Federal Reserve to lower interest rates. This comes after a solid April jobs report and signs of cooling inflation. However, some experts warn that tariffs could pose a threat to global inflation and growth. The Fed's next interest rate decision is eagerly anticipated, with Trump's comments adding pressure to the central bank.
Japan Challenges US Tariff Framework, Demands Auto and Steel Inclusion in Trade Talks
US tariff negotiators presented a draft framework for an agreement with Japan, excluding auto and steel industries from negotiations. Japan protests, insisting these sectors must be included to address the US trade deficit. The exclusion raises concerns about dampening global economic growth and sentiment. Meanwhile, US consumer spending rises in anticipation of tariffs.
S&P 500 Rallies 1.2%, Set to Recover Losses from April Tariff Announcement
The S&P 500 has surged 1.2%, poised to erase losses incurred since April 2. This rebound follows a market downturn triggered by President Trump's tariff announcement, signaling a potential recovery in investor confidence.
ECB's de Guindos Bullish on Rate Cuts, Inflation Progress; Fed Decision Looms
ECB Vice President de Guindos expresses optimism about continued interest rate cuts and improving inflation outlook. Despite economic risks, he doesn't foresee a Eurozone recession. Meanwhile, the Fed is expected to hold rates steady but may hint at future cuts.
Banks Delay Fed Rate Cut Forecast to July After Robust Jobs Report
Major banks revise Fed rate cut predictions to July following strong Nonfarm Payrolls data. Goldman Sachs and Barclays push back expectations from June, signaling a shift in economic outlook.
Trump Administration to Overhaul Biden's Oil and Gas Decommissioning Rule
The Trump administration plans to revise a Biden-era rule requiring oil and gas companies to provide $7 billion in financial assurances for decommissioning old infrastructure, according to the Interior Department.
Japan PM Slams U.S. Auto Tariffs, Escalating Trade Tensions
Japan's PM Ishiba strongly condemned U.S. auto tariffs as "absolutely unacceptable" in an FNN interview. This statement highlights escalating trade tensions between the two nations, potentially straining economic ties and impacting the auto sector. The U.S. maintains its stance on imposing a 10% reciprocal tariff on Japanese imports.
Amazon Sellers' Tariff-Dodging Tactics May Not Be Sustainable
Amazon sellers are stockpiling inventory to combat tariffs, but this strategy offers only temporary relief. The e-commerce giant faces challenges in retaining third-party sellers as Trump's levies threaten their businesses.
Hong Kong's Economy Beats Forecasts with Strong Q1 Growth
Hong Kong's Q1 GDP surpasses expectations, growing 3.1% year-on-year and 2.0% quarter-on-quarter, outperforming forecasts and previous quarters.
Fed's New Banking Watchdog Initiates Review of Secret Bank Health Ratings
The Federal Reserve is reviewing its confidential rating system for assessing the health of major banks, led by the incoming top banking regulator, according to the Wall Street Journal.
German Intelligence Agency Labels AfD Party as Extremist Organization
Germany's domestic intelligence agency has officially classified the far-right AfD party as an extremist organization, citing its disregard for human dignity and confirming its right-wing extremist character.
Geopolitics Events
Trump's 2026 Budget Proposal: Massive Boost for Defense and Border Security, Deep Cuts to Domestic Programs
President Trump's proposed budget for fiscal year 2026 has been unveiled, revealing significant shifts in spending priorities. The $1.7 trillion budget, down 7.6% from the previous year, includes drastic cuts to non-defense spending while substantially increasing funding for defense and homeland security. The plan calls for a 65% boost in Homeland Security spending, with a focus on border security, including $46.5 billion for border wall construction. Defense spending would see a 13% increase, pushing it to nearly $1 trillion.
Carney and Trump to Hold Crucial White House Meeting
Canadian Prime Minister Carney and US President Trump scheduled for a high-stakes meeting at the White House on Tuesday, sparking speculation about potential discussions.
Trump Targets Public Media and Harvard in Controversial Executive Order
Trump signs executive order to cut funding for public media outlets NPR and PBS. He also threatens to revoke Harvard's tax-exempt status, signaling a significant shift in government support for public institutions.
China Mulls Fentanyl Offer to Revive US Trade Talks, Boosting Market Optimism
In a potential breakthrough for US-China relations, Beijing is reportedly considering addressing the fentanyl crisis as a way to jumpstart trade talks with the United States. According to the Wall Street Journal, China may send top security official Wang Xiaohong to meet with the Trump administration. This move could allow both sides to soften their stance on trade issues. The news has sparked optimism in financial markets, with stocks extending gains following the report. However, some observers caution that this could be a complex negotiation process, potentially involving veiled threats and requiring a firm US response.
Trump's NASA Budget Slash: Moon Program Cut as Mars Takes Priority
The Trump administration proposes a $6 billion cut to NASA's budget, targeting key elements of the moon program. The plan includes ending Boeing's SLS rocket after three flights, reducing International Space Station operations, and canceling the Lunar Gateway Station. This shift aligns with Trump's Mars-focused agenda and favors commercial alternatives, while significantly impacting NASA's science initiatives.
Trump Orders Funding Cut for NPR and PBS in Latest Media Clash
President Trump signed an executive order aiming to cut federal funding for public media outlets NPR and PBS. This move is seen as his latest attempt to leverage federal funds against institutions he views unfavorably.
Trump Closes 'De Minimis' Tariff Loophole, Impacting Chinese E-commerce Giants
The Trump administration has ended duty-free access for low-value shipments from China and Hong Kong, closing the 'de minimis' loophole. This move affects e-commerce firms like Shein and Temu, as well as illicit goods traffickers, potentially impacting online shopping and trade dynamics.
White House Unveils Lean FY2026 Budget with Historic Non-Defense Spending Cuts
White House proposes FY2026 budget of $1.7 trillion, down 7.6% from previous year. It includes lowest non-defense spending since 2000, with $163 billion cut in this category.
US Greenlights $3.5B Missile Sale to Saudi Arabia, Bolsters Allies' Defense
The US State Department has approved a potential $3.5 billion sale of AIM-120C-8 Advanced Medium Range Air-to-Air Missiles to Saudi Arabia. Additionally, sales of tactical missiles to Norway and F-16 training for Ukraine have been approved, signaling increased military support for allies.
Trump's Birthday Military Spectacle: 6,500 Troops to March on Army's 250th Anniversary
President Trump plans a massive military parade on June 14, coinciding with the US Army's 250th anniversary and his 79th birthday. The event could feature over 6,500 troops, showcasing America's military might and celebrating both occasions simultaneously.
Trump Team Readies Plans to Pressure Russia into Ending War
Trump's team has prepared options to increase economic pressure on Russia, aiming to end the ongoing war. US officials have developed strategies for the president to consider.
Trump Seeks Supreme Court Approval for DOGE Access to Social Security Information
The Trump administration has petitioned the Supreme Court to grant Elon Musk's Department of Government Efficiency access to sensitive Social Security data, intensifying a privacy debate with far-reaching implications for millions of Americans.
Trump-Sheinbaum Rift: U.S. Military Role in Mexico's Cartel Fight Sparks Debate
President Trump and Mexican President Sheinbaum clash over Trump's proposal for increased U.S. military involvement in combating drug cartels in Mexico. Sheinbaum rejects direct military presence, highlighting tensions in bilateral approach to cartel issues.
US Dispatches Observers for Romanian Presidential Election Rerun
The US has sent election observers to Romania for a presidential election rerun. A senior official was dispatched by the Trump administration to monitor the contentious vote on Sunday.
US Government Pushes to Dismantle Google's Ad Tech Monopoly
The US Justice Department is seeking a federal judge's approval to break up Google's ad technology business, aiming to dismantle its dominance in digital advertising and share key data with competitors.
US-China Trade Rift Halts Bunge's Billion-Dollar Viterra Takeover
Bunge's $8.2 billion acquisition of Viterra faces delays due to ongoing trade tensions between the United States and China, impacting the global agricultural sector.
Reform UK Clinches Razor-Thin Victory in Historic By-Election Upset
Reform UK, the right-wing party led by Nigel Farage, has secured a narrow victory in a parliamentary by-election in northwest England. The party won the Runcorn and Helsby seat by just six votes, marking the smallest margin in UK parliamentary by-election history. This unexpected win represents a significant blow to Sir Keir Starmer's Labour Party and signals a potential shift in the political landscape.
Israel Launches Strikes on Syrian Territories, State Media Reports
Israeli military strikes targeted areas in Syria's Hama countryside and Damascus vicinity, according to Syrian state news agency reports. The attacks highlight ongoing tensions in the region.
Nike and Adidas Lead Footwear Giants in Plea for Tariff Exemption
Major footwear companies, including Nike and Adidas, have appealed to the Trump administration for a tariff exemption on their products. The industry argues that the proposed levies would significantly increase shoe prices for American consumers and potentially force businesses to close. This move highlights the growing concern among retailers about the impact of trade tensions on their operations.
Crypto Events
Bitcoin Nears $100K Milestone Amidst Institutional Demand and Potential Short Squeeze, While MicroStrategy Doubles Down on Acquisition Strategy
Bitcoin's recent surge to $97,000, its highest level in over two months, has ignited excitement in the crypto market. This rally, driven by institutional demand and favorable regulatory developments, positions Bitcoin just 10.9% below its all-time high. However, the market faces potential headwinds from US job data and macro pressures. MicroStrategy, a major player in the Bitcoin space, reported a Q1 loss of $4.23 billion but remains committed to its Bitcoin strategy. The company introduced an ambitious "42/42 Plan" to raise $84 billion over two years for further Bitcoin acquisitions. Meanwhile, Goldman Sachs is expanding its involvement in cryptocurrencies, signaling a shift in traditional finance's approach to digital assets. The market is also watching for a potential short squeeze, with over $3 billion in short positions at risk of liquidation if Bitcoin reaches $100,000. As Bitcoin nears this milestone, traders are closely monitoring the situation, while the UK plans to ban retail investors from borrowing money to invest in crypto, aiming to curb risky leverage in the space.
Tether to Introduce U.S. Stablecoin, Eyeing 2023 Launch
Tether plans to launch a U.S.-based stablecoin as early as this year, expanding its presence in the American market. The company's CEO is engaging with Washington crypto players to facilitate this move.
Metaplanet's $25M Bond Fuels Bitcoin Buying Comeback
Metaplanet issues $25 million in bonds to fund Bitcoin purchases through a new US subsidiary, accelerating its cryptocurrency strategy and resuming its buying spree.
Analyst Ratings Events
Apple Downgraded by Analysts Amid Growth Concerns and Tariff Pressures
Apple faces headwinds as Jefferies downgrades the stock to Underperform from Hold, raising the price target to $170.62. Despite Q2 FY25 results meeting expectations with 5% growth, concerns loom over iPhone demand in China, potential tariff impacts, and limited AI-driven growth potential. Rosenblatt also downgraded Apple to Neutral, citing muted growth and lack of a breakout product.
Earnings Events
Cigna Exceeds Q1 Expectations, Boosts 2025 Forecast Amid Strong Revenue Growth
The Cigna Group reported strong Q1 2025 results, surpassing expectations with adjusted EPS of $6.74 and revenue of $65.45B, up 4% and 14% YoY respectively. Despite a 2% decrease in adjusted income from operations, Cigna raised its full-year outlook, projecting adjusted EPS of ≥$29.60. The company's MCR improved to 82.2%, beating estimates.
Standard Chartered Surpasses Q1 Profit Forecasts, Wealth Management Shines
Standard Chartered's Q1 2025 profits exceeded expectations, driven by robust growth in wealth management. The bank maintained its guidance despite concerns over trade tensions impacting global markets.
Shell Outperforms in Q1 2025, Boosts Shareholder Returns
Shell's Q1 2025 results exceed estimates with $0.92 EPS and $5.58B profit. Oil output surpasses expectations at 2.84M BOE/D. Company announces $3.5B share buyback and $0.358 interim dividend.
NatWest Soars: Q1 Profits Jump 36%, Beating Forecasts
NatWest's Q1 profits surpassed expectations, rising 36% due to increased income and reduced costs. The bank raised its full-year outlook, with NatWest Markets returning to profitability.
Danske Bank's Q1 Profit Surge Reflects Nordic Economic Strength
Danske Bank's Q1 2025 results exceeded expectations, showcasing the resilience of Nordic economies. The bank reported a 2% increase in net profit to DKK 5.76 billion, driven by fee and trading gains. Danske Bank maintains its full-year outlook amid promising growth prospects.
ExxonMobil Beats Q1 Revenue Estimates, Boosted by Guyana and Permian Production
ExxonMobil's Q1 2025 earnings surpassed expectations, with revenue of $83.13B beating estimates. Despite lower-than-expected production and refinery throughput, the company's adjusted EPS of $1.69 fell short of projections. Increased output from Guyana and the Permian Basin significantly boosted earnings, showcasing ExxonMobil's strategic growth in key regions. The company maintains its full-year net cash capex forecast of $27.8B to $29B.
Shell Beats Profit Expectations Despite 28% Drop, Maintains Buyback Program
Shell's Q1 net profit fell 28% to $5.58 billion, surpassing analyst expectations despite lower oil prices and refining margins. The company maintained its share buyback program pace, announcing a $3.5 billion repurchase.
Oil And Gas Events
Chevron Stock Dips on Profit Decline and Oil Price Slump
Chevron's stock declines as lower profits and falling oil prices impact performance. The company's Q1 earnings beat estimates, but revenue missed expectations, potentially slowing stock buybacks.
OPEC+ Surprises Market with Early Meeting, Oil Prices Tumble on Potential Output Increase
OPEC+ has rescheduled its meeting to May 3rd to discuss June oil production plans, potentially increasing output by 400,000 barrels per day. This unexpected move has caused oil prices to fall, as the market anticipates a surge in global supplies. The accelerated production hike is putting pressure on an already strained market, leading to concerns about oversupply and weekly losses in oil prices.
Chevron CEO Addresses Market Shifts, Arbitration, and Hess Deal Amid Steady Oil Prices
Chevron CEO Mike Wirth discusses oil market dynamics, including Venezuelan supply shifts and potential demand slowdown. He expresses confidence in winning arbitration against Exxon Mobil and completing the Hess acquisition, while noting stable oil prices.
OPEC+ Mulls 400,000 Barrel Daily Boost for June, Shaking Oil Markets Again
OPEC+ nations are considering a production increase of about 400,000 barrels per day for June, ahead of a crucial video-conference on Saturday. This potential hike follows last month's surprising 411,000 barrel-a-day increase, as the group led by Saudi Arabia and Russia continues to shape global oil supply.
Imperial Oil Profits Surge on Refining Margins and Currency Fluctuations
Imperial Oil's quarterly profit increased due to stronger refining margins, higher prices, and a weaker Canadian dollar, boosting the company's performance.
U.S. Oil Rig Count Declines, Total Rigs Down in Latest Baker Hughes Report
Baker Hughes reports a decrease in U.S. total rig count to 584, with oil rigs dropping to 479. Gas rigs increased slightly to 101, indicating shifts in drilling activity.
Technology Events
Apple and Anthropic Join Forces to Revolutionize Coding with AI
Apple collaborates with Anthropic on an AI-powered platform for writing, editing, and testing code. The system, part of a new XCode version, will be used internally by Apple, with potential public release under consideration.
Uber Teams Up with Momenta for European Robotaxi Launch in 2026
Uber and Momenta have formed a strategic partnership to deploy robotaxis in Europe starting in 2026, with onboard safety operators. This collaboration marks Uber's expansion into autonomous vehicle services outside the US and China.
Nvidia Adapts AI Chips for Chinese Market, Stock Surges
Nvidia is reportedly modifying AI chips for sale to Chinese companies, causing its stock to rise 2.5%. This move comes as Nvidia adapts to export restrictions while maintaining its market presence in China.
Healthcare Events
FDA Considers Novo Nordisk's Groundbreaking Oral Obesity Treatment
The FDA has accepted Novo Nordisk's application for oral semaglutide 25mg as a potential obesity treatment. If approved by Q4 2025, it would become the first oral GLP-1 therapy for weight management, marking a significant milestone in obesity treatment options.
Fixed Income And Interest Rates Events
US Equities and Treasuries Face Major Outflows, Gold Streak Ends
US equities experienced a significant $8.9 billion outflow in the week to Wednesday, according to BofA citing EPFR data. Meanwhile, Japanese and European shares saw inflows. Treasuries faced a $4.5 billion outflow, the largest since December 2023, and gold recorded its first weekly outflow since January.
Metaplanet's $25M Bond Fuels Bitcoin Buying Comeback
Number of articles: 7
Tickers: BTC, BTCC
Sentiment Score: 54.5%
Metaplanet issues $25 million in bonds to fund Bitcoin purchases through a new US subsidiary, accelerating its cryptocurrency strategy and resuming its buying spree.
Treasury Yields Surge on Robust Jobs Data
Treasury yields rise sharply, with the two-year yield increasing 10 basis points to 3.8%, following a stronger-than-expected jobs report.
Corporate Actions Events
EToro Revives US IPO Plans, Considering Launch Next Week After Previous Delay
EToro Group Ltd. is eyeing a potential US IPO launch as early as next week, reviving plans that were paused due to tariff-related market volatility. The company had initially filed with the SEC in March but delayed its listing amid market uncertainties.
Legal Events
Google Ad Tech Antitrust Remedies Trial Scheduled for September
A U.S. judge has scheduled a remedies trial for September 22 in the Google ad tech antitrust case, addressing potential solutions to the company's alleged monopolistic practices in digital advertising.
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