Trending Market News

India's economy grew 7.8% year-on-year in the January-March quarter, exceeding the forecasted 7.2% growth. However, the Middle East conflict that began in late February poses significant risks to future growth, prompting India's central bank to cut its growth forecast to 6.6% for the fiscal year ending March 2027 and raise its inflation projection to 5.1%.

• India benefited early in the quarter from a 'landmark' trade deal with the EU and reduced U.S. tariffs (initially lowered from 50% to 18%, then to 10% after a Supreme Court decision)
• The Reserve Bank of India reduced its FY2027 growth forecast by 30 basis points to 6.6% and raised its inflation projection by 50 basis points to 5.1% due to the Iran war's impact on energy prices
• Energy supply disruptions have inflated India's import bill and pressured the rupee, while the government passed on fuel price hikes to consumers in May after holding them off for months

S&P Global declined to change its fast-track index inclusion rules despite SpaceX's upcoming IPO, creating a potential conflict with Elon Musk's plans. SpaceX is set to begin trading next week in a $75 billion IPO that would value the company at $1.75 trillion, making it one of the top 10 most valuable U.S.-listed firms.

• S&P Global stated exceptions to financial viability, seasoning, and investible weight factor requirements will not be granted solely based on market capitalization
• SpaceX's $75 billion IPO would be the largest ever, immediately placing it among the top 10 most valuable U.S. companies at a $1.75 trillion valuation
• Musk has restructured the traditional IPO approach by giving retail investors a larger allocation role, pushing for early index inclusion, and maintaining strong founder control

The May jobs report, due Friday, is expected to show only 80,000 jobs added, a significant decline from the 150,000 monthly average over the prior two months. Some Wall Street economists predict even weaker numbers (20,000-60,000) due to potential weather-related payback and cautious hiring trends. The labor market shows signs of stagnation with low hiring, elevated layoffs including 38,242 AI-related cuts, and workers reluctant to leave current positions.

• May layoffs totaled 97,006, up 16% from April and the highest for the month since the 2020 pandemic, with AI-related job cuts reaching a record 38,242
• Major firms forecast significantly below consensus: Goldman Sachs expects 60,000 jobs, Vanguard predicts just 20,000, and EY-Parthenon forecasts 50,000 due to unwinding of weather-related gains
• The Federal Reserve is expected to maintain its pause through year-end regardless of the jobs number, with markets pricing near-zero chance of a rate move at the June 16-17 meeting and increased odds of a hike in early 2027 if inflation persists

SpaceX has informed banks involved in its $75 billion IPO that it intends to keep the offering price fixed at $135 per share, breaking with Wall Street tradition of adjusting pricing based on investor feedback during roadshows. The decision reflects Elon Musk's preference to set terms according to his own approach, though sources note the decision could still change before the IPO.

• SpaceX's IPO roadshow has generated 'insatiable' demand, with analysts fielding up to 20 investor calls per day compared to the typical 10-15 for in-demand offerings
• The $135 per share price point for the $75 billion IPO departs from standard practice where issuers and banks use roadshow feedback to determine final pricing at a meeting held one day before debut
• SpaceX is expected to begin trading on Friday, June 12, following its investor roadshow that began on Thursday

Sen. Elizabeth Warren invited Nvidia CEO Jensen Huang to testify before the Senate Banking Committee on June 11 regarding the chipmaker's China business and U.S. export controls on AI chips. The hearing would allow senators to directly question Huang about Nvidia's China strategy, coming weeks after he accompanied President Trump to a summit with Chinese President Xi Jinping. Warren expressed concerns that AI chip sales to China could undermine U.S. long-term security.

• Nvidia's AI chips power many of the world's leading data centers, making it central to the AI boom and a major target in Washington's debate over China export controls
• Warren warned that U.S. companies are profiting from technology sales to China that could strengthen its military and surveillance capabilities, with these chips 'actually used for surveillance'
• The hearing coincides with House Republicans separately calling for an investigation into China's efforts regarding chip manufacturing and data-center development

Lululemon lowered its fiscal 2026 sales guidance to $11-11.15 billion from $11.35-11.50 billion and issued weak Q2 outlook, citing undisclosed 'headwinds.' The athletic apparel retailer beat Q1 expectations on reduced forecasts while dealing with leadership transition, product quality issues, and increased discounting that has pressured margins and brand reputation.

• Full-year sales guidance cut by approximately $300-350 million to $11-11.15 billion (vs. analyst expectations of $11.48 billion); Q2 sales expected at $2.45-2.48 billion vs. $2.60 billion consensus
• Q1 results beat lowered expectations with $2.47 billion in sales (up 4% year-over-year) and $1.69 EPS, but company increased reliance on discounts to drive sales
• New CEO Heidi O'Neill (Nike veteran) cannot start until September, delaying strategic changes while company addresses product innovation issues, quality complaints about see-through leggings, and domestic growth challenges

Denmark's Lundbeck announced positive mid-stage trial results for its experimental migraine drug bocunebart, which reduced monthly migraine days by targeting a novel pathway called PACAP. The drug showed a placebo-adjusted reduction of 1.38 monthly migraine days in patients who had failed prior treatments, with stronger effects observed in severe, chronic migraine patients. Jefferies analysts forecast peak global sales of $400 million for the drug.

• Bocunebart targets the PACAP pathway, distinct from CGRP targeted by existing migraine drugs, potentially offering an alternative for patients unresponsive to current therapies
• In the intravenous trial, the drug reduced monthly migraine days by 4.24 days versus 2.86 for placebo (1.38-day placebo-adjusted reduction) in patients with one to four prior treatment failures
• Pooled data in severe, chronic migraine patients showed a stronger effect of 2.31 additional days reduction versus placebo, with the drug generally well tolerated and no new safety concerns

United Airlines issued a safety bulletin to pilots following a May 3 incident in which a Boeing 767 struck a light pole just 15 feet above ground while approaching Newark airport. The pole debris struck a tractor-trailer on the New Jersey Turnpike below, though all 231 people on the plane deplaned safely and the truck driver sustained only minor injuries. The incident was attributed to the pilot 'ducking under' during approach, flying too slow and low.

• United instructed pilots that touchdown for short-runway landings should occur between 1,000 and 1,500 feet from the runway threshold, addressing the 'ducking under' technique that contributes to dangerously low approach altitudes
• The captain acknowledged getting 'fast' and reducing power, which led to airspeed warnings from the first officer saying 'you are slow' and 'still slow and a little low' before the aircraft struck the pole
• The Boeing 767 sustained substantial damage including three punctures on the left lower fuselage and slash marks on a left main landing gear tire

Otsuka Pharmaceutical announced that its drug Voyxact successfully preserved kidney function over 12 months in a late-stage trial for patients with IgA nephropathy, an autoimmune disease that causes kidney inflammation. The 320-participant study showed patients receiving the drug maintained or improved kidney function (eGFR) while placebo patients declined, with 24-month data expected in two months.

• Trial involved 320 participants with primary IgA nephropathy; drug recipients showed increased estimated glomerular filtration rate (eGFR) while placebo group experienced decline
• Voyxact is a monoclonal antibody administered every four weeks with at-home convenience option; Otsuka has begun rolling FDA submission for traditional approval based on 24-month data
• IgA nephropathy occurs when immunoglobulin A antibodies build up in kidneys causing inflammation and potential organ failure; competitors Vera Therapeutics and Vertex Pharmaceuticals are also developing treatments

Iranian crude oil and condensate exports plummeted to a six-year low of approximately 209,000-260,000 barrels per day in May 2026, down from 1.34 million bpd in April, due to a U.S. naval blockade that began April 13. The blockade coincides with Iran's closure of the Strait of Hormuz, which has also cut exports from major Gulf producers, creating a broader supply crunch.

• Exports collapsed by over 80% from April levels, marking the lowest volume since the Trump administration's 'maximum pressure' campaign in 2019-2020
• Approximately 67 million barrels of Iranian oil are stranded inside the Persian Gulf and Gulf of Oman, with total floating storage declining from 190 million barrels in late April
• Iran could run out of oil available to ship to China within two months if the blockade persists, according to Kpler analysts, with Chinese imports already falling to 1.10 million bpd in May

Sunshine Silver Mining & Refining Company's shares surged 11% in their NYSE debut on June 4, opening at $15 after the Kellogg, Idaho-based company raised $270 million by selling 20 million shares. The successful IPO reflects renewed momentum in U.S. equity markets and strong investor interest in precious metals amid rising silver prices driven by industrial demand.

• The company's stock opened at $15 per share, indicating strong investor appetite for precious metal assets in North America
• Silver prices have climbed over the past year due to increased demand from solar and electronics manufacturers, plus broader precious metals investment flows
• The IPO signals recovery in U.S. equity issuance after earlier 2026 slowdowns caused by Middle East tensions and AI-related concerns, with Morgan Stanley, Scotiabank, and BMO Capital Markets serving as lead underwriters

Airbus delivered 81 aircraft in May 2025, a significant increase from 51 jets in May 2024, partly due to the resolution of a regulatory dispute with China that had held up approximately 20 deliveries. The bottleneck reportedly stemmed from China pressuring European regulators over certification of its domestic C919 passenger jet.

• China appeared to delay Airbus deliveries to pressure the EU Aviation Safety Agency regarding certification of COMAC's C919 passenger jet, affecting about 20 aircraft in the first quarter
• Airbus faces a 2025 delivery target of 870 aircraft, which remains uncertain due to ongoing supply chain issues including missing engines, cabin equipment shortages, and slow deliveries from a former Spirit AeroSystems plant supplying the A350
• Analysts note that while May's strong performance helps clear stored inventory, Airbus must maintain momentum in coming months to achieve its annual delivery goals

Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman met at the St Petersburg International Economic Forum to discuss growing uncertainty around global oil demand. The officials concluded that current demand forecasts are unclear due to major geopolitical disruptions, including conflict involving the U.S., Israel, and Iran that has damaged Gulf oil infrastructure and effectively closed the Strait of Hormuz.

• The U.S.-Israel war with Iran has caused damage to Iranian and Gulf neighbors' oil infrastructure and the effective closure of the Strait of Hormuz shipping lane, resulting in one of the largest oil supply disruptions in history
• Novak stated that oil demand estimates made just a few years ago now require fundamental revision due to increased uncertainty
• OPEC+ exporters believe they will be able to offset the significant changes occurring in the oil sector despite the heightened uncertainty

Pinterest announced a $4 billion cloud services agreement with Amazon Web Services (AWS) extending through 2031. The multi-year deal commits the social media platform to significant cloud infrastructure spending with Amazon's cloud division over the next several years.

• The contract totals $4 billion and runs through 2031, representing a major long-term commitment to AWS cloud infrastructure
• This agreement locks Pinterest into Amazon's cloud ecosystem for at least the next 5+ years, ensuring stable revenue for AWS
• The deal reflects Pinterest's continued investment in cloud computing capabilities to support its platform operations and growth

A Lufthansa Boeing 787 experienced a nose-wheel collapse at Frankfurt airport on Thursday afternoon at approximately 12:45 p.m. local time while at the gate apron. No passengers were aboard at the time of the incident, and details including potential injuries are still under investigation by Fraport, the airport operator.

• The incident occurred at 12:45 p.m. local time (10:45 GMT) at Frankfurt's apron area with no passengers on board
• The 787 is a two-engine widebody aircraft used primarily for long-haul routes and is a relatively new addition to Lufthansa's fleet
• Airport operator Fraport is investigating details of the collapse, including whether any crew or ground staff were injured

Blackstone has restricted withdrawals from its $79 billion flagship private credit fund, BCRED, after facing a surge in investor redemption requests. The asset management giant capped withdrawals at 5% of the fund, signaling renewed concerns about liquidity in private asset markets.

• The affected fund is Blackstone Private Credit (BCRED), a non-traded business development company with $79 billion in assets
• Withdrawal limits were imposed at 5% of the fund in response to elevated redemption requests from investors
• The move reflects broader market fears about liquidity risks in private assets, where investor money is typically locked up for extended periods

US weekly jobless claims rose to 225,000 for the week ended May 30, exceeding the expected 213,000, though the underlying labor market remains stable. Despite increased job cuts in the technology sector related to AI adoption, overall layoffs remain low, keeping claims within the 190,000-230,000 range seen throughout the year. The Federal Reserve characterized the employment environment as 'low-hire, low-fire' with selective hiring focused on critical roles.

• Initial jobless claims increased 13,000 to 225,000, above the forecast of 213,000, while the four-week moving average rose only 6,500 to 214,750
• Technology sector accounted for 39% of the 97,006 job cuts announced in May, up 16% from April, though total planned cuts rose only 3% year-over-year
• Continuing unemployment claims fell 8,000 to 1.777 million, while May's employment report is expected to show 85,000 nonfarm payroll additions with unemployment steady at 4.3%

ADC Therapeutics' stock fell sharply after a confirmatory trial of its cancer drug Zynlonta showed a higher death rate (13.2%) compared to the control group (4.6%). The trial, which combined Zynlonta with Roche's Rituxan to treat an aggressive blood cancer, is critical for securing full FDA approval after the drug received accelerated approval in 2021. Most deaths occurred in patients aged 75 or older.

• The treatment arm recorded 27 deaths (13.2%) versus 9 deaths (4.6%) in the control arm receiving Rituxan and chemotherapy, with most fatalities in patients 75 years or older
• Zynlonta received accelerated FDA approval in 2021, and this confirmatory study is crucial for full U.S. approval; ADC plans to meet with the FDA in August and submit a supplemental application in Q4 2024
• The company attributed higher deaths partly to the older patient population and longer monitoring in the treatment arm, though analysts noted most other treatments for this cancer have single-digit death rates

Singapore Airlines is in early-stage negotiations with Airbus and Boeing to purchase at least 50 large wide-body aircraft, with potential options for dozens more, as part of its growth strategy beginning next decade. The carrier is considering Boeing's 777X (400+ seats) or the smaller Airbus A350-1000 for the order.

• The order could exceed 50 aircraft for the industry's largest jets, with the Boeing 777X offering over 400 seats and the Airbus A350-1000 being a slightly smaller alternative
• Discussions are at an early stage but may include options for additional dozens of aircraft beyond the initial order
• The fleet expansion is planned for the next phase of growth starting in the next decade, signaling long-term capacity planning by the Southeast Asian carrier

Parabilis Medicines, a clinical-stage biopharmaceutical company, announced plans to raise up to $475 million in its U.S. initial public offering. The company is developing Helicons, a novel class of stabilized helical peptides designed to target proteins that have been difficult to address with conventional medicines. The IPO comes as the summer market gains momentum after a slow start to the year.

• Parabilis is aiming to sell 25 million shares and will trade on Nasdaq under the ticker symbol 'PBLS'
• The company uses a proprietary platform to develop therapies for diseases driven by hard-to-target proteins
• Lead underwriters include Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital