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Biogen cut its full-year profit forecast on April 29 due to acquisition-related charges from its recent purchase of Apellis Pharmaceuticals, though first-quarter earnings beat expectations. The company is focusing on newer Alzheimer's and rare-disease treatments to offset declining revenue from legacy multiple sclerosis drugs. The Apellis acquisition is expected to establish Biogen's presence in the kidney disease treatment market.

• Biogen expects 2026 adjusted profit of $14.25-$15.25 per share, below analyst expectations of $15.04 per share
• Leqembi Alzheimer's drug sales rose 74% year-over-year to $168 million, significantly exceeding analyst estimates of $131.03 million
• First-quarter adjusted earnings of $3.57 per share and revenue of $2.48 billion both topped expectations of $2.26 billion in revenue

SpaceX is preparing for what could be the largest IPO on record with a possible $1.75 trillion valuation, according to Reuters' review of its confidential pre-IPO prospectus. The filing reveals ambitious plans spanning AI data centers, lunar industries, and Mars colonization, but also discloses financial losses, heavy reliance on CEO Elon Musk, and significant risks around unproven technologies.

• SpaceX claims a total addressable market of $28.5 trillion (exceeding U.S. GDP), but lost money last year and faces questions about commercial viability of moon/Mars projects and orbital data centers
• The company's growth strategy depends critically on scaling its Starship rocket, which has faced explosive test failures and regulatory delays, with any setbacks potentially limiting execution of expansion plans
• SpaceX identifies Musk's leadership as an existential risk, noting he holds four titles, controls the board, and has compensation tied to targets as high as $7.5 trillion valuation and settling one million people on Mars

U.S. President Donald Trump and top officials met with oil and gas executives, including Chevron CEO Mike Wirth, at the White House on Tuesday to discuss energy issues amid ongoing Iran tensions, according to an Axios report. The meeting included Treasury Secretary Scott Bessent and key envoys, covering topics such as domestic production, Venezuela progress, oil futures, natural gas, and shipping.

• Senior attendees included White House Chief of Staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner
• Discussion topics ranged from domestic energy production and oil futures to natural gas, shipping, and developments in Venezuela
• The meeting occurs as the administration addresses energy fallout related to Iran, though Reuters could not immediately verify the Axios report

Oil prices surged on Wednesday with Brent crude topping $115 per barrel and WTI climbing above $103 as President Trump threatened to extend the U.S. blockade of Iranian ports, raising fears of prolonged disruption through the Strait of Hormuz. The rally marks Brent's seventh consecutive positive session amid an ongoing U.S. and Israeli-led war against Iran that began February 28. Energy markets also reacted to the UAE's unexpected decision to exit OPEC.

• Brent crude futures rose 3.5% to $115.13 per barrel while WTI futures climbed 3.7% to $103.69, with WTI gaining more than 49% since the Iran conflict started on February 28
• Trump plans to intensify economic pressure by preventing shipping to and from Iranian ports, deepening concerns about disruption through the strategically vital Strait of Hormuz
• The UAE's exit from OPEC is viewed as eroding the group's oil market influence, though analysts say near-term price drivers remain focused on Persian Gulf developments and potential resumption of flows through Hormuz

China's independent refiners continue importing Iranian oil despite fresh U.S. sanctions, though purchases are slowing due to severely negative refining margins of minus $77 per ton. Chinese teapots buy approximately 90% of Iran's oil shipments, importing a record 1.8 million barrels per day in March, but worsening economics and Iranian oil prices flipping from discount to premium are eroding demand.

• Chinese refining margins hit a one-year low at minus 530 yuan ($77.50) per metric ton as government-regulated fuel prices lag crude cost increases
• Iranian Light oil prices shifted from discount to premium versus ICE Brent for the first time, reducing buyer appetite for previously discounted barrels
• U.S. imposed sanctions on Hengli Petrochemical, one of China's largest independent refineries, though an estimated 140-155 million barrels of Iranian oil remain in transit outside the blockade zone

President Donald Trump threatened Iran via Truth Social on Wednesday with an AI-generated image of himself holding a gun, demanding the country 'get smart soon' on signing a non-nuclear deal. The post comes amid a blockaded Strait of Hormuz and stalled negotiations, with Iran proposing to reopen the strait in exchange for lifted U.S. port blockades while postponing nuclear talks.

• Trump canceled planned U.S. negotiator travel to Pakistan last weekend, stating 'we have all the cards' and Iran must come to the U.S. if they want to talk
• Oil futures rose sharply after the post, with WTI up 2.82% to $102.75 and Brent up 3% to $114.62, amid supply concerns following UAE's announced OPEC exit on May 1
• The White House rejected Iran's proposal to separate the Strait reopening from nuclear negotiations and was expected to return with a counteroffer

Finland's Kone has agreed to acquire German rival TK Elevator for €29.4 billion ($34.4 billion), creating the world's largest elevator maker in one of Europe's biggest recent takeover deals. The transaction, combining two century-old companies, is expected to generate €700 million in annual synergies but faces potential antitrust challenges.

• The deal will overtake U.S. and Swiss competitors to create the global elevator industry leader, with estimated annual synergies of €700 million
• TK Elevator was acquired by private equity firms Advent and Cinven for approximately €17 billion in 2020 after separating from Thyssenkrupp
• Competitor Schindler has indicated it is prepared to challenge the merger before antitrust authorities due to competitive concerns

The European Commission has charged Meta Platforms with violating the Digital Services Act, alleging Facebook and Instagram fail to adequately prevent children under 13 from using their platforms. The charges follow a two-year investigation, with findings showing 10-12% of children under 13 in Europe use these services despite age restrictions. Meta faces potential fines of up to 6% of global annual turnover if found guilty.

• The EU found that 10-12% of children under 13 in Europe currently use Facebook and Instagram, despite Meta's stated age restrictions
• Meta must change its risk assessment methodology and strengthen measures to detect and remove minors from its platforms
• Violations of the Digital Services Act can result in fines up to 6% of a company's global annual turnover

Lloyds Banking Group reported a 33% increase in first-quarter profit to 2 billion pounds ($2.70 billion), surpassing analyst expectations of 1.84 billion pounds. The British lender achieved this growth by increasing lending income and reducing operating costs, and confirmed it remains on track to meet full-year performance targets.

• Statutory profit before tax reached 2 billion pounds for January-March, up from 1.52 billion pounds in the same period last year
• Results exceeded the average analyst estimate of 1.84 billion pounds, representing a significant beat on expectations
• Profit growth was driven by higher lending income combined with operating cost reductions

British luxury carmaker Aston Martin reported a narrower first-quarter loss and secured a new funding deal worth 50 million pounds ($67.52 million) from its top investor. The announcement signals improved financial performance and continued investor support for the struggling automaker.

• Aston Martin's Q1 loss decreased compared to the previous period, showing operational improvement
• The company secured £50 million ($67.52 million) in new funding from its lead investor
• The funding injection provides additional liquidity as the luxury carmaker works to strengthen its financial position

British drugmaker GSK reported first-quarter profit that exceeded analyst expectations on Wednesday, driven by strong performance in its respiratory and general medicines divisions. The results demonstrate the company's solid execution in key therapeutic areas.

• GSK's core earnings per share surpassed analyst forecasts for the first quarter
• Respiratory medicines and general medicines segments were the primary drivers of the better-than-expected performance
• The positive results come as competitor AstraZeneca also beat expectations on the same day, highlighting strength in the UK pharmaceutical sector

AstraZeneca exceeded first-quarter profit expectations and maintained its 2026 guidance, driven by strong performance in oncology and rare disease drugs. The company remains on track for its $80 billion revenue target by 2030, supported by expansion in the U.S. and China markets despite pricing pressures and geopolitical challenges.

• First-quarter revenue rose 8% to $15.29 billion with oncology sales up 16% and rare disease unit sales up 15%
• AstraZeneca targets over 20 new drug launches by 2030, with three potential U.S. approvals expected in 2025 for high blood pressure, breast cancer, and autoimmune disease treatments
• The company maintains expectations for low double-digit percentage growth in core earnings in 2026 and mid-to-high single-digit revenue growth despite navigating U.S. 'most-favored-nation' pricing policy challenges

Adidas reported Q1 operating profit of 705 million euros, exceeding analyst expectations of 647 million euros, driven by strong demand despite a heavily discounted retail environment. Group net sales rose 14% currency-neutral to 6.6 billion euros, though Middle East sales declined due to regional conflict. The company maintained pricing discipline by limiting product shipments to retailers to avoid excessive discounting.

• Operating profit reached 705 million euros, 16% higher year-over-year and 9% above the 647 million euro analyst consensus
• Currency-neutral sales grew 14% to 6.6 billion euros ($7.7 billion), boosted by increased demand for football gear ahead of the FIFA World Cup 2026 starting in June
• Adidas exercised inventory discipline to avoid heavy discounting, contrasting with rival Nike which has been aggressive with markdowns to clear unsold stock

Mercedes-Benz reported a 17% decline in first-quarter operating profit to 1.9 billion euros, but exceeded analyst expectations of 1.6 billion euros. The German automaker is facing challenges from tariffs, weak demand in China, and the transition to electric vehicles, prompting CEO Ola Kaellenius to implement cost cuts and job reductions.

• First-quarter EBIT reached 1.9 billion euros ($2.22 billion), beating the analyst estimate of 1.6 billion euros despite the year-over-year decline
• Revenue of 31.6 billion euros slightly missed expectations of 31.8 billion euros
• Adjusted return on sales for the core cars division fell sharply to 4.1% from 7.3% in the same quarter last year, though still within the full-year target range of 3-5%

UBS Group reported a net profit of $3.0 billion for the first quarter, exceeding market expectations. The Swiss banking giant's results were announced on April 29, marking a strong performance for the period. This positive outcome demonstrates continued strength in UBS's core banking operations.

• Net profit attributable to shareholders reached $3.0 billion, beating analyst forecasts
• The results were announced on April 29 in Zurich, reflecting Q1 2026 performance
• The better-than-expected earnings signal strong operational performance at Switzerland's largest bank

Jerome Powell's tenure as Federal Reserve chair appears to be ending as the Senate prepares to vote on Kevin Warsh's confirmation. The FOMC meeting is expected to hold rates steady, with no policy changes anticipated until 2027, while markets await how Warsh will handle White House pressure for aggressive rate cuts. Powell's legacy centers on his independence amid relentless pressure from President Trump.

• Fed funds futures price a 100% probability of a rate hold, with no policy changes expected until well into 2027
• Uncertainty remains over whether Powell will continue as a Fed governor after his chair term officially ends on May 15
• Markets are cautious with S&P 500 futures up just 0.1% as traders navigate Fed leadership transition, geopolitical tensions with Iran, and concerns about OpenAI missing revenue targets

Taiwan Semiconductor Manufacturing Co (TSMC) has completely exited its position in Arm Holdings, selling its remaining 1.11 million shares for approximately $231 million. The world's largest contract chipmaker originally invested around $100 million in Arm at $51 per share and has been gradually reducing its stake over time.

• TSMC's subsidiary sold 1.11 million Arm shares at roughly $208 per share, generating $231 million in proceeds
• The disposal resulted in a $174 million impact on TSMC's retained earnings
• TSMC had previously reduced its holdings by selling 850,000 Arm shares in an earlier transaction before this complete exit

Finnish elevator manufacturer Kone is close to finalizing a cash-and-stock acquisition of German competitor TK Elevator in a deal valued at approximately $34 billion including debt. The transaction with TK Elevator's private equity owners Advent and Cinven could be announced as soon as Wednesday, according to Bloomberg News sources.

• The deal values TK Elevator at about 29 billion euros ($33.97 billion) including debt
• TK Elevator is currently owned by private equity firms Advent and Cinven
• The acquisition would be structured as a cash-and-stock transaction between the two elevator industry rivals

Seagate Technology forecast fourth-quarter revenue and profit above Wall Street expectations, driven by strong demand for data-storage hardware as enterprises increase AI adoption. The company is benefiting from businesses investing in storage infrastructure to handle the vast amounts of data required for AI models.

• Seagate forecasts Q4 revenue of $3.45 billion (plus or minus $100 million), significantly above analyst estimates of $3.16 billion
• Q3 revenue of $3.11 billion beat estimates of $2.96 billion, reflecting growing demand for storage solutions
• Memory chip prices rose 80% to 90% sequentially in Q1 2024, while Seagate faces intense competition from rivals like Western Digital for cloud provider contracts

The Federal Reserve is expected to hold interest rates steady at its Wednesday meeting, potentially Jerome Powell's last as chair before Kevin Warsh takes over in May. With inflation running at 3% and energy prices elevated, policymakers see little justification for rate cuts despite a stable but weak labor market. Markets are pricing in a 100% probability of no rate change.

• Inflation remains stubbornly above the Fed's 2% target at 3%, with crude oil near $100 per barrel complicating the outlook for price stability
• Kevin Warsh is designated to replace Powell as Fed chair when his term ends in May, reducing the signaling value of Powell's post-meeting press conference
• Powell's future at the Fed remains uncertain; while he could stay as a governor for two more years, an ongoing investigation into headquarters renovations may influence his decision to remain