Daily News
South Korean Stocks Hit Fresh Record, Building on Historic Monthly Rally in April
04 May'26
Today in Brief
South Korean stocks hit fresh record, building on historic monthly rally in April.
Global markets, commodities, and geopolitical tensions continue to drive sharp swings across regions.
South Korean stocks hit fresh record, building on historic monthly rally in April
South Korean stocks rose Monday to hit a fresh record, following their strongest monthly gain in April, as investors weighed tensions between Iran and the U.S. and a U.S. plan to reopen shipping in the Strait of Hormuz. The U.S. would attempt to "free" stranded ships affected by the Strait of Hormuz closure since the start of the Iran war, U.S. President Trump said in his Truth Social post Sunday. Dubbed "Project Freedom," the effort is set to begin on Monday, Middle East time and will focus mainly on getting civilian ships flagged in countries not affiliated with the conflict out of the contested waterway so they can "freely and ably get on with their business."
S&P 500 closes at a new record to usher in May as oil prices cool and Apple rises
The S&P 500 rose to a fresh all-time intraday high on Friday, boosted by Apple shares, while oil prices fell as a new month of trading got underway. The broad market index advanced 0.29% to end at 7,230.12. The Nasdaq Composite added 0.89%, reaching an all-time high and closing at 25,114.44. Both indexes posted closing records. The Dow Jones Industrial Average slipped 152.87 points, or 0.31%, to settle at 49,499.27. Shares of Apple climbed more than 3% after the consumer tech giant posted a fiscal second-quarter earnings and revenue beat. Not only that, the company's revenue outlook for the current quarter was better than expected, overshadowing the fact that iPhone revenue fell short of estimates for the second time in three quarters.
Gold held firm above $4,600 an ounce on Monday
Gold held firm above $4,600 an ounce on Monday as investors assessed President Donald Trump's plan to escort ships through the Strait of Hormuz alongside signs of progress in US–Iran peace talks. The initiative is designed to help civilian vessels flagged in non-aligned countries exit the contested waterway and resume operations. At the same time, Iran said it is reviewing Washington's response to its latest 14-point proposal, boosting optimism for a diplomatic resolution to the conflict.
WTI crude held below $102 per barrel on Monday after sliding for two straight sessions
WTI crude held below $102 per barrel on Monday after sliding for two straight sessions, as US President Donald Trump said Washington would move to "free" stranded cargo ships stuck in the Strait of Hormuz and pointed to progress in negotiations with Iran. The initiative, dubbed "Project Freedom," is aimed at assisting civilian vessels that are flagged in countries not affiliated with the conflict in exiting the contested waterway so they can resume their business, with implementation set to begin Monday. At the same time, Iran indicated it is reviewing Washington's response to its latest 14-point proposal, raising hopes for a diplomatic resolution to the conflict.
Trump says U.S. will 'free' ships trapped in Persian Gulf by Strait of Hormuz closure
President Donald Trump said Sunday that the U.S. will attempt to "free" stranded ships that have been trapped by the Strait of Hormuz closure since the war with Iran began. The effort, which Trump in a Truth Social post dubbed "Project Freedom," is set to begin on Monday. The president said the effort is focused solely on getting civilian ships that are flagged in countries not affiliated with the conflict out of the contested waterway so they can "freely and ably get on with their business." "I have told my Representatives to inform them that we will use best efforts to get their Ships and Crews safely out of the Strait," Trump said. "In all cases, they said they will not be returning until the area becomes safe for navigation, and everything else."
OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates. The group of seven major oil producers announced it would increase June production by slightly less than May's output hike of 206,000 bpd. Sunday's figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1. The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023," OPEC said in its statement.
ECB policymaker says euro zone recession concerns 'real and justified'
Concerns that the euro zone could slip into recession if the conflict in the Middle East continued are "real and justified" and talks to end the Iran war will be key for the ECB monetary policy, Bank of Greece governor Yannis Stournaras said. Stournaras, who is also a member of the European Central Bank's Governing Council, said in an interview published on Sunday in Cyprus's Phileleftheros newspaper that while the euro zone economy was resilient, its momentum has weakened. "Concerns about the possibility of a recession in the euro zone are real and justified, given the new negative supply-side disruption caused by the conflict in the Middle East," Stournaras said. "Rising energy prices and increasing uncertainty directly affect growth and inflation, given the euro zone's high energy dependence," he said.
Kashkari says Iran war limits Fed's ability to provide rate guidance
Federal Reserve Bank of Minneapolis President Neel Kashkari said Sunday that the longer the Iran war goes on, the greater the risks of higher inflation and economic damage, all of which limit how much guidance the central bank should provide on rate policy right now. In an appearance on CBS's "Face the Nation" television program, Kashkari said he was "very focused" on the Iran war and its impact on inflation and economic demand amid the ongoing closure of the Strait of Hormuz, a chokepoint for 20% of global oil and gas supplies. The war, which began when U.S. President Donald Trump and Israel launched airstrikes on Iran on February 28, has led to a massive surge in energy prices around the globe and worsened a bad inflation environment in the U.S. Given the risks and the uncertainty around all aspects of the war, Kashkari said the Fed may even have to raise rates.
GameStop makes bold $56 billion play for eBay, ready to go hostile
GameStop proposed on Sunday to buy eBay Inc for about $56 billion in a cash-and-stock deal, with CEO Ryan Cohen saying he was prepared to take the bid directly to shareholders should eBay's board be unreceptive. GameStop — once a stock market minnow that shot to fame during a meme-stock frenzy five years ago — is offering to pay $125 a share in a 50-50 mix of cash and stock, Cohen said in a letter to eBay's board. Based on eBay's Friday close, the bid represents a premium of about 20%. Ebay has a market capitalization nearly four times larger than GameStop, making the buyout bid an ambitious attempt. The U.S. videogame retailer has already built up a 5% stake in eBay through shares and derivatives, Cohen said in the letter, which was seen by Reuters. Its unsolicited offer to buy the U.S. online marketplace was first reported by the Wall Street Journal, citing an interview with CEO Cohen, also GameStop's largest investor.
US does not think airline industry needs bailout, has access to cash
U.S. Transportation Secretary Sean Duffy said Saturday he does not think the government needs to bail out low-cost airlines that have sought $2.5 billion in government relief because of high jet fuel prices. "I would say that at this point, I don't think it's necessary. They do have access to cash. If they want to come to the U.S. government, we would be a lender of last resort. If they can find dollars in the private markets — I think that's better for them," Duffy said at a press conference at Newark airport.
Estee Lauder to cut up to 3,000 more jobs as it pursues Puig deal
Estée Lauder on Friday raised its annual profit forecast and said it would cut up to 3,000 more jobs globally as it accelerates a broader restructuring, sending its shares up about 7% in early trading. The Clinique and M.A.C owner, which is in talks to merge with Jean Paul Gaultier-owner Puig, said it now expects total job cuts of 9,000 to 10,000, up from a prior estimate of as many as 7,000, and aims to save as much as $1.2 billion in annual costs. At the upper end, the new target would amount to about 17.5% of its global workforce of 57,000 as of June 30, 2025, according to Estée's latest annual filing. "The increase in planned job cuts could be an indication that in light of merger plans, Estée Lauder will be able to shed more positions on its side while retaining Puig employees," eMarketer analyst Sky Canaves said.
BYD's sales downturn extends to eighth straight month
Chinese EV giant BYD's vehicle sales fell for an eighth straight month in April, down 15.5% from a year earlier and extending its longest-ever downturn as it struggles with weak demand at home. Overseas sales of passenger vehicles and pickup trucks, increasingly a source of growth for BYD, jumped 35% to 130,000 vehicles last month, according to Reuters calculations based on a Weibo post by BYD executive Li Yunfei. The company has not disclosed its overall sales target for this year, but has said it's "confident" about selling at least 1.5 million vehicles abroad. The biggest Chinese competitor to Tesla posted its steepest profit drop since 2020 in the January-March period, as the bulk of its sales in the budget segment priced under 150,000 yuan ($21,935.60) come under growing pressure from Geely and Leapmotor. BYD's previous longest sales decline lasted six months amid a rollback of government electric-vehicle subsidies that ended in December 2019.
