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ConocoPhillips reported a decline in Q1 2026 net income to $2.18 billion and lowered its annual production forecast due to Middle East conflicts. Iranian attacks on Qatar's LNG export facility, where ConocoPhillips is a partner, damaged about one-sixth of Qatar's LNG capacity worth $20 billion annually, with repairs expected to take three to five years. The company expects 2026 production to fall to 2.295-2.325 million barrels of oil equivalent per day, down from 2.375 mmboed in 2025.

• Net income fell to $2.18 billion ($1.78 per share) in Q1 2026, reflecting lower profitability despite oil prices surging over 88% this year due to Middle East supply disruptions
• Damage to Qatar's LNG facility eliminated approximately one-sixth of the country's export capacity valued at $20 billion annually, with repairs projected to take 3-5 years
• 2026 production guidance reduced to 2.295-2.325 mmboed, down from 2.375 mmboed produced in 2025, excluding output from Qatar operations

Merck reported a first-quarter loss driven by a $3.62 per share charge related to its Cidara Therapeutics acquisition, despite a 5% increase in product sales to $16.3 billion. The revenue beat Wall Street estimates of $15.8 billion, fueled by strong performance from cancer drug Keytruda and respiratory treatment Winrevair. The company narrowed its full-year profit forecast range for 2026 to $5.04-$5.16 per share.

• Keytruda sales rose 12% to $8 billion, exceeding analyst estimates of $7.6 billion, including $128 million from a newer formulation of the world's top-selling prescription drug
• Winrevair sales surged 88% to $525 million, beating expectations of $479 million, while animal health sales jumped 13% to $1.8 billion
• Diabetes drug Januvia sales fell 28% to $574 million due to lower U.S. demand and generic competition, while HPV vaccine Gardasil declined 19% to $1.07 billion

Eli Lilly is set to report first-quarter earnings on Thursday, with Wall Street expecting $17.62 billion in revenue driven by strong demand for obesity drug Zepbound and diabetes drug Mounjaro. The report is highly anticipated as the company faces both growth opportunities from its newly launched GLP-1 pill Foundayo and pricing pressures from a Trump administration drug deal.

• Analysts expect Zepbound to generate $4.04 billion in sales and Mounjaro to bring in $7.26 billion, reflecting the company's dominant position in the GLP-1 market
• Foundayo, Lilly's newly approved GLP-1 pill for obesity, launched in Q2 and won't appear in this earnings report, but early prescription data suggest a 'modest' initial rollout compared to rival Novo Nordisk's Wegovy pill
• Lilly CEO expects global GLP-1 patient numbers to grow from 20 million at end of 2025 to 30 million by end of 2026, though the company faces pricing pressure from a Trump drug deal and lower cash-pay prices

Berkshire Hathaway is hosting its annual meeting where new CEO Greg Abel will lead discussions for the first time, marking a transition from Warren Buffett who remains executive chairman. The company reported $66.97 billion in net income for 2025, down 25% from 2024's record, with operating profit falling 6% to $44.49 billion. This leadership transition represents a pivotal moment for the conglomerate that Buffett has led since 1965.

• Greg Abel, who became CEO after Buffett's planned retirement, is a billionaire who sold his 1% stake in Berkshire Hathaway Energy for $870 million in 2022 and recently purchased $179 million of Berkshire stock
• Berkshire's 2025 results included $8.26 billion in writedowns for Kraft Heinz and Occidental Petroleum investments, though revenue remained stable at $371.44 billion
• Warren Buffett, worth $140.7 billion and ranked 12th worldwide, controls 30.2% of voting power with 13.7% stock ownership; his three children will inherit his remaining Berkshire holdings after his death

Cigna raised its annual adjusted profit forecast after beating first-quarter earnings estimates, driven by strong performance in its health services unit and lower-than-expected medical costs. The company has strategically exited Medicare Advantage and scaled back Obamacare offerings to focus on pharmacy benefits and employer-sponsored healthcare plans.

• Quarterly medical loss ratio came in at 79.8%, below the analyst estimate of 81.56%, reflecting better cost management and impact of divesting Medicare business to Health Care Service Corp
• Evernorth health services unit revenue rose nearly 9% to $58.44 billion in the quarter
• Adjusted earnings of $7.79 per share beat estimates, prompting the company to increase its 2026 full-year profit outlook

Chinese software company DSC Holdings received rare approval from China's securities regulator to list on Nasdaq, marking the first U.S. listing approval in four months and only the third in 12 months. The approval is significant because DSC is a 'red-chip' firm registered in the Cayman Islands, signaling that such offshore-registered companies can still access U.S. capital markets despite earlier fears of a blanket ban.

• DSC Holdings is incorporated in the Cayman Islands and provides operating systems for used car dealers in China, backed by investors including Ant Group
• The approval suggests China's securities regulator is taking a case-by-case approach rather than imposing a blanket ban on red-chip firms listing abroad
• Only about 50 Chinese companies are currently awaiting approval to list in the U.S., down from over 200 seeking Hong Kong listings, as geopolitical tensions and stricter rules since March 2023 have made U.S. listings harder

Bangladesh's state carrier Biman Bangladesh Airlines will sign a deal on Thursday to purchase 14 Boeing aircraft, reversing previous plans to buy from Airbus following a change in government. The decision is driven by the need to address a $6 billion trade imbalance with the United States and protect Bangladesh's export-driven economy from potential U.S. tariffs.

• The deal includes a mix of narrow-body and wide-body aircraft to modernize Biman's fleet, ending a prolonged Boeing-Airbus competition for the order
• Bangladesh shifted from Airbus to Boeing after the 2024 mass uprising toppled Prime Minister Sheikh Hasina's government, which had approved Airbus purchase plans
• The decision aims to ease trade pressure from a roughly $6 billion U.S. trade deficit and avoid tariff increases that could harm Bangladesh's garment export industry

India's securities regulator SEBI has approved a change of control at RBL Bank, marking a key milestone for Emirates NBD's proposed $3 billion acquisition of a 60% stake in the Indian lender. The deal, announced in October 2025, represents one of the largest cross-border transactions in India's financial sector and still requires additional regulatory approvals.

• SEBI granted approval on April 29, following India's central bank approval earlier in April that allows Emirates NBD to acquire up to 74% of RBL Bank
• Post-transaction, RBL Bank will be reclassified as a foreign bank subsidiary under Emirates NBD and governed by norms for wholly-owned foreign subsidiaries
• India's competition regulator cleared the $3 billion deal in January, with final closing subject to remaining regulatory conditions

Stellantis reported Q1 adjusted operating income of 960 million euros ($1.12 billion), nearly tripling year-over-year results and significantly exceeding analyst expectations of 568 million euros. The Franco-Italian automaker benefited from vehicle sales growth across all regions, particularly in North America, marking its first quarterly earnings report since the 2021 Fiat Chrysler-PSA merger.

• Adjusted EBIT of 960 million euros beat consensus estimates by 69%, compared to just 327 million euros in Q1 2025
• North America was the strongest performing region driving sales growth across the company's global markets
• Results included a positive 400 million euro impact from cost adjustments related to expected U.S. IEEPA tariff refunds

Volkswagen reported an unexpected 14% decline in first-quarter operating profit to 2.5 billion euros, missing analyst expectations of 2.9 billion euros. The German automaker faces pressures from tariffs, geopolitical uncertainty, and intense competition from Chinese brands, prompting CEO Oliver Blume to implement cost-cutting measures including 50,000 job cuts in Germany by 2030.

• Operating profit fell to 2.5 billion euros versus analyst expectations of 2.9 billion euros, while revenue dropped 2.5% to 75.7 billion euros (below the 77.6 billion euro estimate)
• The company achieved a 3.3% operating margin in Q1 and forecasts 4-5.5% for 2026, compared to just 2.8% in 2025
• Volkswagen plans to cut approximately 50,000 jobs across Germany by 2030 as it absorbs billions in tariff costs and confronts weak demand in China and the U.S.

Apollo Global Management, Blackstone, and KKR are the final bidders competing to acquire a significant stake in Shell's LNG Canada project, with the deal valued between $10-15 billion. The sale would allow Shell to partially divest its 40% stake in the facility, which began operations in June as North America's first major Pacific-accessible LNG export terminal. North American energy assets have gained appeal amid Middle East supply disruptions due to the U.S.-Iran conflict.

• Shell is selling exposure to both operational Phase 1 and proposed Phase 2 of LNG Canada to a single bidder, after announcing the sale process in January following its $16.4 billion acquisition of ARC Resources
• All three competing asset managers are leveraging capital from their insurance subsidiaries (Apollo's Athene, Blackstone Credit & Insurance, and KKR's Global Atlantic) to fund their bids, using insurance assets as a low-cost funding source for infrastructure investments
• LNG Canada is the first major North American LNG facility with direct Pacific access for shipping to Asian markets, with other stakeholders including Mitsubishi, Petronas, and a Saudi Aramco-EIG joint venture

Spain's Caixabank reported a 7% increase in first-quarter net profit to €1.57 billion ($1.83 billion), beating analyst expectations of €1.46 billion. The country's largest domestic lender attributed the growth to higher revenues and strong insurance business performance, and announced a €500 million share buyback program.

• Q1 net profit reached €1.57 billion, up from €1.47 billion in the same period last year, surpassing analyst forecasts by approximately 7.5%
• Growth was driven by increased revenues and solid performance from the bank's insurance division
• The bank announced a €500 million share buyback program alongside the earnings results

KKR is exploring a sale of Flora Food Group, the spreads business it previously acquired from Unilever, according to a Financial Times report. The private equity firm is targeting a valuation of approximately $10 billion for the deal. Reuters could not immediately verify the report.

• Flora Food Group was carved out of Unilever by KKR in a previous transaction
• The targeted sale valuation is $10 billion
• The sale exploration reflects KKR's strategy to exit the investment in the consumer spreads business

Tesla announced that its first Semi truck has begun rolling off a high-volume production line, marking a significant milestone as the company advances toward large-scale manufacturing of multiple new products planned for 2026. The all-electric Semi, designed for long-haul freight with a range of approximately 500 miles, represents Tesla's expansion beyond consumer vehicles into commercial transportation.

• The Tesla Semi long-range model can travel up to 500 miles on a single charge, with deliveries expected to begin in 2024 and mass production targeted for 2026 in Nevada
• Tesla plans to more than double capital spending in 2024 to over $20 billion, focused on factories for semi-trucks, Cybercab autonomous vehicles, Optimus robots, and battery production
• Volume production of the Cybercab robotaxi (in Texas) and Megapack 3 battery system are also scheduled to begin in 2026 alongside the Semi truck

L3Harris Technologies has confidentially filed for an IPO of its missile solutions business, backed by a $1 billion U.S. government convertible security investment announced in January. The public offering is expected in 2026 and will secure Pentagon access to rocket motors for critical missile systems like Tomahawks and Patriot interceptors.

• The U.S. government's $1 billion investment will automatically convert to common equity when the company goes public in 2026
• The new missile business is expected to achieve annual growth rates in the mid- to high teens, according to L3Harris CEO
• The IPO structure ensures the Pentagon a steady supply of rocket motors for key defense systems including Tomahawk cruise missiles and Patriot interceptors

China's manufacturing PMI reached 50.3 in April, exceeding the expected 50.1 but slowing from March's year-high as new orders weakened. Non-manufacturing PMI fell to 49.4 from 50.1, while the composite PMI dropped to 50.1 from 50.5. The data comes as China prepares for a May summit between Presidents Xi and Trump to address tariff concerns.

• Manufacturing PMI of 50.3 beat expectations of 50.1, staying above the 50 threshold that indicates expansion, though growth decelerated from the prior month
• Non-manufacturing PMI contracted to 49.4 from March's 50.1, while composite PMI weakened to 50.1 from 50.5, signaling broader economic softness
• Beijing is preparing for upcoming Xi-Trump summit in May, seeking clarity on potential Section 301 tariffs amid ongoing U.S.-China trade tensions

Samsung Electronics reported first-quarter operating profit surged eightfold to a record 57.2 trillion won ($38.43 billion), driven by higher memory chip prices amid an AI-fueled supply crunch. Revenue rose 69% year-over-year to 133.9 trillion won, with the chip division accounting for 94% of total profit. The company expects further earnings improvement in Q2 as AI infrastructure investment continues.

• Samsung's chip business operating profit hit a record 53.7 trillion won in Q1, representing 94% of total company profit, as AI data center demand drove advanced chip production and squeezed traditional chip supply
• Mobile and network division profit fell 30% to 3 trillion won, pressured by surging chip prices that increased component costs
• Samsung shares have surged 88% year-to-date, significantly outperforming the broader market's 59% gain

SoftBank Group plans to create and list Roze, an AI and robotics company focused on building data centres, in the U.S. market. The company could go public as early as this year with SoftBank executives targeting a valuation of approximately $100 billion.

• Roze will focus on AI, robotics, and data centre development
• SoftBank is targeting a $100 billion valuation for the new entity
• The listing could occur as early as 2025, pending market conditions

Anthropic is in discussions with investors to raise funding at a $900 billion valuation, which would surpass OpenAI's most recent valuation of just over $850 billion. The AI startup, founded by former OpenAI executives, has reached $30 billion in annualized revenue, driven largely by its Claude Code product.

• The $900 billion valuation would position Anthropic above OpenAI, which was valued at approximately $850 billion in its last funding round in late March
• Anthropic has achieved $30 billion in annualized revenue, with significant growth attributed to the popularity of its Claude Code offering
• No term sheet has been signed yet and discussions with investors are ongoing, according to sources familiar with the matter

Republican Senator Bernie Moreno and Democratic Senator Elissa Slotkin introduced bipartisan legislation on April 29 to codify and strengthen a Biden-era regulation that effectively bans Chinese automakers from selling passenger vehicles in the U.S. The move comes weeks before President Trump's scheduled trip to China for talks.

• The legislation aims to permanently codify an existing Biden administration regulation blocking Chinese automakers from the U.S. market
• The bill is sponsored by senators from Ohio and Michigan, states with significant automotive industry presence
• The timing precedes President Trump's upcoming diplomatic visit to China, potentially signaling congressional commitment to auto sector protection regardless of executive negotiations