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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

T-Mobile raised its 2026 forecast for annual postpaid net account additions to 950,000-1.05 million, up from 900,000-1 million previously, after beating first-quarter estimates with 217,000 additions. The wireless carrier's success is attributed to competitive pricing, bundled streaming benefits including Netflix and Apple TV, and premium plan offerings that continue attracting customers in a saturated market.

• First-quarter postpaid net account additions reached 217,000, exceeding analyst estimates of 193,236, while total revenue hit $23.11 billion versus $22.97 billion expected
• Over 60% of new account lines opt for premium tier plans, with bundled streaming services and five-year price guarantees driving upgrades from basic plans
• T-Mobile is expanding beyond wireless with new fiber internet partnerships and a business satellite backup service combining 5G with Starlink, amid early-stage merger talks between parent Deutsche Telekom and an unnamed partner

Italian energy company Eni signed an agreement with Venezuela's oil ministry and state-run PDVSA to restart a heavy crude project in the Orinoco Belt. The deal is part of Venezuela's broader oil sector contract review and reform, with other major energy companies including Chevron, Shell, and Repsol also signing similar agreements in recent weeks. Eni's investment plan is expected to be completed by year-end.

• Eni and PDVSA are partners in the Junin 5 project in the Orinoco Belt, which holds approximately 35 billion barrels of certified oil in place
• Eni's current production in Venezuela was 64,000 barrels of oil equivalent per day in 2025
• The agreement was signed in presence of Venezuela's interim President Delcy Rodriguez, who called it 'one of the most important bets on our country in recent times'

Starbucks is set to report fiscal second-quarter earnings on Tuesday, with Wall Street expecting revenue of $9.16 billion. The coffee chain showed its first quarter of traffic growth in two years last quarter under CEO Brian Niccol's turnaround strategy. However, ongoing investments in cafes and labor are expected to continue weighing on profit margins.

• Starbucks achieved its first quarter of traffic growth in two years during Q1, signaling early success of its turnaround efforts
• Wall Street analysts expect fiscal Q2 revenue of $9.16 billion
• Company investments in cafe improvements and labor costs are expected to continue pressuring profit margins in the current quarter

The FDA launched a pilot program on April 28 to monitor clinical trial data in real time, aiming to reduce drug approval timelines by years and help the U.S. compete with China in drug development. The initiative allows the FDA to access aggregated safety and efficacy signals from trials without waiting for companies to prepare full submissions, potentially eliminating 'dead time' that currently comprises 45% of the approval process.

• AstraZeneca and Amgen are participating in initial pilots, with the FDA receiving aggregated data signals (like adverse event rates) rather than raw patient records to address privacy concerns
• FDA Commissioner Marty Makary cited competitive pressure from China, which surpassed the U.S. in Phase 1 trial volume around 2021 with exponential growth since
• The agency is seeking public comment until May 29 to expand the program, with final selection criteria expected in July and broader pilot selections by August

OpenAI announced its AI models will be available through Amazon Web Services, one day after ending its exclusive cloud partnership with Microsoft. The move allows OpenAI to offer its services on multiple cloud platforms, addressing enterprise customer demand for access via AWS Bedrock. AWS CEO Matt Garman said this partnership fulfills long-standing customer requests.

• AWS customers will access OpenAI's models and Codex agent through Amazon Bedrock, with general availability expected in the coming weeks
• OpenAI's revenue chief previously told employees that the Microsoft exclusivity 'has also limited our ability to meet enterprises where they are — for many that's Bedrock'
• The announcement follows Amazon's $50 billion investment in OpenAI in early 2026 and a commitment by OpenAI to use two gigawatts worth of AWS custom Trainium chips for AI model training

The European Union plans to expand its Digital Markets Act (DMA) regulations to cover cloud computing and artificial intelligence services, following positive results from rules targeting Big Tech companies since May 2023. The move aims to promote fairer competition in emerging technology sectors, with regulators currently investigating whether Amazon and Microsoft should be designated as gatekeepers for their cloud services.

• The DMA currently targets seven major tech companies: Alphabet, Amazon, Apple, Booking.com, ByteDance, Meta Platforms, and Microsoft as 'gatekeepers' to prevent market dominance abuse.
• Regulators are investigating whether certain AI services should be designated as virtual assistant core platform services and whether Amazon and Microsoft's cloud computing services should fall under DMA gatekeeper rules.
• The Commission will not require social networks to be interoperable with each other, citing 'no clear demand' for such functionality, and has no plans to change existing gatekeeper designation criteria.

Private equity firm CVC Capital is considering a 9 billion euro ($10.54 billion) takeover bid for Italian payments group Nexi, according to the Financial Times. This would mark CVC's third attempt to acquire Nexi after exploring takeover possibilities twice before. The report has not been independently verified by Reuters.

• The proposed deal is valued at 9 billion euros ($10.54 billion) for the Italian payments company
• CVC Capital has previously explored acquiring Nexi on two separate occasions before this potential fresh bid
• Reuters could not immediately verify the Financial Times report citing people familiar with the matter

Jimmy Kimmel's joke about First Lady Melania Trump looking 'like an expectant widow' has sparked White House demands for his firing and prompted the FCC to order license reviews of Disney-owned ABC stations. The controversy presents the first major crisis for Disney's new CEO Josh D'Amaro, who took over in March 2026, as he must navigate pressure from the White House while balancing free speech concerns.

• The White House, through communications director Steven Cheung, accused Kimmel of 'making a disgusting joke about assassinating the President' and demanded ABC fire him, though Kimmel clarified it was about the couple's age difference (Trump turning 80, Melania 56)
• The FCC is set to order license reviews of 8 Disney-owned ABC stations as soon as today, moving up reviews originally scheduled for October 2028
• This marks the second time ABC has faced pressure to fire Kimmel, following September 2025 controversy over comments about conservative activist Charlie Kirk's assassination

Airbus reported a 52% drop in first-quarter adjusted operating profit to 300 million euros, missing analyst expectations of 348 million euros. The European planemaker delivered 16% fewer aircraft than the prior year and fell behind rival Boeing's delivery numbers, hampered by a weaker U.S. dollar and ongoing engine supply shortages from Pratt & Whitney.

• Airbus delivered only 114 commercial aircraft in Q1, down from 136 a year earlier and below Boeing's 143 deliveries in the same period
• The company maintained its 2026 target of 870 aircraft deliveries despite the slow start, but already reduced its A320 production rate goal in February to 70-75 per month by end-2027
• Late engine shipments from supplier Pratt & Whitney continue to threaten production targets, with Airbus reportedly escalating the dispute as of March

Panama's Copa Airlines announced a deal with Boeing to purchase up to 60 Boeing 737 Max aircraft over the next eight years, with a list price of $13.5 billion. Combined with 40 planes still to be delivered under an existing agreement, Copa will add over 100 new aircraft to its fleet during this period.

• The new order has a list price of $13.5 billion for up to 60 Boeing 737 Max jets to be delivered over eight years
• Copa Airlines will receive a total of over 100 aircraft when combining this order with 40 planes remaining from a previous Boeing agreement
• The deal represents a significant fleet expansion for Panama's Copa Airlines and a major order win for Boeing's 737 Max program