Market UpdatesMay 05, 20262 Min

Markets Wrap: Global Stocks Slide, Oil Retreats; Pinterest Boosts Confidence With Q1 Earnings

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asia-Pacific markets felt the heat on Tuesday as investor sentiment weakened amid rising tensions in the Strait of Hormuz. In Australia, the S&P/ASX 200 declined 0.1% to 8,680 ahead of an expected interest rate decision by the Reserve Bank of Australia. Hong Kong’s Hang Seng index slipped 0.6% to 25,925, while Singapore’s Straits Times Index dropped 0.5% to 4,898. Markets in Japan, China and South Korea were closed.

Wall Street closed lower on Monday, with the S&P 500 pulling back from record highs after an explosion hit a South Korean-linked ship in the Strait of Hormuz, heightening concerns over Middle East oil supply. The S&P 500 declined 0.4% to 7,200, while the tech-heavy Nasdaq Composite slipped 0.2% to end the session at 25,068. The Dow Jones Industrial Average dropped 1.1% to 48,942.

European stocks are expected to open mostly lower on Tuesday as investors track the latest developments in the Iran war.

Oil prices declined on Tuesday after a sharp rally in the previous session, as traders assessed the risk of immediate supply disruptions linked to tensions between the US and Iran. Futures for Brent crude for July delivery dropped 1% to $113 per barrel. US West Texas Intermediate crude futures fell 1.9% to $104 per barrel.

Gold prices rose after hitting a five-week low in the previous session, though gains remained limited as elevated oil prices kept inflation concerns in focus. Spot gold rose 0.7% to $4,552 per ounce. US gold futures for June delivery were up 0.4% at $4,549. Spot silver, meanwhile, gained 0.8% to $73 per ounce.

Gold prices in Dubai increased slightly on Tuesday morning, offering a modest rebound after easing from recent highs earlier in the month. The 24-karat gold rate stood at Dh546.25 per gram in early trade, up from Dh546 on Monday. The 22-karat price rose to Dh505.75 per gram from Dh505.50.

Here’s a look at some of the important developments across the global markets:

Elon Musk settles SEC case over Twitter disclosure delay, pays $1.5 million

Elon Musk has settled a civil lawsuit brought by the US Securities and Exchange Commission over delays in disclosing his initial stake in Twitter in 2022. Under the settlement, a trust in Musk’s name will pay a $1.5 million civil penalty. The agreement was filed on May 4 in federal court in Washington, D.C. Musk did not admit any wrongdoing as part of the deal and will not be required to forfeit the roughly $150 million in gains the regulator said he made by delaying the disclosure.

Pinterest beats Q1 estimates, sees stronger-than-expected revenue ahead

Pinterest’s first-quarter results beat Wall Street expectations on both profit and revenue. Adjusted earnings came in at 27 cents per share, ahead of estimates of 23 cents. Revenue rose to $1.01 billion, compared with expectations of $966 million. The company said second-quarter revenue is expected to be between $1.13 billion and $1.15 billion, above analysts’ projections of $1.11 billion. First-quarter sales increased 18% from a year earlier. Shares rose about 15% following the results.

Apple in early talks with Intel, Samsung over processor manufacturing

Apple has reportedly held early discussions with Intel and Samsung Electronics about producing processors for its devices. Apple executives have visited a Samsung plant under development in Texas and have also held preliminary talks with Intel about using its manufacturing services. Any such move would give Apple an alternative to its long-time supplier, Taiwan Semiconductor Manufacturing Company. However, the iPhone maker has concerns about relying on non-TSMC technology, including questions around reliability and the ability to scale production.

Paramount Skydance beats Q1 estimates on streaming, film strength

Paramount Skydance reported first-quarter results that beat Wall Street estimates, helped by growth in its streaming and film businesses. Adjusted earnings came in at 23 cents per share, above expectations of 15 cents. Revenue for the quarter was about $7.35 billion, up 2% from a year earlier. The increase was driven by the company’s streaming segment, which includes Paramount+, BET+ and Pluto TV. Streaming revenue rose 11% year over year to $2.4 billion. The company reaffirmed its full-year outlook, expecting revenue of $30 billion and adjusted EBITDA of $3.8 billion.

Palantir reports strong quarter, raises full-year outlook

Palantir Technologies reported quarterly results that exceeded Wall Street expectations and raised its full-year guidance. Adjusted earnings came in at 33 cents per share, ahead of estimates of 28 cents. Revenue rose to $1.63 billion, compared with expectations of $1.54 billion. The company said revenue grew about 85% in the quarter, marking its fastest pace of growth since at least 2020, when it went public through a direct listing. Net income increased to $870.5 million from $214 million a year earlier. Palantir also raised its full-year outlook and now expects adjusted free cash flow in the range of $4.2 billion to $4.4 billion, above the $4.05 billion consensus estimate.

Meta plans $13-billion data centre financing with Morgan Stanley, JPMorgan

Meta Platforms is reportedly working with Morgan Stanley and JPMorgan Chase on a $13-billion financing package for a data centre in El Paso. Most of the funding is expected to come through debt, with the remainder in equity. Large technology companies have been increasing spending on data centres as demand for artificial intelligence infrastructure grows. The push has also led some firms to rely more on debt financing, a shift from their earlier approach.

Tesla sees mixed European sales trends in April despite strong gains in key markets

New registrations of Tesla vehicles rose sharply in several European markets in April, extending a recent recovery, though declines continued in others. Registrations more than doubled in Sweden, France and Denmark, and rose in the Netherlands. But they fell in Norway, Portugal, Italy and Spain, according to industry data released over the past few days. In April, registrations increased 111% in Sweden and 102% in Denmark. They rose 112% in France and were up 23% in the Netherlands. In contrast, registrations fell 5% in Italy, 47% in Spain, 33% in Portugal and 61% in Norway.

Singapore’s OCBC to acquire HSBC Wealth, premier portfolio in Indonesia

Singapore’s Oversea-Chinese Banking Corp said its Indonesian unit will acquire parts of HSBC’s wealth and premier banking portfolio in Indonesia, in a move to expand its presence in Southeast Asia’s largest economy. The transaction will see HSBC Indonesia’s international wealth and premier banking business transferred to Bank OCBC NISP. The deal will add about 336,000 customers, S$6.6 billion ($5.2 billion) in assets under management and around 1,300 employees to OCBC’s Indonesian operations.

Hong Kong listing: Three-Circle targets up to $1 billion raise

Chaozhou Three-Circle Group is reportedly looking to raise up to $1 billion through a Hong Kong listing. The Shenzhen-listed company, which makes ceramic components used in phones, cars, data centres and telecom equipment, is awaiting approval from the China Securities Regulatory Commission. The offering could launch soon after regulatory clearance, potentially as early as the end of June. A deal of that size would add to a strong year for listings in Hong Kong, which remained the world’s top IPO market by funds raised in the first quarter of 2026, according to Hong Kong Exchanges and Clearing.

Australia hikes interest rates to 4.35%, warns on inflation risks

The Reserve Bank of Australia raised its policy rate to 4.35%, matching its peak from December 2024, as inflation remains elevated. The move was in line with expectations in a Reuters poll and marked the third straight rate increase. Eight members of the board voted in favour of the hike, while one supported holding rates at 4.1%. In its statement, the central bank said inflation picked up in the second half of 2025, with the Middle East conflict driving higher fuel and commodity prices.

Canada rolls out support package for metals sector after US tariffs

Canada announced a new support package for its steel, aluminium and copper industries after fresh tariffs imposed by US President Donald Trump expanded to cover more products. The government will set up a C$1 billion loan programme through the Business Development Bank of Canada to help affected companies manage the impact and maintain operations. The loans will be offered on favourable terms for at least three years.