Real-time News

Hong Kong Stock Exchange: Tencent Holdings (00700.HK) will repurchase 1.1 million shares for cancellation on May 21, 2026, for a total consideration of HK$500.6 million.

On May 21, Goldman Sachs stated in a report that Nvidia (NVDA.O) outperformed expectations in its first fiscal quarter ending in April, with strong guidance and optimized capital allocation proving particularly strong. The firm believes that the sustainability of capital expenditures provides a clear path for Nvidia to continue outperforming the market. Goldman Sachs raised its earnings per share forecast for Nvidia by an average of 6% to reflect higher revenue expectations and a lower-than-expected tax rate (consistent with the company's guidance); and raised its price target from $250 to $285, maintaining a "buy" rating. Given Nvidia's strong quarterly results and guidance far exceeding market expectations (despite already optimistic market sentiment prior to the earnings release), Goldman Sachs expects Nvidia's stock price to rise moderately. Goldman Sachs noted that prior to the earnings release, investor expectations had already risen due to hyperscale cloud service providers raising their capital expenditure forecasts. However, Goldman Sachs believes that Nvidia's second-quarter guidance still exceeds these already revised expectations.

The European Commission states that the downward trend in long-term unemployment is nearing its end. In a more severe scenario, inflation will not ease, and the economy will fail to recover by 2027.

European Commission Executive Vice-President Dombrovskis: The EU must keep financial support temporary and targeted, and further reduce its dependence on imported fossil fuels.

European Commission: The war with Iran has triggered an energy shock, reigniting inflation and shaking market sentiment.

On May 21st, Phil Rosen, an analyst at the well-known American business magazine Inc., stated that Nvidia's (NVDA.O) earnings report once again easily surpassed Wall Street's profit expectations, quelling concerns about an AI bubble for at least another quarter. All the debates and bearish predictions regarding hyperscale vendor capital expenditures, data center construction, and technological leadership have vanished before this stunning balance sheet. In the first quarter of fiscal year 2026, Nvidia's data center business alone contributed $75.2 billion, accounting for approximately 92% of total revenue. Hyperscale buyers contributed $38 billion; while the newly spun-out AI Cloud, Industrial, and Enterprise segment contributed $37.2 billion, a 31% increase quarter-over-quarter. This new segmentation of the business into cloud, industrial, and enterprise segments indicates that Nvidia is telling investors that the driving force behind the business is no longer just a few hyperscale vendors. At the same time, Nvidia increased its quarterly dividend 25 times to $0.25 per share and added an $80 billion share buyback program. In short, so far, the company has offered almost no cause for concern. And the data suggests that this situation is unlikely to change in the short term.

The yield on 30-year UK government bonds is on track for its biggest weekly drop since December 2023, falling about 23 basis points since the close of trading on May 15.

On May 21, He Yadong, spokesperson for the Ministry of Commerce, announced at a regular press conference that Sino-Russian trade has exceeded US$200 billion for three consecutive years, reaching US$85.2 billion from January to April this year, a year-on-year increase of 19.7%, achieving a good start. He Yadong stated that the heads of state of China and Russia highly praised the achievements of Sino-Russian economic and trade cooperation in recent years. Both sides will continue to strengthen communication on economic and trade policies, create new engines of growth with new quality productivity, and promote the upgrading of trade in goods and services. China and Russia will firmly defend their right to independently develop bilateral economic and trade partnerships. Under the joint witness of the two heads of state, the Ministry of Commerce and relevant Russian departments signed cooperation documents on trade, support for multilateralism, and other matters.

May 21st - UK government bond yields fell following weak preliminary May PMI data. The UK Composite PMI, which measures manufacturing and service sector activity, fell to 48.5 from 52.6 in April. A PMI reading below 50.0 indicates contraction in business activity. The weak data could further dampen the prospect of a near-term interest rate hike by the Bank of England. Tradeweb data showed that after the data release, the yield on 10-year UK government bonds fell 5 basis points to 4.944%, a new low in 11 days.

Japanese Prime Minister Sanae Takaichi: Gasoline prices in Japan remained the lowest among the G7 countries this week.

The yield on UK two-year government bonds fell to its lowest level since April 22, to 4.327%, down about 4 basis points on the day.

Swiss Finance Minister: UBS’s capital support for foreign subsidiaries and bank liquidity measures are crucial to stability.

Moody's: Stricter export controls in Indonesia may support foreign exchange inflows into the rupiah, but could also put pressure on investor sentiment toward the broader policy environment.

Moody's: Indonesia's tightening controls on commodity exports increase the risk of market distortions.

Moody's: Indonesia's natural resource commodity export framework is seen as having a negative impact on the credit of mining companies.

On May 21, Norbert Rücker, an analyst at Julius Baer, stated that oil prices are likely to see a significant drop later this year, as the current shock should follow the typical pattern of short-lived but sharp price fluctuations. The head of his Economics & Next Generation research department added that shipping traffic in the Strait of Hormuz is gradually recovering. He noted that in the past two weeks, several large crude oil tankers, smaller vessels, and LNG carriers have left the Gulf and continued their journeys to Asia. Although shipping volumes are still only a fraction of pre-conflict levels, these flows have slightly alleviated the supply shock. He also stated that the global economy has shown strong resilience, thanks to the recovery in trade easing logistical and refining costs, as well as rising fuel prices (except in the United States).

The Eurozone's labor costs rose 3.4% year-on-year in the first quarter, compared with 3.30% in the previous quarter.

Eurozone construction output rose 0.8% month-on-month in March, compared with a previous reading of -0.20%.

Eurozone construction output fell 1.2% year-on-year in March, compared with a previous reading of -1.90%.

Market news: Nasdaq announced a technical glitch in Nasdaq Nordic.