An update on the latest news, insights, and market views shaping global wealth management and investment trends.

Weekly Snapshot

This section highlights weekly performance, notable volatility, and significant currency moves shaping investor sentiment.

• In the week crypto faded and payrolls strunned, the S&P 500 is down -1.9% and the Nasdaq is down -4.2%. Europe was up +0.2%. The Nikkei was down up 0.4% and China's mainland market was down -1.5%
• On Friday, the 10Y yield jumped above 4.53% after US nonfarm payrolls grew faster than expected in May, fueling expectations that the Fed could raise interest rates by year-end
• Rising tensions between the US and Iran triggered a rebound in Brent crude at the beggining of the week with spot prices surging above $98 per barrel. The rally reversed on Thursday after a ceasefire agreement between Israel and Lebanon raised hopes for a broader diplomatic resolution to the wider Middle East conflict. Meanwhile, the House approved a resolution aimed at limiting President Trump's war powers. Brent futures fell 2.8% to settle at $95.03 per barrel, with losses further amplified by reports that Pres. Trump was reluctant to escalate the conflict into a full-scale war despite recent clashes. Brent crude futures ended the week largely unchanged at $92.94
• Gold fell 4.5% to 4'340, Friday precipitated the fall with markets starting to price-in rate hikes.Silver was 8.8% lower on the week, closing below $70
• Bitcoin is on track to end the week more than 17% lower. Prices fell to their lowest level since early April after Strategy sold a small portion of its bitcoin holdings. Bitcoin was last trading at around $60'660, down roughly 50% from its all-time high of $126'000 reached in October 2025

Geopolitical Landscape

A summary of key political and geopolitical developments during the week that may influence global markets and impact portfolio positioning.

• The week began amid escalating tensions after Kuwait reported a missile and drone attacks twice in  the same week. Iran's Revolutionary Guards claimed responsibility for an attack on a base used by US forces, although they did not disclose the location of the target
• Despite rising tensions, Pres. Trump reiterated that Tehran was eager to reach an agreement with Washington. Iran, however, maintained that it was not currently engaged in negotiations over its nuclear program and condemned what it described as US violations of the ceasefire. Tehran also emphasised that maintaining the truce in Lebanon remained a key prerequisite for any broader agreement with Washington
• The escalation in the Israel-Hezbollah conflict prompted the President of the Iranian Parliament to suspend negotiations with the US on Monday. Tehran also warned of defensive operations and the opening of new fronts in response to rising tensions. However, following these statements, Pres. Trump said that talks with Iran were continuing and that Israel and Hezbollah had both signaled a willingness to de-escalate
• On Tuesday, Donald Trump said that an agreement with Iran could be reached next week, with a US proposal reportedly under review in Tehran. Despite hopes of a near-term resolution between the US and Iran, US forces struck an Iranian oil tanker and selected targets on Qeshm Island. In retaliation, Tehran claimed responsibility for attacks on Kuwait and Bahrain. Iran later stated that no tangible progress had been made in negotiations with the US
• In parallel, the House of Representatives adopted a bill calling for the withdrawal of US troops from Iran. The measure passed with the support of four Republican lawmakers. The resolution is largely symbolic, as the US president retains veto power
• Glimmers of hope emerged by the end of the week,  as four Iranian-flagged tankers crossed the Strait of Hormuz despite the US naval presence, allowing an estimated 7m barrels of Iranian crude to pass through the strategic chokepoint
•  Israel intensified its operations against the pro-Iranian Hezbollah, with its forces taking control of Beaufort Castle over the weekend. On Monday, Israel stated that there would be no easing of tensions in Beirut until Hezbollah's attacks ceased
• Midweek talks between Israel and Lebanon produced a ceasefire agreement that came close to taking effect; the Lebanese president was ready to submit it to Washington pending Hezbollah's sign-off. The group rejected it outright, demanding a comprehensive truce and full Israeli withdrawal from Lebanese territory

Macroeconomic Developments

Key macroeconomic data releases and economic indicators across major regions and individual countries, providing insight into growth trends, and the broader economic outlook.

• US nonfarm payrolls rose by 172'000 in May, slightly below April's upwardly revised 179'000, but well above expectations of 88'000. The unemployment rate held steady at 4.3%, in line with forecasts
• According to the Bureau of Labour Statistics, job openings rose by 731'000 in April to 7.6m, the highest level since May 2024
• The US ISM services index for May stood at 54.5, above consensus estimate of 53.8, Durable Goods orders beat by a sliver; +8% vs 7.9% expected
• In China, manufacturing activity expanded at a faster-than-expected pace in May, although growth moderated from the previous month. Manufacturing PMI came in at 51.8, slightly above consensus expectations of 51.3, but down from 52.2 in April, indicating a slower pace of improvement while remaining near five-year highs
• On Friday, Japan's Lower House passed a ¥3.11tn ($19.5bn) supplementary budget to shield households and businesses from Middle East-driven energy inflation, anchored by a ¥2.5tn contingency reserve with gasoline subsidies as the first priority
• The Reserve Bank of India held rates at 5.25%. However, it raised its inflation forecast for the fiscal year ending March 2027 by 50bp to 5.1%, while lowering its growth outlook to 6.6% from 6.9%. 
• The OECD cut its 2026 global growth forecast to 2.8%, down from a prior estimate of 2.9%, warning that a prolonged conflict could drag global growth as low as 2.1%. G20 inflation is expected to rise to 4.0% in 2026, up from 3.4% in 2025, with energy costs, supply chain disruption and rising fertiliser prices feeding through to broader prices. Major central banks, the OECD warned, face a difficult balancing act between supporting growth and containing inflation

Corporate & Sector Highlights

Insights into notable developments among major global companies and sectors, including earnings results, strategic initiatives, mergers and acquisitions, regulatory developments, and trends influencing corporate performance.

• Anthropic filed for an IPO at a rumoured $1tn valuation, joining a remarkable queue: SpaceX lists on June 11th seeking to raise $75bn at $1.8tn, while Alphabet announced an $85bn share issuance. All three are timing their moves against an S&P 500 that closed above 7'600 for the first time on June 2nd. Separately, Anthropic is expanding access to its Mythos model ; it was previously restricted to around 50 companies due to its advanced cybersecurity capabilities, it is now available to a broader set of institutions including NATO
• Broadcom reported weaker-than-expected revenue in its quarterly earnings release, with revenue reaching $22.19bn, about $0.08bn below expectations. The company also said it would not raise its full-year AI chip sales target of $100bn, which sent the stock down about 15%. In contrast, Broadcom's adjusted EPS came in higher than expected at $2.44, versus a $2.4 forecast
• SpaceX announced that it would reserve up to 5% of the shares sold in its IPO for certain employees and friends through a direct share program. The aerospace and defense company is expected to raise $75bn through its listing
• HP Enterprise shares surged 30% following blockbuster quarterly results. The tech company reported adjusted EPS of 79 cents, compared with expectations of 53 cents, while revenue came in at $10.68bn versus estimates of $9.79bn. After delivering its largest EPS beat since February 2018, the server maker raised its full-year earnings guidance and now expects fiscal 2026 EPS of $3.35 to $3.45, up from its prior range of $2.3 to $2.5

• Despite slightly exceeding expectations on both revenue and EPS for the quarter ended May 3, Lululemon's profitability deteriorated during the period. The stronger-than-expected results were not enough to prevent the company from lowering its full-year guidance and issuing a weak outlook for the current quarter, citing 'negative commentary in the media' and disappointing product launches. Lululemon now expects fiscal 2026 sales of between $11bn and $11.15bn, down from its previous forecast range of $11.35bn to $11.5bn and below consensus expectations of 11.48bn. The company also cut its annual earnings guidance by more than $1 per share and now expects EPS of between $10.95 and $11.15
• Akeso and Summit Therapeutics unveiled encouraging results from a late-stage trial of their experimental lung cancer drug, which reduced the risk of death by 34%. In combination with chemotherapy, the treatment extended median survival by four months for patients with squamous non-small-cell lung cancer compared with the standard immunotherapy and chemotherapy approach

• After SoftBank became Japan's most valuable company by market capitalization, the group unveiled a plan to invest €45bn over the next five years to build AI infrastructure in France. This commitment forms part of a broader €75bn program aimed at deploying 5GW of AI data center capacity across the country
• Despite Michael Saylor's long-standing 'never sell your bitcoin' mantra, Strategy disclosed the sale of 32 BTC for approximately $2.5m. The transaction marks the firm's first bitcoin sale since 2022 and only its second ever. The proceeds are intended to help fund preferred stock dividend obligations and signal a new approach in which the bitcoin treasury can serve as a source of funding, potentially undermining investor confidence in the company's long-term strategy

• Following redemption requests that reached 10% in the second quarter, Blackstone moved to restrict withdrawals from its flagship Blackstone Private Credit fund. Blackstone capped investor withdrawals from the $79bn fund at 5% of shares

• Vanguard's S&P 500 ETF VOO became the first ETF to top $1tn in assets, highlighting the growing influence of passive investment flows. The fund's size has quadrupled since 2022, reflecting investors' increasing appetite for index-based strategies 

Looking Ahead

A forward-looking overview of the upcoming week, highlighting scheduled economic data releases, central bank events, corporate earnings, and geopolitical milestones that may shape market direction.

• 08.06: Japan GDP QoQ (Q1)
• 09.06: China Balance of Trade (MAY), China Exports and Imports YoY (MAY), US Existing Home Sales (MAY)
• 10.06: China Inflation Rate YoY (MAY), US CPI (MAY), Bank of Canada Interest Rate Decision
• 11.06: ECB Interest Rate Decision, US PPI MoM (MAY)
• 12.06: US Consumer Sentiment (pre. JUN)

Chart of the Week

Broad-Based: Turns Out, Not a Myth

Quarterly earnings growth has been strong, with S&P 500 earnings up 29% and roughly 85% of constituents beating estimates — a breadth that cuts against the concentration risk narrative. Consensus forecasts 22% earnings growth for the full year, moderating to 15% in 2027.

AI capex beneficiaries are the standout: the 45 tech and industrial companies in the S&P 500 most directly exposed to AI-related capital spending are expected to deliver earnings growth of around 70% this year and 34% next, far ahead of the index. But the more important point is what lies beneath. The rest of the market is still forecast to grow earnings 15% this year and 11% next — both above the long-term annualised average of roughly 10% since 2010.

The AI trade is real, but it is not the whole story. Earnings momentum is broad-based, and an S&P 500 advance built on widespread profit growth is a more durable foundation than one resting on a handful of hyperscalers.

Source: Facset May 27, 2026, BNY Wealth