Bloomberg

Lead Story

US employers added 115,000 jobs in April, marking the first back-to-back monthly advance in nearly a year and keeping the unemployment rate steady at 4.3%. The resilient labor market data propelled US stocks to all-time highs, fueled by an 11% weekly surge in chipmakers, as investors largely shrugged off the inflationary risks of the ongoing conflict with Iran. However, wage growth moderated, and a separate gauge of US consumer sentiment plummeted to a fresh record low over relentless cost-of-living concerns.

Markets & Economics

• Jane Street Pulls In Record $16.1 Billion Quarterly Trading Haul: The proprietary trading powerhouse more than doubled its revenue compared to the same period last year, cementing its dominance across Wall Street’s trading desks .
• Hormuz Transits Halted Since Tuesday as US, Iran Clash: The Strait of Hormuz remains effectively closed to commercial shipping following overnight clashes between US and Iranian forces, exacerbating an energy supply shock that has helped drive global food prices to a three-year high.
• French Solar Power Output Hits Record, Pushing Prices Below Zero: A surge in renewable generation exceeded grid operator forecasts in France, sending wholesale electricity prices into negative territory.
• Orange Juice Jumps Most in a Week on Shrinking Brazil Crop: Futures surged in New York on an outlook for a weaker harvest in Brazil, the world’s top exporter of the commodity.

Business & Industries

• AI Chipmaker Cerebras Is Said to Plan Raising IPO Price Range: Surging investor demand is pushing Cerebras to boost its initial public offering pricing, leading a flurry of market debuts that includes an upsized $304 million IPO from Odyssey Therapeutics and a new filing from Honeywell-backed quantum computing firm Quantinuum.
• Toyota Forecasts Abrupt Profit Drop on Iran, Shares Fall: The world’s largest automaker warned of a sharp decline in operating profit as it braces for elevated raw material costs stemming from Middle East supply chain disruptions.
• Dunkin’ Owner Inspire Brands Files Confidentially for US IPO: The parent company of fast-food chains Dunkin’, Arby’s, and Jimmy John’s has confidentially submitted paperwork to go public .
• Commerzbank to Cut 3,000 Jobs as CEO Orlopp Steps Up Defense: Chief Executive Bettina Orlopp outlined aggressive job cuts and lifted profit guidance in a strategic effort to fend off a hostile takeover attempt by Italian rival UniCredit SpA.

Policy & World

• Farage Racks Up UK Election Gains as Voters Punish Starmer: Prime Minister Keir Starmer’s governing Labour Party suffered heavy early local election losses as Nigel Farage’s Reform UK capitalized on voter discontent, though Starmer insists he will remain leader.
• Trump’s Latest 10% Global Tariffs Ruled Unlawful by US Trade Court: A federal trade court struck down the president’s blanket import levies, dealing a significant blow to the administration’s trade agenda just months after the Supreme Court vacated his earlier tariffs.
• Trump Plans to Fire FDA’s Makary After Tumult at Agency: President Trump is reportedly preparing to oust Food and Drug Administration Commissioner Marty Makary following months of chaos at the critical health regulator.
• Trump Announces Three-Day Ceasefire Between Russia, Ukraine: The US president declared a temporary weekend truce and prisoner swap between Moscow and Kyiv, timed to coincide with Russia’s Victory Day celebrations.

Opinion & Analysis

• China’s Invisible Hand Is Rebalancing the Oil Market: While the market focuses on bypassed pipelines and emergency stocks to counter the Hormuz blockage, Javier Blas notes that Beijing’s quiet maneuvers are proving equally critical to balancing global supply and demand .
• Trust the Numbers? What to Do When the Data Is Under Attack: Incoming Federal Reserve Chair Kevin Warsh faces a dual crisis of credibility and methodology as official economic statistics come under mounting pressure from both politicians and structural shifts .
• Mariana Mazzucato Thinks We Need More Moonshots: The UCL economist outlines her “mission economy” concept, arguing that robust state capacity—not private sector consultants—is essential for driving true technological and civic innovation.