*1. Aramco's profits surged 25% thanks to the Hormuz crisis*
- Q1 profits reached *$32.5 billion*.
- Reason for the spike: The US-Iran war led to a partial closure of the Strait of Hormuz, prompting Aramco to operate the "East-West" pipeline at full capacity of 7 million barrels per day to transport oil to the Red Sea.
Announced a core dividend distribution of $21.9 billion for Q1.
2. China shocks the markets with strong exports ahead of the Trump-Xi summit*
- Exports surged *14.1% in April* compared to last year, well above the expected 7.9%
- Reason: Factories are meeting huge demand from the AI sector + companies stockpiling components fearing rising war costs in the Middle East
- The trade surplus with the US reached *$87.7 billion* since the start of 2026
- Trump is heading to Beijing from May 14-15 to try and extend the trade truce
*3. Armani sells 15% of the company after the designer's death*
- The Italian fashion house is preparing to sell a 15% stake evenly split between *LVMH, L'Oréal, EssilorLuxottica*
- This was Giorgio Armani's wish before his passing last September
- The sale must occur within 12-18 months of his death as per the will
*4. Global markets rise as oil prices fall*
*Nasdaq +2.43%, S&P 500 +0.91%* today
*Tech stocks leading*: Nvidia +1.75%, Broadcom +4.23%
- Oil prices dipped with hopes of a US-Iran deal, Brent around $99 after dropping to $98
*5. Economic risks warned by the Fed*
- Federal financial stability report: *75% of respondents* are concerned about geopolitical risks, *70%* about oil shocks
