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Russia scales back its WW2 victory parade amid growing concerns over the war in Ukraine
The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles with nuclear capability, will not feature any tanks or military equipment this year. Soldiers are still going to march and cheer under the shadow of Vladimir Lenin’s Mausoleum. Fighter planes will be flying above the Kremlin’s towers and Vladimir Putin is set to make a speech and lay flowers on the tomb of Unknown Soldier. Yuri Ushakov, a Kremlin aide, told reporters that "in general, everything was as usual except for the display of military equipment." Russia, who invaded Ukraine 2022, warned that Kyiv's attempt to disrupt the event could lead to a "massive missile attack" on the Ukrainian capital. Moscow has told foreign diplomats to evacuate Kyiv's staff in the case of an attack. Volodymyr Zelenskiy, Ukraine's president, said that the country's response on May 9 will depend on what happens on Friday. He accused Moscow of violating their own ceasefire. Moscow is protected by a ring of electronic barriers and air defences that are designed to confuse drones and missiles as they approach the capital. The region around the city has 22 million people. The war in Ukraine haunts Russia's parade The Red Army drove Nazi forces from Berlin in 1945 after Nazi Germany invaded Soviet Union. Adolf Hitler then committed suicide, and the Soviet Victory Banner, a red banner, was raised above the Reichstag. The unconditional surrender of Nazi Germany took place at 11:01 pm on May 8, 1945. This day was declared by Britain, France, and the United States as "Victory in Europe Day". In Moscow, it was already May 9th. This became "Victory Day", for the Soviet Union in the Great Patriotic War (1941-45), which the Russians refer to. This year's parade is taking place amid growing anxiety in Moscow over the outcome of the war in Ukraine. The war has left Ukraine in ruins, and Russia's economy is now $3 trillion short. Relations with Europe have never been worse. The crisis is deepening slowly, but any sudden movement could send the economy into a tailspin. This was the statement of Igor Girkin in a Telegram post. He has been jailed for criticizing the Kremlin's conduct during the war. Girkin,?a former Federal Security Service Officer, used an analogy of a shipwreck to suggest that Russia's top leaders are more concerned about being thrown out of their cabins. Dmitry Peskov, Kremlin spokesperson, dismissed reports from CNN and other Western media that Putin's protection had been intensified due to fears of a coup d'état or assassination. Russian officials have brushed aside reports of a plot to stage a coup as nonsense. Putin sat alongside President George W. Bush, France's Jacques Chirac, and Chinese President Hu Jintao at the Moscow Parade 21 years ago. This year, Belarusian president Alexander Lukashenko will be there, as well as Malaysia's Sultan Ibrahim, and Laos Prime Minister Thongloun Sisoulith. (Dmitry Antonov contributed additional reporting; Mark Trevelyan, Emelia Sithole Matarise and Emelia Sithole Matarise edited the article.)
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Fed report on financial stability cites geopolitical risks and oil shock as the top concerns
According to a report by the Federal Reserve released on Friday, the ongoing war with Iran has risen to the top of the list for financial stability concerns. In the Financial Stability Report of the U.S. Central Bank, respondents cited geopolitical risk and the oil crisis as their top concerns. Artificial intelligence and private credit also rose to become major concerns. Geopolitical risk was cited as the top concern by three-quarters, and the oil shock resulting from the war was cited 70% of the time. Half of respondents cited AI and private credit as possible threats to financial stability. The report warned, in particular, that a prolonged conflict, especially if it is combined with shortages in commodities and damaged supply chains, would likely increase inflation and slow the economic growth in the U.S. Sharp price changes in the energy market and financial products related to it could also lead to market tensions. Many respondents noted that the inflationary pressure caused by the "energy shock" could force central bankers to tighten their monetary policies, even if economic growth is weaker. The report warns that "higher interest rates and increased inflation could have significant economic and financial effects, including a decline in asset prices." The survey's concerns about rising oil prices and inflation they have rekindled are similar to those expressed by many U.S. policymakers in recent weeks. After its last policy meeting, the Fed kept interest rates at their current level. Since then, more central bankers have stated that they cannot rule out a rate increase if inflation rises and spreads. Since the U.S. and Israel attacks against Iran began on Feb. 28, the global benchmark crude price has risen by more than 50 percent. It remains above $100 per barrel despite conflicting reports on whether a peace agreement is close. The "oil crisis" was the number one concern in the latest Fed survey. The 'latest Fed survey' revealed that the No. 2 concern was "oil shock" after the previous report in last fall did not mention it at all. U.S. gas prices are at their highest level since July 2022, and inflation is now about a percentage-point above the Fed's target of 2%. Central bankers in the United States are concerned that the higher the prices, the more likely they will spread to other goods and services. AI, PRIVATE CREDIT CONCERNS FLAGGED The survey respondents expressed concern that AI investments are "increasingly financed" by debt. This increases leverage and increases fragility. They also said that, if the technology is widely adopted, it "may contribute to labor-market weakness." The survey presented a mixed picture of the private credit sector. The survey noted that while the sector is dealing with negative sentiments and an increase in redemption requests, the risks are manageable so far. The report stated that for the 10 biggest perpetual?business-development companies, which represent?roughly 80 percent of private credit assets in the sector, there was enough bank credit and cash to cover three quarters of redemptions if they held at a level of 5%. The Fed stated that the risks of private credit to financial stability appear "limited and managed," but also noted that continuing redemptions and negative attitudes could reduce credit access for some borrowers. This is especially true for those with higher risk. (Reporting and editing by Paul Simao, Michael S. Derby, Dan Burns and Pete Schroeder)
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday, pointing to a weekly gain as optimism about a 'potential' end to the Iran conflict eased concerns over inflation and high interest rates. Spot gold rose 0.7% to $4,719.68 an ounce at 1745 GMT. It has gained 2.3% in the last week. U.S. Gold Futures closed 0.4% higher, at $4.730.70. Due to its non-yielding properties, gold is under pressure when interest rates rise. "Gold is now trading more like a risky asset than a safe haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. We're seeing Fed rate reductions in the future as energy prices drop, said David Meger of High Ridge Futures. The United States said that it expects an Iranian response to its latest proposal for ending the Gulf War as early as Friday, even though U.S. forces and Iranian forces are exchanging fire in the area. The U.S. Dollar index and oil prices are both expected to decline this week. Dollar-priced Gold becomes cheaper for holders of other currencies due to a weaker U.S. dollar, while softer energy costs ease inflation concerns. According to CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, the Fed governor, said he hoped that 'central bank chair Jerome Powell would stay on only for a brief period as governor. Kevin Warsh will'succeed Powell in the Fed leadership role, pending a Senate vote. The data?showed that U.S. unemployment increased more than anticipated in April. After the data, gold briefly extended its gains. The gold demand in India was muted last week as the price recovery encouraged potential buyers to postpone their purchases. Meanwhile, premiums on China remained stable due to safe-haven demand. Spot silver increased 2.5%, to $80.4 per ounce. Platinum gained 1.3%, to $2.047.88. Both are on track for gains this week. Palladium fell 0.5% at $1,487.71. Reporting by Ashitha shivaprasad, Bengaluru. Editing by Rod Nickel
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Top distillate trader departs Gunvor, sources say
Three sources confirmed on Friday that Zak Banks, a distillate trader from Houston, is leaving global commodity trading company Gunvor. His departure is not clear. Gunvor refused to comment while Banks was unable to be reached. According to the financial results published in April, the Swiss-based commodity traders?recorded a 85% decline in net profit by 2025. This equated to $104 millions. Gunvor employees staged an employee buyout last year to replace the former CEO and cofounder Torbjorn Tornqvist by Americas head Gary Pedersen. Pedersen stated that the company made $1.63 billion, the equivalent of the gross profit for 2025, in the first three months of '2026. This was after what he termed a pickup in "constructive volatile" late last yea. Gunvor, one of the largest oil trading companies in the world, buys and sells the equivalent 3% of the world's oil supply every day. Reporting by Arathy Andreasekhar and Georgina McCartney in Houston. Liz Hampton in Denver. Chizu Nomiyama, Mark Potter and Chizu Nomiyama edited the story.
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday and is expected to gain a weekly gain, as optimism about a possible end to the Iran Conflict eased concerns over inflation and high interest rates. Spot gold rose 0.5% to $4,709.89 an ounce at 1551 GMT. It has gained 2.1% in the last week. U.S. Gold Futures increased 0.2% to $4.719.60. Due to its non-yielding properties, gold, which is typically seen as a safe haven in times of global turmoil, will be under pressure? when interest rates rise. "Gold is now trading more like a risky asset than a safe-haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. David Meger is director of metals trading at High Ridge Futures. He said that with 'energy prices falling, we are seeing the prospects of Fed rate reductions increasing down the road. U.S. forces and?Iranian troops clashed in the Gulf, and the United Arab Emirates were again attacked. However, U.S. president Donald Trump claimed that a ceasefire held. The U.S. Dollar index and oil prices are both set to decline by a week's end. Gold priced in dollars becomes cheaper for holders of other currencies, and lower energy prices reduce inflation concerns. According to the CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, Fed Governor, said that he hopes Jerome Powell stays on as governor for a limited time. Kevin Warsh will succeed Powell in the Fed leadership role, pending a Senate vote. The data showed that U.S. unemployment increased more than anticipated?in April. Gold extended gains briefly after the data. The gold demand in India this week was muted, as the price recovery? prompted buyers to delay purchases. Meanwhile, premiums for China remained stable on the safe-haven?demand. Spot silver increased 2.1%, to $80.09 per ounce. Platinum gained 0.6%, to $2.034.80. Both are on track for gains this week. Palladium was down 3% on the week, falling 0.3% to $1476.04. Reporting by Ashitha shivaprasad, Bengaluru Editing Rod Nickel
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Investors digest US job growth and chipmaker earnings, as well as elevated oil prices.
On Friday, global equities were mixed as new U.S. job data showed growth in the U.S. market. However, consumer sentiment was down and oil prices continued to rise due to ongoing fighting near Strait of Hormuz. European stocks fell, but the S&P 500 gained 0.8% and the Nasdaq Composite jumped 1.4%. The Dow Jones Industrial Average remained largely unchanged. Chipmakers, such as Qualcomm, recovered. Qualcomm was up around 10% while Nvidia rose 2.3%. The price of oil rose again on the Friday following renewed fighting in the Strait of Hormuz, which raised doubts about the ceasefire agreement between Iran and the United States. Benchmark Brent crude futures rose last by 1.3%, to about $101 per barrel. U.S. employment rose more than expected in the month of April, while the unemployment rate remained at 4.3%. This indicates that the labor market is resilient and reinforces expectations that Federal Reserve will leave interest rates unchanged. Ellen Zentner is the Chief Economic Strategist at Morgan Stanley Wealth Management. She said, "More strong jobs data leaves the Fed where they've been for quite some time - waiting and watching, focused on its inflation mandate." Rate cuts are not on the horizon in the near future, but the lack of inflationary concerns in the report today should calm some of the talk about a possible hike. A survey released on Friday showed that U.S. consumer sentiment fell to a new low in May due to higher gasoline prices, which impacted household finances and purchasing ability. MIDDLE-EAST CLASHES The U.S., Iran and the UAE exchanged fire on the Gulf. This was a test of a ceasefire that had been in place for a month. Investors were left uncertain as both sides downplayed the situation. Jan von Gerich is the chief analyst of Nordea. But it's unlikely that there will be an agreement. "I still believe there will be disruptions along the Strait of Hormuz for a long time, and that it won't get resolved anytime soon." European stocks fell. The STOXX 600 index was down by 0.77%. Asian equities fell from recent highs, but remained on course for a strong week, boosted by the revenue and spending plans of U.S. AI Hyperscalers that have boosted chipmakers in the region. MSCI's broadest Asian share index outside Japan dropped 0.8%. However, South Korea's 'KOSPI' rose 0.1%. This brought its weekly gain up to 13.5% – its highest since 2008. This week, Taiwan's benchmark index rose 7% and Japan's Nikkei gained 5.4%. A DOLLAR INCH LOWER Sources familiar with the matter said that Japan intervened on currency markets to stop yen's slide in early May. The dollar fell 0.17% last week to 156.64yen and was heading for a second consecutive weekly decline against Japan's currency. The dollar's gains above 155 yen have been difficult to maintain after suspected interventions totaling?nearly?70 billion dollars since last Thursday. The euro was last trading at $1.177 while the Chinese yuan, Asia's most successful currency since war broke out, is hovering around 6.8 to 1 dollar. This is close to its highest level since 2023. The pound, and UK government bonds rose on Friday as British Prime Minister Keir starmer announced he would not step down despite the bruising defeats suffered by his Labour Party during local elections. A U.S. Trade Court ruled that President Donald Trump's 10% temporary global duty is unjustified by a 1970s trade act. Analysts expect an appeal to be filed quickly and that the overall impact of U.S. levies will be minimal. Treasury yields fell slightly on Friday. The benchmark 10-year rate was 4.364%. This is a 3 basis point decrease. Bitcoin was edging towards its sixth consecutive weekly gain at $79 679. (Reporting from Lawrence Delevingne, Samuel Indyk and Tom Westbrook respectively in Boston, London and Singapore. Elaine Hardcastle and Mark Potter edited by Toby Chopra, Nick Zieminski, Toby Chopra, and Nick Zieminski.
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Neoenergia, a subsidiary of Iberdrola, will invest $10 billion to improve power distribution in Brazil
Neoenergia, a 'Brazilian division of Spain's Iberdrola plans to invest a total of 50 billion reais (about $10 billion) into its five power distribution companies by 2030, as it seeks to expand the sector. CEO Eduardo Capelastegui confirmed this. The new investment plan is backed by a 82% increase in the investment plan compared to the previous five-year period. It also includes the renewal of four distributor concessions for another thirty years. Capelastegui said that the focus would be on "expanding grids infrastructure", connecting more customers, and modernizing networks in order to increase resilience during more frequent extreme weather events. He said that distribution networks were critical for Brazil's energy transformation, as they enabled electrification, integration of renewable power, and growth in such areas as data centers, green hydrogen, and other technologies. Neoenergia may pursue acquisitions, if assets are available, said he, adding that Iberdrola views Brazil as its main emerging market. Iberdrola and Italy's Enel were involved in a dispute in 2018 regarding the purchase of a distributor, Eletropaulo. Now Enel Sao Paulo is facing legal proceedings that may lead to the loss of their?concession. This has fueled speculation that Enel will eventually divest this asset. Once about 20 distribution concessions have been renewed, it is expected that other divestment deals will be available this year. $1 = 4.8928 Reais (Reporting and writing by Leticia Ficuchima, Editing by Emelia Matarise).
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Wall Street cheers US job growth and chipmaker earnings by ignoring the high price of oil
Investors sent U.S. stock prices higher on Friday as new data showed strong job growth in the U.S., even though oil prices continued to rise due to ongoing fighting near Strait of Hormuz. The Dow Jones Industrial Average grew by 0.21%. The S&P 500 added 0.5% and the Nasdaq Composite rose 0.8%. Microchip Technology, which had forecasted first-quarter revenues above expectations, rose 1.4%. Qualcomm jumped about 4% while Nvidia grew 2%. The oil prices retreated from their early gains, after a new round of fighting in the Strait of Hormuz raised concerns about the ceasefire agreement between Iran and the United States. Benchmark Brent crude futures last moved a little higher to $100.24 per barrel. U.S. employment increased in April more than anticipated, while the unemployment rate remained at 4,3%. This indicates that labor markets are resilient and reinforces expectations that the Federal Reserve will leave interest rates unchanged. Ellen Zentner is the Chief Economic Strategist at Morgan Stanley Wealth Management. She said, "More strong jobs data leaves Fed where it has been for some time - watching and awaiting, focused on its?inflation mandate." Rate cuts are not on the horizon in the near future, but the lack of inflationary concerns in the report today should quieten some of the talk about a possible hike. MIDDLE-EAST CLASHES The U.S., Iran and UAE exchanged fire on the Gulf. This was a test of a ceasefire that had been in place for a month. Investors are left uncertain as both sides downplayed the situation. The market is taking advantage of every opportunity to put a quick stop to the war, said Jan von Gerich, Nordea's chief analyst. "But it appears unlikely that there will be an agreement. I think that there will be more disruptions along the Strait of Hormuz for a long time, and they won't be resolved anytime soon. European stocks fell. The STOXX 600 index for the entire continent was down 0.5%. Asian equities fell from recent highs, but remained on course for a strong week, supported by the revenue and spending plans of U.S. AI Hyperscalers that have boosted chipmakers in the region. MSCI's broadest Asian share index outside Japan dropped 0.8%. However, South Korea's KOSPI rose 0.1% and its weekly gain reached more than 135% - the largest since '2008 - thanks to rallies at Samsung and SK Hynix. This week, Taiwan's benchmark index rose 7% and Japan's Nikkei gained 5.4%. A DOLLAR INCH LOWER Sources familiar with the situation said that the dollar was edging lower, and headed for a second consecutive weekly decline. The yen, however, remained the focus of attention after Japan intervened in the currency markets to stop its slide in early May. The dollar last fell 0.26%, to 156.5 yen. It was heading for a second consecutive weekly decline against Japan's currency. The dollar's gains above 155 yen have been difficult to maintain after suspected interventions totaling nearly $70 billion in the last week. The euro was last trading at $1.178 while the Chinese yuan, Asia's best-performing currency, is hovering around 6.8 per dollar. This is close to its highest since 2023. The British pound and UK government bonds rose on Friday, after British Prime Minister Keir starmer announced that he would not be resigning despite the devastating losses suffered by his Labour Party during local elections. TARIFFS The U.S. Trade Court ruled that President Donald Trump’s?latest 10% global temporary duties are unjustified by a '1970s trade act. Analysts expect an appeal to be filed quickly and that the overall impact on U.S. levy will be minimal. Treasury yields rose in tandem with crude oil prices on Thursday, as traders fretted about inflation. However, they did not change much on Friday. The benchmark 10-year yield was 4.354% and down 4 basis points. Bitcoin is heading towards its sixth consecutive weekly gain at $79660. (Reporting from Lawrence Delevingne, Samuel Indyk and Tom Westbrook respectively in Boston, London and Singapore. Elaine Hardcastle and Mark Potter edited the story. Topra Chopra was also involved in editing.
Maryland lawmakers are waiting for answers about jet fuel spill at an air base
The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base.
Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred.
About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek.
The delegation, with the exception of Republican Congressman Andy Harris said that the Air Force initially did not disclose the full extent and scope of the spillage, but only weeks after it occurred.
In a Friday statement, Democratic Senator Chris Van Hollen stated that "their failure to contain the spill immediately is unacceptable by itself. But their lack of transparency has made matters worse. They denied the Maryland Department of the Environment the chance to implement containment methods that could have reduced the damage."
The Air Force stated that the Air Force secretary would directly respond to lawmakers.
The base responded to the fuel spill on Friday after personnel "discovered fuel odors" and noticed a sheen in Piscataway Creek, March 23, 2026.
"Mitigation Measures are in place to prevent further migration and contain the release, while the spill investigation and treatment is underway. The installation is working closely with the environmental authorities to take all necessary steps to protect nearby waterways and eco-systems, according to the base.
The lawmakers wrote to Air Force Sec. Troy Meink informing him that Joint Base Andrews did not reveal the full extent?of the spill until April 8, more than two weeks after announcing the state of the event.
Next week, Defense Secretary Pete Hegseth will testify before House and Senate appropriations committees. He is expected to answer questions about the spill.
The spilled oil is the latest environmental incident to affect the Potomac Watershed. In January, an enormous DC Water sewer line burst in Montgomery County, Maryland near the C&O Canal, contaminating the river with raw sewage.
Potomac Conservancy stated that the river is also susceptible to pollution due to the rapid construction of data centers around the D.C. metropolitan area.
The environmental group stated that the incident is part of an ongoing pattern of infrastructure failures, and pollution events which continue to pose a threat to the health of the Potomac River.
(source: Reuters)