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SpaceX's Starship Test Strengthens IPO Case, but Obstacles Remain
SpaceX's Starship launch, which was upgraded on Friday, made enough progress to maintain the momentum behind?Elon Musk’s $1.75 trillion IPO. However Musk warned that the rocket's full reusability is still a work-in-progress. Starship is crucial?to lowering SpaceX’s launch costs, expanding Starlink’s?satellite?business - its main cash generator - and supporting future endeavors such as space-based computing and deployment of orbital AI-data-center satellites, and possibly human missions to Mars and the moon. "SpaceX didn't need perfection in this Starship flight. Mark Vena CEO of SmartTech Research said that it needed to show that the upgraded vehicle was moving in the right directions. The company spent over $15 billion on developing what they hope will be a rocket that can carry far greater payloads than current launch systems. SpaceX's first V3-iteration Starship test flight, its 12th since 2023 and first Starship prototype, was a success on all counts. The spacecraft was splashed down in the Indian Ocean after a series of mock satellites were deployed. It failed to land the Super Heavy booster in a controlled manner, and it fell into the Gulf of Mexico. Vena says that even an "imperfect" test can be used to strengthen the case for investment if it shows measurable progress towards full reusability. Analysts and investors are bullish about the IPO. They believe that Musk will fulfill the high-risk promises he made in SpaceX’s IPO filing. Musk is known for turning engineering?bets involving high risk into dominant businesses. James Bruegger said that full reusability was the key to lowering launch costs. "That's the real value." The company has itself warned that delays in the development of satellites or AI infrastructure could be hindered by rising costs. This is in line with concerns raised by some investors who are concerned that Starship may get stuck in a loop of fixing and new failures without ever proving a complete working system. The Starship launch reduced the risk of the Starship being stuck in a loop. It doesn't eliminate all execution risk, said Jesse Nacht a MarketVector Indexes research associate. "Unless there was a major catastrophe, I do not think expectations would be changed too much." 'LUKEWARM SUCCESS' Antoine Grenier is the partner and head space consulting at Analysys Mason. He said that "lukewarm" success was a positive outcome and perhaps?the best. He said that "total failure would've been problematic. Total success would've sparked a lot of excitement for the IPO." Grenier said that the seven-month gap since the last flight meant that SpaceX had to launch before its IPO, because failing to do so "would have raised further questions" for investors evaluating SpaceX's execution rate. The roadshow for this highly anticipated IPO will take place on June 4. If successful, it could raise up to $80 billion - the largest ever offering. Investors increasingly evaluate SpaceX as more than a satellite launcher and provider of future AI infrastructure. Musk defended xAI's trajectory on Tuesday, noting that the company, which is only three years old, is still at its infancy compared with rivals OpenAI or?Anthropic. He also said its models would be "great." Analysts say that SpaceX is still a long way from proving Starship's ability to operate economically and reliably at scale. SpaceX must demonstrate successful launches, payload deployments, orbits, and landings of the booster and vehicle before it can deploy the system on a large scale for the construction of a megaconstellation orbital data centres, said Austin Moeller.
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Maguire: Early heatwave in Asia signals potential summer pressure on coal and gas
The temperatures in many Asian cities are above normal, prompting the use of air conditioners that consume a lot of energy. This is weeks ahead of the usual peak of summer temperatures across the region. Data compiled by LSEG show that temperatures in China, Japan and India,?South Korea, and Southeast Asia are well above long-term averages and will remain so for several weeks. This prolonged period of hot weather is likely to cause a surge in the use of air conditioners, which will put a 'extra strain' on power generators who are responsible for supplying electricity. In order to ensure that power is available around the clock, utilities in Asia will have to increase their use of coal- and gas-fired plants. This will cause a drawdown of coal and natural gas stocks, which will then need to be replenished when summer arrives. The increased competition between Asian utilities for fuels that generate electricity could spark a new strength on the global coal and natural gas markets. These markets have been already roiled due to the U.S./Israeli conflict with Iran, and the resulting disruption of shipping through the Strait of Hormuz. HEATING UP Even though the northern hemisphere's official summer begins on June 1, millions of households in Asia already experience temperatures that are well above normal. LSEG data show that since the middle of May the average temperature readings for Seoul, South Korea have been around 13% higher than the long-term mean. This has prompted "extreme heat alerts" by the Korea Meteorological Administration. These warnings are activated when the maximum daily perceived temperature exceeds 38 degrees Celsius (100,4 degrees Fahrenheit). Since mid-May, the temperatures in Shanghai have been around 12% higher than normal. In Tokyo, readings are around 10% higher on average. In India, extreme heat has also been recorded in several towns. These readings have prompted people to seek refuge in air-conditioned buildings and homes. Under Pressure Power firms are already under pressure as they struggle to meet the increased demand for electricity. The air-conditioning system is notoriously energy-intensive. However, it has become more popular in South and Southeast Asia due to rising temperatures and high levels of humidity. According to the International Energy Agency, global air conditioning systems are expected to increase from 36% by 2022 to 60% in 2050. This is due to rapid?building-out' of living spaces across the hottest areas of Asia, Africa, and the Middle East. The surge in space cooling demand is likely to place an even greater strain on global power grids than the data centre boom. This is because the data centers are concentrated in regions that have more developed power systems and can accommodate more demand. Power firms in Asia are struggling to meet demand for homes and businesses due to the current heatwave. Authorities in Vietnam, India, and the Philippines have all issued recent warnings about power output. If the hot, humid weather continues into peak summer period, we can expect to hear more warnings about power outages and requests for a reduction in power usage. COAL-HEAVY POWER FOUNDATIONS Over half of Asia's power is still generated by fossil fuel plants, despite the rapid growth in solar and wind farm generation in recent years. In 2025, coal-fired power plants will generate around 52% Asia's electricity supplied by utilities and will "remain the backbone" of the region's energy system for the near future. Around 10% of Asia's power is generated by natural gas plants. This share was expected to grow in the future, particularly in wealthy economies where coal plants will be shut down. The volatility of natural gas prices and the supply of liquefied gas (LNG), in recent years, has caused a slowdown in the development of gas-fired power plants. This means that coal will continue to?bear the brunt' of Asia's energy needs, at least in the short term. This means that a rise in coal imports from Asian utilities is to be expected as we approach the summer peak months. This should increase coal prices and further pressure global and regional energy costs. In Asia, there will also be an increase in demand for LNG and natural gas, particularly where there are few alternatives to power and where the power consumption is expected to continue to rise due to temperatures above average. This means that the hot spells expected in Asia this summer could further tighten the global coal and gas market, and intensify the energy shocks caused by the U.S.-Israeli war on Iran. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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China's CNOOC begins full production at Bohai Kenli Oilfield
China's CNOOC announced on Wednesday it had commenced full production at the?Kenli 10-2/Phase I oilfield in the southern Bohai sea, off northern China. The output was over 20,440 barrels per day. China's largest offshore 'oil producer' started producing heavy oil at the Kenli 10-2-oilfield in July 2025. The 'rapid completion' and 'commissioning' of other key projects such as Bozhong26-6 helped Bohai Oilfield achieve a cumulative oil and equivalent production output exceeding 40 million metric tonnes. Kenli 10-2 has an average water depth of?20 meters (65.62 feet) and?proven?geological reserves? exceeding 100 million metric tons. The project includes a central platform, two unmanned platforms for drilling wells and plans to drill 79 development wells. CNOOC is the operator and holds a 100% share in the project.
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Bloomberg News reports that China has stalled Airbus approvals in order to put pressure on Europe for home-made Chinese jets.
Bloomberg News reported that China had'stopped the approval of Airbus delivery to show 'impatience at European regulators who were delaying certification for Chinese-made COMAC planes. Reports cite people with knowledge of the situation as saying that the 'Civil Aviation Authority of China (CAAC)' has been delaying the final approval for Airbus jets entering the country and being put into service. Airbus has delivered the fewest commercial aircraft in the first quarter of the year since 2009. Chief Executive Guillaume Faury said last month that the delay was caused by a "administrative issue" which held up nearly 20 aircraft bound for China. Faury stated on Airbus's earnings call on April 28, that the problem had been resolved. The undelivered aircraft would be delivered in the second quarter, on top of the regular deliveries made during the quarter. Thomas Toepfer, Chief Financial Officer, said on the same call, that Airbus built up inventory of around EUR5 billion ($5.82billion) in the quarter. This was significantly higher than the previous year. The main reason for this was the China delivery stoppage. Thomas Toepfer, Chief Financial Officer of Airbus, said on the same call that Airbus had built up around EUR5 billion ($5.82 billion) in inventory during the quarter. The China delivery halt was the main driver. In January, it was reported that the European aviation safety regulator EASA conducted test flights in order to evaluate COMAC's C919 jet. This would have allowed the Chinese planemaker the opportunity to "market" the jet to Western airlines. As of now, European and Western carriers are unable to fly COMAC's jets. COMAC would benefit from EASA certification as the C919 is directly competing with Airbus A320s and Boeing 737s in the largest aircraft market segment. Airbus, EASA and Comac didn't?immediately reply to a?request for comment. Could not verify the report immediately.
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Bousso: The board of ROI-BP snatches victory from the jaws.
The abrupt ouster?of BP chairman Albert Manifold based on allegations of misconduct, less than eight month after he assumed office?throws the British energy company into its second scandal in leadership in less than three year. These repeated leadership failures indicate that BP's Board is?quickly turning into a liability. Sources close to the board claim that his departure was due to 'aggressive conduct towards BP employees, which became public after a 'whistleblower report. Manifold was hired by the board to oversee the strategic transformation of the company and restore investor confidence after a disastrous venture into renewables in 2020 under the former CEO Bernard Looney, and Manifold’s predecessor Helge Lund. Looney was terminated in 2023 when it was discovered that he was having affairs with his colleagues. Lund departed after shareholder support plummeted. Former head of construction company expected to bring hard-nosed business approach - and did so. Manifold made his presence known immediately. The first was a change in leadership. Auchincloss, who had joined BP two months earlier, was replaced in December by Meg O'Neill. She was an outsider, and the first female to head a major oil firm. In February, a few weeks before O’Neill's appointment, BP suspended their share buyback program, giving them the breathing space they needed to reduce their debt. Investors viewed the two actions as proof that BP - and 'Manifold' - had clear intentions. The rise in oil prices following the'start of the Iran War' has further boosted BP. Its profits for the first three-month period of this year have more than doubled from a year ago, reaching $3.2 billion – the highest level since 2023. BP today is in a much better position from an operational perspective than it was a couple of years ago. Manifold's sudden departure will not change BP's strategy or its executive leadership. The board of directors will be the focus now. DIFFICULT QUESTIONS Manifold, who has only been at the company for a little over a year now, is still being questioned about the board culture. This was brought to light by Looney's abrupt departure and the strategic mistakes made by the firm. In recent months, Manifold restructured and trimmed the board and brought in oil and gas executives with experience to address these concerns. Manifold stated in March that the changes would allow for "faster decision-making and a sharper oversight, both of which will be critical to driving long term shareholder value." Today, the words are hollow. The board announced Manifold’s appointment in July after a "rigorous and comprehensive global search." Amanda Blanc, a senior independent director on the board at the time, said that Albert's relentless focus is well-suited to the needs of bp now and in the future. In BP’s statement of Tuesday,?Blanc acknowledged that Manifold helped bring "a welcomed focus" to BP’s transformation. However, he said the board was "surprised" and "disappointed" to hear about?Manifold’s "governance and conduct issues which it deems acceptable and has taken definite action." BP's shareholders and staff are right to ask questions about prior due diligence, and any assurances regarding the selection process for the future chair and other senior appointments. BP is transforming its culture and strategy. Unreliable boards could make an already difficult challenge near impossible. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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NTSB asks FAA to revise safety assessments of runways during heavy rain
The U.S. National Transportation Safety Board called on the Federal Aviation Administration on Tuesday to revise its assessment of runway conditions during heavy rain, citing safety risks that airplanes could skid off the runway. These recommendations are the result of NTSB investigations into 11 runway overrun incidents and accidents that occurred from 2008 to 2022 after landing on wet runways. The NTSB asked the FAA for a reform of the so-called?Runway Condition Assessment Matrix? that uses a 6-point scale to assess the condition of paved runways. The board cited a 2019 runway overrun by a Boeing 737 at Jacksonville, Florida due, in part, to "an extreme lack of braking friction caused by heavy rain and water depth on the nongrooved 'runway which resulted viscous hydrplaning." In the incident of 2019, a Boeing chartered by the U.S. Military was returning from Naval Station Guantanamo Bay, Cuba, with 142 passengers on board, when it slid off the 9,000-ft (2743-m-long) runway of Naval Air Station Jacksonville. No serious injuries were reported. The?NTSB recommended that the FAA also issue new rainfall intensity descriptions for aviation weather reports in order to identify rainfall intensities above the?current threshold of heavy rain of 0.3 inch (7.62mm) per hour. The FAA stated that it takes the recommendations of the NTSB seriously and will consider them carefully. The FAA encourages all airports to "report" wet runway conditions. NTSB stated that the calculations of wheel braking friction for wet runways could be significantly less than those provided by FAA assessments due to limitations with the factors considered. The NTSB stated that landing distances on wet airport runways calculated by the FAA model can "underpredict actual landing distances, increasing the risk of runway overrun." (Reporting and editing by Jamie Freed; David Shepardson)
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UKMTO: Crew safe after tanker reports external explosion near Oman coast
United Kingdom Maritime Trade Operations?said Tuesday that a vessel reported an external blast on its port side, near the waterline 60 nautical miles from the capital of Oman, Muscat. UKMTO stated that the Olympic Life and its crew are safe. However, the tanker reported that some bunker fuel was discharged into the sea. The cause of the incident is unknown. MarineTraffic?vessel tracking data shows that the Greek-owned Very Large Crude Carrier?was not carrying any cargo when it passed Muscat?at 0700 GMT. Springfield Shipping, the ship's technical director, confirmed that an unknown object struck the vessel at around 0920 GMT, but it remained operational and stable. Initial assessment revealed that one of the vessel's bunker tank was damaged. "A sheen was observed?in water?after incident," the statement said, adding that spill had been contained. According to the website of the?Onassis Foundation, the vessel is owned by Athens' Olympic Shipping & Management. It is the successor company to Olympic Management, founded?by the late shipping magnate, Aristotle?Onassis.
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US Space Force awards SpaceX $2.29 Billion contract for military satellite data network
SpaceX has been awarded a $2.29billion contract by the U.S. 'Space Force' to build a high-speed, secure satcom network that will 'connect military sensors, weapons platforms and communications across the globe. The Space Data Network Backbone is covered by the non-traditional fixed-price contracting agreement. This resilient network architecture provides high-capacity, low-latency data transport for the military. Space Force has said that the vendor will have to deliver a fully functional prototype capability by 2027. The SDN, among other things, will be responsible for providing the communications pathways to integrate and move data from missile warning and tracking sensors to interceptors near real time. This capability is seen as a foundational part of the Golden Dome missile defence initiative by the Trump administration. Space Force Colonel Ryan Frazier said, "The SDN Backbone combines the best commercial innovation with a solid foundation for SDN missions -- a huge advantage and enabler for our warfighters." Pentagon: The SDN 'Backbone' is a proliferation of low earth orbit (pLEO), satellite constellations that will expand a mesh to deliver worldwide communication services. The SDN?Backbone will work with the Space Development Agency Transport Layer to form an unified architecture that provides critical data transport for Department of Defense missions. The Space Force has said that it plans to identify additional contractors over the summer for satellite construction and network elements. (Reporting and editing by Mark Porter and Rod Nickel in Washington.
French and Benelux stocks - Factors to watch for on May 27
Here are some company news stories and updates from France and Benelux that could impact the markets in these regions or specific stocks.
CMA CGM
The French shipping company 'CMA CGM' has taken delivery of its largest container -ship, the 'CMA CGM Notre Dame. This is the first in a series of 10 vessels that will be delivered to and deployed along maritime routes from 2026-2028.
Eramet:
Simon Henochsberg, a former Abel Martins Alexandre, has been appointed Chief Financial Officer of Eramet, effective May 26, 2026.
Eurazeo:
Eurazeo, a French investment company, invested in Babylon, an?French operator? of aparthotels. The firm plans to support Babylon's expansion, and triple its portfolio size by 2030.
Figeac Aero SARL:
Figeac Aero, a French aerospace parts manufacturer, has extended its partnership with a U.S. client through a multimillion-dollar agreement?to manufacture wing spars for a civil airplane. Production will begin in the second half the current financial period at its Wichita location.
Icade:
The French real estate company Icade has renewed a nine-year office lease with an insurance company in Nanterre.
ID Logistics
French logistics company ID Logistics has announced that it will be taking over three new operations in the U.S. Southeast, including sites in Rome, Ellijay and Greenwood, South Carolina. This brings its total of 56 U.S. locations to more than 20 million square foot.
Pan-European market ?data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ ?STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European ?pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones............... Wall ?Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
(source: Reuters)