Global markets navigated a mix of corporate restructuring, macroeconomic signals, and geopolitical tensions on Thursday, with Meta Platforms announcing fresh layoffs, Microsoft launching a large-scale buyout programme, KPMG cutting audit partners, US jobless claims edging higher, cryptocurrencies pulling back, and oil prices surging amid Strait of Hormuz tensions.
Meta, Microsoft, KPMG slash workforce amid AI push
Major corporations continued to recalibrate their workforce strategies as investment in artificial intelligence accelerates.
Meta Platforms said it plans to cut about 10% of its workforce, or roughly 8,000 employees, with layoffs scheduled for May 20.
The company will also leave around 6,000 open roles unfilled as it seeks to streamline operations and offset rising AI-related costs.
“We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making,” said Chief People Officer Janelle Gale.
The company has also encouraged employees to integrate AI tools into workflows, including coding and internal operations.
Meanwhile, Microsoft is offering voluntary retirement buyouts to around 7% of its US workforce, or approximately 8,750 employees. The programme applies to staff whose age and years of service total 70 or more.
“Our hope is that this program gives those eligible the choice to take that next step on their own terms, with generous company support,” wrote Amy Coleman.
The move comes as Microsoft ramps up spending on AI infrastructure, including data centres and cloud capabilities.
Separately, KPMG is cutting about 10% of its US audit partners after voluntary retirement programmes failed to achieve desired results. The firm said the move is part of a broader restructuring effort.
“This action is connected to a multiyear strategy to align the size, shape, and skills of our team to the power of our audit platform to best serve our clients and protect the capital markets,” KPMG said.
US jobless claims edge higher but labour market steady
US labour market data pointed to stability despite emerging risks.
Initial jobless claims rose by 6,000 to 214,000 for the week ended April 18, slightly above expectations. Despite the increase, layoffs remain limited, suggesting a relatively resilient labour market.
Continuing claims climbed to 1.821 million, indicating that unemployed workers may be taking longer to find jobs. Analysts describe the current environment as a “low hire-low fire” dynamic, with employers cautious on both hiring and layoffs.
The data comes against a backdrop of geopolitical uncertainty, including tensions involving Iran, which have disrupted trade routes and increased input costs.
However, there are no clear signs yet that these pressures have translated into widespread job losses.
Bitcoin slips as crypto market shows mixed signals
Cryptocurrency markets weakened on Thursday, with Bitcoin falling below the $80,000 level after briefly reaching its highest point since January.
Bitcoin declined about 1.3% to trade near $77,800, while Ethereum dropped to around $2,320. Other major tokens also saw losses, reflecting broader risk-off sentiment.
Derivatives data showed futures open interest easing slightly from recent highs, while negative funding rates indicate bearish positioning among leveraged traders.
Analysts described the current rally as a “most hated” advance, suggesting potential upside if short positions unwind.
Market participation remains uneven, with capital flowing out of several altcoins even as bitcoin attempts to break higher.
Oil prices surge as Strait of Hormuz tensions escalate
Crude oil prices jumped sharply as geopolitical tensions intensified in the Strait of Hormuz.
Brent crude rose more than 3% to settle at $105.07 per barrel, while West Texas Intermediate climbed to $95.85.
The surge follows reports of tanker seizures and escalating military rhetoric between the US and Iran.
Shipping activity through the strait has declined significantly, raising concerns about global supply disruptions.
President Donald Trump said the US has “total control” over the sea lane, while Iran continues to demand permission for vessels to pass.
Oil prices also rose on Thursday following a report from Israeli broadcaster N12 that Iran’s chief negotiator, Mohammad Bagher Ghalibaf, had resigned amid alleged interference from the country’s Revolutionary Guard.
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