{"id":62442,"date":"2026-05-28T05:38:29","date_gmt":"2026-05-28T09:38:29","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/"},"modified":"2026-05-28T05:38:29","modified_gmt":"2026-05-28T09:38:29","slug":"global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/","title":{"rendered":"Global Markets: SpaceX Secures $2.3B Space Force Deal as CIBC Beats Earnings and Divests Caribbean Unit"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#SpaceX_Lands_Landmark_Defense_Contract\" >SpaceX Lands Landmark Defense Contract<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#CIBC_Beats_Estimates_Divests_Caribbean_Interest\" >CIBC Beats Estimates, Divests Caribbean Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#EU_Energy_Crisis_Jet_Fuel_Warnings_and_Gas_Interventions\" >EU Energy Crisis: Jet Fuel Warnings and Gas Interventions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#Geopolitical_Shifts_in_the_Americas_and_Europe\" >Geopolitical Shifts in the Americas and Europe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-spacex-secures-2-3b-space-force-deal-as-cibc-beats-earnings-and-divests-caribbean-unit\/62442\/#Macroeconomic_Outlook_USD_and_Eurozone_Trends\" >Macroeconomic Outlook: USD and Eurozone Trends<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>SpaceX<\/strong> secured a massive <strong>$2.29 billion<\/strong> contract from the <strong>U.S. Space Force<\/strong> to build the <strong>Space Data Network (SDN) Backbone<\/strong>, a critical component of the &quot;Golden Dome&quot; missile defense initiative.<\/li>\n<li><strong>CIBC (<a href=\"\/stock\/CM\">CM<\/a>)<\/strong> reported a second-quarter adjusted EPS of <strong>C$2.54<\/strong>, beating analyst estimates of <strong>C$2.42<\/strong>, and announced the sale of its <strong>91.67% interest<\/strong> in <strong>CIBC Caribbean<\/strong> for <strong>$1.6 billion<\/strong>.<\/li>\n<li>The <strong>European Union<\/strong> warned of a &quot;systemic jet fuel shortage&quot; within weeks if the <strong>Strait of Hormuz<\/strong> remains effectively closed, as fuel prices have already doubled.<\/li>\n<li><strong>South Korea\u2019s National Pension Service (NPS)<\/strong> hiked its domestic stock weight target to <strong>20.8%<\/strong> from <strong>14.9%<\/strong> to prevent a forced <strong>$100 billion<\/strong> sell-off following a record <strong>KOSPI<\/strong> rally.<\/li>\n<li><strong>Eurozone Economic Confidence<\/strong> edged up to <strong>93.5<\/strong> in May, while <strong>Consumer Confidence<\/strong> remained stagnant at <strong>-19.0<\/strong>, reflecting ongoing concerns over Middle East tensions.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"SpaceX_Lands_Landmark_Defense_Contract\"><\/span>SpaceX Lands Landmark Defense Contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>SpaceX<\/strong> has been awarded a <strong>$2.29 billion<\/strong> fixed-price contract by the <strong>U.S. Space Force<\/strong> to develop the <strong>Space Data Network (SDN) Backbone<\/strong>. This high-speed satellite communications network is designed to provide low-latency data transport for the military, connecting sensors and shooters globally.<\/p>\n<p>The project is a cornerstone of the <strong>Trump administration&#39;s<\/strong> &quot;Golden Dome&quot; missile defense initiative, which aims to destroy incoming threats before they reach their targets. <strong>SpaceX<\/strong> is required to deliver a fully operational prototype of the network by the end of <strong>2027<\/strong>, further solidifying its role as a primary defense contractor ahead of its highly anticipated IPO.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CIBC_Beats_Estimates_Divests_Caribbean_Interest\"><\/span>CIBC Beats Estimates, Divests Caribbean Interest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Canadian Imperial Bank of Commerce (<a href=\"\/stock\/CM\">CM<\/a>) delivered a strong second-quarter performance, posting an adjusted EPS of <strong>C$2.54<\/strong>, surpassing the consensus estimate of <strong>C$2.42<\/strong>. The beat was driven by robust domestic lending and improved margins despite a volatile macroeconomic environment.<\/p>\n<p>Simultaneously, <strong>CIBC (<a href=\"\/stock\/CM\">CM<\/a>)<\/strong> announced a definitive agreement to sell its <strong>91.67% stake<\/strong> in <strong>CIBC Caribbean<\/strong> for <strong>$1.6 billion<\/strong>. The divestiture allows the bank to sharpen its focus on core North American operations while offloading a unit that had recently seen record transaction volumes but remained outside its primary strategic growth area.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"EU_Energy_Crisis_Jet_Fuel_Warnings_and_Gas_Interventions\"><\/span>EU Energy Crisis: Jet Fuel Warnings and Gas Interventions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>European Commission<\/strong> issued a stark warning that the <strong>EU<\/strong> faces a tighter jet fuel market in the coming weeks without an improvement in the <strong>Strait of Hormuz<\/strong> situation. Approximately <strong>20%<\/strong> of Europe\u2019s kerosene normally transits the strait, and the current blockade has already forced <strong>Lufthansa<\/strong> to slash <strong>20,000 flights<\/strong>.<\/p>\n<p>Despite the supply pressure on aviation fuel, <strong>EU member states<\/strong> have confirmed they do not plan additional interventions in the gas market at this time. <strong>Gas storage levels<\/strong> are expected to reach <strong>80%<\/strong> by the end of summer, which officials believe will be sufficient to secure supply for the <strong>2026\/27 winter season<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Shifts_in_the_Americas_and_Europe\"><\/span>Geopolitical Shifts in the Americas and Europe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>United States<\/strong> has reportedly begun war-gaming response plans for a possible collapse of the <strong>Cuban government<\/strong>, according to reports from <strong>Axios<\/strong>. This comes as the administration ramps up &quot;maximum pressure&quot; on Havana, citing intelligence that Cuba has acquired over <strong>300 military drones<\/strong> from Russia and Iran.<\/p>\n<p>In Central America, <strong>Guatemala<\/strong> has agreed to conduct joint strikes with the <strong>U.S. military<\/strong> against drug gangs within its territory. Meanwhile, on NATO\u2019s eastern flank, the <strong>German-Netherlands Corps<\/strong> will assume a leading command role in <strong>Estonia and Latvia<\/strong> to bolster defenses against Russian aggression.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Macroeconomic_Outlook_USD_and_Eurozone_Trends\"><\/span>Macroeconomic Outlook: USD and Eurozone Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>JPMorgan Asset Management (<a href=\"\/stock\/JPM\">JPM<\/a>)<\/strong> EMEA CEO <strong>Patrick Thomson<\/strong> warned that the <strong>U.S. Dollar<\/strong> is likely to weaken over the long term due to deteriorating <strong>U.S. fiscal dynamics<\/strong>. This bearish outlook comes as global investors weigh the impact of rising U.S. debt levels against a backdrop of shifting geopolitical alliances.<\/p>\n<p>In the <strong>Eurozone<\/strong>, May economic data showed a mixed recovery. While <strong>Services Confidence<\/strong> rose to <strong>2.2<\/strong> (beating estimates of 0.3), <strong>Industrial Confidence<\/strong> remained weak at <strong>-8.0<\/strong>. <strong>Consumer Confidence<\/strong> held steady at <strong>-19.0<\/strong>, as households remain cautious due to persistent inflation and regional conflict risks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways SpaceX secured a massive $2.29 billion contract from the U.S. Space Force to build the Space Data Network [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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