Market highlights

1. Computerised trading firm XTX Markets has come from nowhere to dethrone major banks, including Deutsche Bank, in the rankings of the world's biggest spot currency traders. It is the fourth largest trader.

2. Royal Dutch Shell will cut 2,200 more jobs, taking the total tally of losses to 12,500 from 2015 to 2016 as the world's second-biggest oil company continues to adjust to the slump in prices.

3. Microsoft will cut as many as 1,850 jobs as chief executive officer Satya Nadella pares back the company's ambitions in smartphones. The firm will take a US$950 million (S$1.3 billion) impairment and restructuring charge

4. Oil extended its advance to near US$50 a barrel as weekly US industry data showed crude stockpiles declined, easing a glut. Futures rose as much as 1.7 per cent in after climbing 1.1 per cent on Tuesday.

5. Luxury jeweller Tiffany & Co reported its steepest sales drop in six quarters as the strong US dollar discourages tourists from buying its jewellery. Its first-quarter sales drop 7.4 per cent to US$891.3 million (S$1.2 billion).

A version of this article appeared in the print edition of The Straits Times on May 26, 2016, with the headline 'Market highlights'. Print Edition | Subscribe