Key headlines from global financial media overnight and this morning include:

1. The United States has stated that Iran should provide a response by Friday regarding a proposed ceasefire plan. 2. U.S. mediation achieves breakthrough: Putin and Zelenskyy accept a three-day truce and prisoner exchange. 3. Intel and Apple reach an agreement for Intel to manufacture chips for some Apple devices. 4. Weekly surge of 38%! Micron Technology's market capitalization exceeds $840 billion as the memory chip boom enters a parabolic rise. 5. Following a U.S. trade court ruling that invalidated Trump's 10% global tariffs, the Justice Department files an appeal. 6. JPMorgan Chase warns that the risk of gasoline prices rising to $5 per gallon can no longer be ignored.

The United States has indicated that it expects Iran to respond soon to the latest proposal from President Donald Trump aimed at ending the conflict between the two nations. Overnight clashes have further threatened a month-long ceasefire. U.S. Secretary of State Rubio told reporters that Iran "should" provide an answer by Friday. Iran has not yet indicated whether it will accept the proposal issued by Trump on Wednesday. The plan suggests that Tehran reopen the Strait of Hormuz within the next month, in exchange for the U.S. ending its blockade of Iranian ports. Iranian Foreign Ministry spokesperson Esmail Baghaei stated to the semi-official Tasnim news agency that Tehran is "assessing" the proposal but did not provide a timeline. The one-page document implies that the war would end if Iran accepts, although a subsequent agreement on Iran's nuclear program would still be required.

Russia and Ukraine confirmed on Friday that they have agreed to a three-day ceasefire announced by U.S. President Donald Trump, lasting from May 9 to May 11. Trump's post on the Truth Social platform also stated that the two countries, which have been at war for over four years, will exchange 1,000 prisoners each. Trump stated that the Russia-Ukraine ceasefire would include a halt to all "kinetic activities" and the exchange of 1,000 prisoners by each side. He wrote: "This request was made directly by me, and I am very grateful for the agreement of President Vladimir Putin and President Volodymyr Zelenskyy. Hopefully, this is the beginning of the end of a very long, deadly, and difficult war." Trump added that negotiations to end the war are ongoing and "we are getting closer every day." Zelenskyy confirmed in a post that the truce is part of U.S.-brokered efforts, with humanitarian issues remaining a key priority. He wrote: "Therefore, within the framework of negotiations brokered by the U.S. side today, we have obtained Russia's agreement to conduct a prisoner exchange on a 1,000-for-1,000 basis."

According to informed sources, Apple and Intel have reached a preliminary agreement for Intel to manufacture chips for some Apple devices. The sources indicated that the two companies have engaged in intensive negotiations for over a year and finalized a formal agreement in recent months. It remains unclear which Apple products Intel will manufacture chips for. Apple ships over 200 million iPhones annually, along with millions of iPads and Mac computers.

Driven by the global memory chip shortage, Micron Technology's stock price surged this week, with ongoing optimism across the semiconductor sector propelling the stock higher. On Friday, Micron's stock rose over 15%, closing at $746.81. For the week, it gained nearly 38%, and over the past month, it has surged nearly 84%. This marks Micron's best weekly performance since December 2008, when its stock traded below $5 following the Great Recession. According to LSEG data, the company's market capitalization now exceeds $840 billion. Micron is not the only chip stock performing well. Advanced Micro Devices rose 26% this week, hitting a 52-week high on Friday, with a market cap exceeding $740 billion. Intel gained 25% this week and has more than doubled over the past month, with the CPU maker widely seen as making a strong comeback.

Following a U.S. Supreme Court decision months ago that overturned President Donald Trump's original tariff policy, a federal trade court has now ruled his 10% global tariffs unlawful, dealing another blow to the administration's economic agenda. At the U.S. Court of International Trade in Manhattan, a divided three-judge panel on Thursday granted a request from a group of plaintiffs to overturn the tariffs. The plaintiffs include over 20 predominantly Democrat-led states, in addition to small businesses. In February, Trump imposed the 10% tariffs under Section 122 of the Trade Act of 1974, marking the first time this provision has been invoked. The U.S. Department of Justice notified the trade court on Friday that it will appeal the ruling to the U.S. Court of Appeals for the Federal Circuit, which previously ruled against the Trump administration in an earlier tariff dispute.

JPMorgan Chase analysts stated that U.S. gasoline prices are likely to rise to $5 per gallon as refiners prioritize producing jet fuel over other products. Analysts led by Natasha Kaneva wrote in a report on Friday that in Asia, the region hardest hit by the energy crisis so far, the price shock from the Iran conflict is being felt more rapidly in refined products like jet fuel and diesel than in the crude oil market. If limited crude supply continues to reduce refinery utilization rates, fuel prices are more likely to become the "primary transmission channel for demand destruction" than crude prices. The analysts noted, "In this scenario, crude oil prices could stabilize around $100 per barrel, while refined product crack spreads widen significantly. The next phase of the shock may not be a typical crude price spike but rather resemble tightness in refinery and end-user fuel supply."