Last Week's Recap
1. NASDAQ +1.5% on Semis, but Consumer Sentiment Cracks Below 50: Weekly Wrap
Slowing down — U.S. indexes flattened after three straight weekly records. The NASDAQ rose 1.5% (semis-led), the S&P 500 edged up fractionally, and the Dow slipped slightly.
Energy shocks — Middle East tensions pushed U.S. crude to ~$95/bbl (from ~$83), though still well below the April 7 peak of ~$113.
Top-heavy earnings — The Magnificent Seven are expected to deliver Q1 EPS growth of 22.8% vs. just 10.1% for the rest of the S&P 500, per FactSet.
Growth tops value — Growth stocks outran value for a fourth straight week, gaining 16% over the stretch vs. 8% for value, narrowing value’s YTD lead.
Retail rebound — March retail sales surged 1.7% (fastest in 3+ years), but the jump was largely gasoline-driven; ex-gas, sales rose a modest 0.6%.
Weak sentiment — University of Michigan consumer sentiment fell to 49.8 in April, down sharply from February/March levels as energy prices spiked.
Yields climb — The 10-year Treasury yield rose to 4.30% (from 4.24%), though still below the March 27 high of 4.44%.
Fed ahead — CME FedWatch prices in a 99% probability the Fed holds rates steady at its April 29 meeting, extending since the Fed's last cut in late 2025.
2. The US Sectors & Stocks - Semis and Energy Infrastructure Lead the Charge
$S&P 500(.SPX)$: Mixed weekly results, flattening after three straight weekly gains. The NASDAQ rose 1.5%, lifted by a historic semi rally — the Philadelphia Semiconductor Index extended its record winning streak to 17–18 days. Blowout Q1 earnings from analog and logic chip giants, plus resurgent AI infrastructure demand, drove a broad re-rating across chipmakers and energy equipment names.
Industry leaders: Heavy Electrical Equipment (+13.24%) and NVIDIA Portfolio (+11.19%) led, with Oil & Gas Equipment & Services (+9.09%) also advancing as crude held near $95/bbl on Middle East supply concerns.
10 Popular Stocks:
$Advanced Micro Devices(AMD)$ +24.94% — 2026 EPS expected to grow 60% to $6.70 and data center revenue 60%+ annually, driven by the MI450 GPU launch and AI share gains.
$United Rentals(URI)$ +22.39% — Record Q1 revenue of $4B (+7% YoY); rental revenue +8.7% on infrastructure and nonresidential demand; full-year guidance raised to $16.9–$17.4B.
$Texas Instruments(TXN)$ +20.59% — Q1 EPS $1.68 vs. $1.37 estimate on $4.83B revenue; industrial revenue +30%+ YoY, data center +90% YoY; announced plans to acquire Silicon Labs.
$Intel(INTC)$ +20.50% — Q1 revenue of $13.6B and EPS of $0.29 demolished $0.01 consensus; CEO Lip-Bu Tan's turnaround, foundry separation, and 18A roadmap gained confidence.
$ON Semiconductor(ON)$ +18.54% — Rode the SOX's 17-day winning streak as auto and industrial power semi demand held up ahead of its own Q1 report.
$Baker Hughes(BKR)$ +15.32% — Oil & Gas Equipment & Services sector +9.09% on elevated crude and Middle East risk lifted the oilfield services giant on improved upstream capex visibility.
$GE Vernova Inc.(GEV)$ +14.60% — Added $13B to backlog in Q1, with AI data center demand pushing slot reservation agreements to 56 GW from 43 GW; 2027 backlog target raised to $200B.
$Microchip Technology(MCHP)$ +13.56% — Susquehanna raised PT to $95; new dsPIC33A controllers deepen AI data center power exposure; 10-year Everspin deal supports specialty memory revenue.
$Steel Dynamics(STLD)$ +13.21% — Q1 revenue $5.2B on record steel volumes and pricing; aluminum platform near EBITDA breakeven, helped by tariff tailwinds and data center construction.
$NXP Semiconductors NV(NXPI)$ +12.97% — Auto semi leader benefited from AI-driven sector rotation, with the NVIDIA Portfolio sector +11.19% signaling broad supply-chain re-rating.
3. Hong Kong Market — HSI Slips 0.7% as Energy, Semis, and State Banks Lead
$HSI(HSI)$ : Closed at 25,978.07 on Friday, down ~0.7% on the week as Middle East jitters and a softening tech outlook weighed on sentiment.
The $HSTECH(HSTECH)$ closing 4,902 (~–3.2%) as large-cap internet names softened, though domestic semis bucked the trend on AI self-reliance themes.
Industry leaders: HK Semiconductor Stocks (+11.85%) and Data Processing & Outsourced Services (+26.59%) led, fueled by DeepSeek's V4 launch and a global chip rally on TXN/INTC blowouts. Energy and banks also outperformed as investors rotated to high-dividend defensives.\
10 Popular Stocks:
$ICBC(01398)$ +3.27% — Tagged a Morgan Stanley "Defensive Stock" on its high-dividend, low-volatility profile, with NIMs stabilizing across major SOE banks.
$Coastal Financial Corp(CCB)$ +3.11% — Same defensive rotation; MS sees above-peer revenue and profit growth in 2026 on healthy fees and stable margins.
$PETROCHINA(00857)$ +5.99% — Crude near $95/bbl on US–Iran fears made oil & gas a rare bright spot and a safe-haven trade.
$CHINA SHENHUA(01088)$ +4.05% — Coal benefited from oil-driven substitution demand and Indonesia supply gaps; ~4.6% forward dividend yield drew yield hunters.
$Pacific State Bancorp(PSBC)$ +4.95% — In MS's defensive screen for low-beta, high-dividend traits; net profit growth turned positive in 4Q25 and continued into 1Q26.
$SMIC(00981)$ +8.34% — DeepSeek launched its V4 series on April 24 with deep Huawei Ascend compatibility, igniting enthusiasm for China's self-reliant AI compute ecosystem.
$WEICHAI POWER(02338)$ +12.83% — UBS notes raised 2026 diesel backup engine shipment forecast; the gas-turbine theme also surged after GEV reported Q1 orders +71% YoY and raised guidance.
$MONTAGE TECH(06809)$ +8.79% — SK Hynix's record earnings and a global semi price upcycle lifted memory names; the stock also rode the AH-share "hard tech" revaluation as H-shares narrowed their A-share discount.
$HUA HONG SEMI(01347)$ +19.45% — Domestic foundry soared alongside SMIC on DeepSeek-V4 compute demand; the broader HK semi sector +11.85% on AI infrastructure and import-substitution.
$YOFC(06869)$ +6.99% — AI data-center build-out supported fiber demand early in the week before the optical segment corrected Thursday on New Yi Sheng's Q1 miss, trimming gains.
4. Singapore Market — STI -1.5%, REITs, Energy, and Semis Buck the Drag
$Straits Times Index(STI.SI)$ : Closed at 4,930.16 on Friday, down ~1.4–1.5% on the week as Singapore banks weighed on fears that a prolonged Middle East conflict could hurt growth. REITs were a relative bright spot as bond yields moderated, while energy and semis bucked the trend on oil tailwinds and AI demand.
Industry leaders: REITs and Energy/Shipping led. REITs rallied as the 10-year Treasury yield eased from recent highs, improving the yield-spread narrative for CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, and Frasers Logistics & Commercial Trust.
10 Popular Stocks:
$SMIC HK SDR 5to1(HSMD.SI)$ +9.9% — The SGX-listed SMIC depository receipt surged alongside the global chip rally on TXN/INTC blowouts, with DeepSeek's V4 launch on April 24 further stoking China AI self-reliance sentiment.
$Frasers Property(TQ5.SI)$ +9.35% — Surged on first-half FY2026 guidance, while sponsor REITs Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust drew defensive inflows on moderating yields.
$First Resources(EB5.SI)$ +8.39% — The palm-oil producer benefited from Indonesian production cuts and rising biodiesel demand; cheap valuation (P/E 8.67) and ag-commodity exposure attracted defensive positioning.
$YZJ Shipbldg SGD(BS6.SI)$ +5.87% — Disclosed Q1 2026 contracts for 22 vessels worth ~US$0.98B on March 31, extending its record order book; Strait of Hormuz disruption added a multi-year tailwind by tightening global shipping capacity and accelerating newbuild demand.
$SS SPDR S&P500 USD(S27.SI)$ +5.76% — Tracked US benchmark strength as the S&P notched a third straight weekly gain and fresh record highs, lifting the ETF in SGD terms.
$UOL(U14.SI)$ +5.02% — JPMorgan upgraded to Overweight on April 20, raising PT to S$12 (from S$9.55) on improving residential sales and hospitality recovery; also broke out of a short-term falling trend.
$Kasikorn BK TH SDR1to1(TKKD.SI)$ +4.87% — Thailand's #2 bank reported Q1 2026 net profit of THB 14.67B and continues executing its K-Strategy 3+1 productivity plan, offering stable yield amid regional uncertainty.
$CapLand IntCom T(C38U.SI)$ +3.77% — Singapore's largest commercial REIT. It rallied last week on record Q1 property investment sales and a major S$1.5B land acquisition.
$DFIRG USD(D01.SI)$ +3.69% — The former Dairy Farm group (Cold Storage, Guardian) drew defensive inflows as investors sought shelter from STI volatility and geopolitical risk.
$PTTEP TH SDR 1to1(TPED.SI)$ +3.68% — The Thai upstream O&G producer rose with crude near $95/bbl on US–Iran ceasefire uncertainty and Strait of Hormuz fears.
5. Australian Market — XJO –1.8%, Defensives, Energy, and Infrastructure Shield the Market
$S&P/ASX 200(XJO.AU)$ : Closed at 8,786.50, down 1.8% on the week as Middle East jitters and a spike in the Aussie 10-year yield back above 5.0% weighed on banks and miners.
Industry leaders: Independent Power Producers & Energy Traders (+40.66%) and Commercial Printing (+28.57%) led the narrower sub-sector leaderboard.
10 Popular Stocks:
$JAMES HARDIE INDUSTRIES-CDI(JHX.AU)$ +10.13% — Continued its rebound from a March low of $26.10, up ~17% over recent weeks as investors turned cautiously optimistic on the oversold name. Q3 FY26 net sales +30%, EBITDA +26%, with AZEK synergies on track for $125M annually.
$SCENTRE GROUP(SCG.AU)$ +4.53% — Westfield operator's Q1 2026 update showed visitation +3.1% to 160M, portfolio sales +5.0% to $7.0B, occupancy 99.8%. Completed a $750M 6-year senior note issue and redeemed US$750M in 2030 bonds.
$WOOLWORTHS GROUP LTD(WOW.AU)$ +2.99% — Drew defensive inflows as the market sold off; Bell Potter maintained a buy with a $30.70 PT ahead of its Q3 FY26 sales update due April 30.
$TRANSURBAN GROUP(TCL.AU)$ +2.51% — March quarter daily traffic +3% YoY, led by Brisbane (+5.2%), Melbourne (+3.8%), and North America (+7.9%); CPI-linked pricing and visible cash flow offered a defensive haven amid stagflation fears.
$ORIGIN ENERGY LTD(ORG.AU)$ +2.41% — Utilities was the ASX 200's best sector Friday (+2.2%); Origin rose alongside AGL on tight oil supply, with dual defensive-income and energy-infrastructure appeal attracting risk-averse flows.
$SUNCORP GROUP LTD(SUN.AU)$ +2.16% — Announced a 5-year, A$2.4B aggregate reinsurance arrangement from June 30, 2026, with an A$800M annual cap and A$100M self-retention to stabilise earnings against natural hazard volatility.
$Vault Minerals Ltd(VAU.AU)$ +2.38% — The gold producer benefited from safe-haven demand on lingering geopolitical risk; operates the King of the Hills, Mount Monger, and Deflector projects in WA.
$WESFARMERS LTD(WES.AU)$ +1.85% — Bunnings-owner drew defensive buying after H1 FY26 statutory NPAT +9.3% and revenue of $24.2B, with Shaw and Partners highlighting its diversified revenue and disciplined capital allocation.
$COLES GROUP LTD(COL.AU)$ +2.31% — Caught defensive rotation flows; Goldman expects a FY26 fully franked dividend of 72c/share (~4.5% yield), with new-CEO execution on Witron and Ocado automation a key watchpoint.
$Block Inc(XYZ.AU)$ +2.13% — Payments giant (ASX ticker changed from SQ2 to XYZ in January 2025) attracted growth investors on renewed optimism around Cash App Card monetisation and US Square GPV acceleration.
$NEWS CORP - CLASS B- CDI(NWS.AU)$ +2.31% — ASX-listed CDIs edged higher; paid its semi-annual US$0.10/CDI dividend on April 8 at an FX rate of A$1.4302 per US$1.
The Week Ahead
1. Macro Factors： Apr. 27- May.1
Key Economic Data
• U.S. — Q1 GDP advance (+2.3% QoQ exp), PCE price index, core PCE (+2.6% YoY exp), personal income & spending, ISM manufacturing & services, ADP employment, nonfarm payrolls (+185K exp), unemployment rate (4.2% exp), JOLTS job openings, consumer confidence, durable goods orders
• Europe — Eurozone Q1 GDP, Germany Ifo business climate, France & Germany CPI, ECB meeting minutes, UK Q1 GDP, BoE credit conditions survey
• China — April NBS manufacturing PMI (50.1 exp), Caixin manufacturing PMI, April trade balance, FX reserves
Geopolitics & Macro
• Fed policy decision — Expected to hold rates at 4.25%–4.50%; focus on forward guidance and balance sheet runoff pace
• Japan — BoJ meeting; yen intervention risks if USD/JPY breaches 145
• Middle East — Gaza ceasefire negotiations ongoing; oil supply risk premium volatile
• IMF Spring Meetings — Global growth forecasts updated; debt sustainability warnings for emerging markets
2. Earnings Spotlight : MSFT | META | AMZN | GOOG | AAPL
🎯 Five Sectors to Watch
1️⃣ Big Tech: The AI Capex Verdict
Wednesday after-hours is the main event. Four mega-caps reporting within two hours will set the tone for AI infrastructure spending.
$Microsoft(MSFT)$ — FQ3 2026
Consensus: EPS $4.04 (+16.8% YoY), Revenue ~$80.7–$81.7B
Key Metric: Azure growth. Last quarter 39%; market wants 37–38%+ this quarter. AI Copilot enterprise attach rate and FY2026 Capex trajectory ($60B+?) are critical.
Catalyst: Any acceleration in Azure re-rates the entire cloud stack; deceleration hurts semis.
$Meta Platforms, Inc.(META)$ — Q1 2026
Consensus: EPS $5.21 (+10.6% YoY), Revenue $41.22B
Key Metrics: Ad revenue est. $54.36B; Reality Labs losses (~$5B/qtr); 2026 Capex guide $115–$135B (massive jump from $72.2B in 2025)
Key Question: When does this AI investment translate to monetization? Management commentary is everything.
$Amazon.com(AMZN)$ — Q1 2026
Company Guide: Revenue $173.5–$178.5B
Key Metrics: AWS growth & margin (~35% op margin last quarter); Advertising as consumer proxy; Q2 guidance for tariff/consumer impact
$Alphabet(GOOG)$ — Q1 2026
Consensus: EPS $2.01 (+6.4%), Revenue $75.53B
Key Metrics: Google Cloud $12.18B (+27.2% YoY); Search $50.29B; Gemini Enterprise paid users (+40% QoQ last quarter?); Wiz acquisition cloud contribution
$Apple(AAPL)$ — FQ2 2026
Consensus: EPS $1.91–$2.00 (+15.8–17%), Revenue $108.9–$113B
Key Metrics: Services $26.7B (~74% gross margin); Greater China $15.9B; tariff impact on supply chain costs; iPhone upgrade cycle health
2️⃣ Semiconductors & Hardware: The Second Derivative
$Qualcomm(QCOM)$ : Smartphone inventory + AI PC Snapdragon traction
$Texas Instruments(TXN)$ : Industrial/auto analog demand — a lagging cyclical indicator
$Western Digital(WDC)$ / $SanDisk Corp.(SNDK)$ : Storage cycle recovery; AI nearline demand durability
3️⃣ Healthcare: GLP-1 & Pipeline Value
$Eli Lilly(LLY)$ Zepbound/Mounjaro supply constraints easing? Revenue est. $8.81B (+56% YoY)
$AstraZeneca PLC(AZN)$ : Oncology/rare disease pipeline; revenue est. $14.74B
4️⃣ Fintech: Profitability Sustainability
$SoFi Technologies Inc.(SOFI)$ : Q1 EPS $0.12, Revenue ~$1.0B. First post-$1B-quarter test. Member growth & GAAP profitability sustainability are key
$Robinhood(HOOD)$ : Crypto trading volumes + gold/credit card new revenue streams
$Visa(V)$ / $MasterCard(MA)$ : Global payment volumes & cross-border travel — a real-time economic thermometer
5️⃣ Consumer & Platform Economy
$Coca-Cola(KO)$ : Emerging market volume & pricing power; EPS $0.81 (+11%)
$Spotify Technology S.A.(SPOT)$ : Subscriber net adds & podcast ad monetization
$Roblox Corporation(RBLX)$ : Bookings & user engagement — platform economy resilience gauge
Comments