Cross-Market Weekly Wrap: US Hits New Highs | HK Under Pressure | SG & AU Rally to Records

Last Week's Recap

1. Market Digest: S&P 500 & Dow Hit Records, Jobs Slump, Earnings Crush, Oil Pulls Back

• Record heights — $S&P 500(.SPX)$ surged 3.6%, $Dow Jones(.DJI)$ +3.0%, both to record highs. $NASDAQ(.IXIC)$ jumped 5.2% but remained 1.5% below its June peak.

• Jobs slump — July payrolls fell 23,000 (vs. ~90,000 gain expected); May/June revised down by 103,000 combined. Three-month average plunged to 20,000/month, a sharp turnaround from March's 214,000.

• Earnings juggernaut — Q2 S&P 500 net income expected to rise 50.4%, per FactSet—the strongest growth rate since Q2 2021 and up dramatically from 23.1% at end-June.

• Rate hike outlook — CME FedWatch: ~42% probability of a 25bp hike at mid-September meeting, 58% odds of no change (down from 67% hike probability a week earlier).

• Oil pullback — U.S. crude fell to ~$78 Friday, down from nearly $85 a week earlier and well below the $92+ briefly touched July 23, as Middle East tension-easing efforts continued.

• Volatility eases — VIX closed at 14.9 Friday, down from 20.7 on July 29—lowest in seven months.

• Rising mortgage rates — Average 30-year fixed rate rose for a fifth straight week to 6.69%, highest in just over a year, weighing on the housing market.

• CPI ahead — July CPI report due Wednesday; June headline was 3.5% (down from 4.2% in May), core at 2.6%.

2. U.S. Market — S&P 500 surges 3.58% to record as semiconductor and tech stocks explode higher

The $S&P 500(.SPX)$ index jumped 3.58% and closed at a fresh record high of 7,757.64, driven by a powerful rally across the semiconductor and technology complex. The $Dow Jones(.DJI)$ gained 0.28% to 54,036.93 and the $NASDAQ(.IXIC)$ surged 1.3% to 26,690.62, reflecting broad-based risk-on sentiment.

Sectors: General Merchandise Stores (+19.30%), Alternative Carriers (+18.68%), Solid State Battery (+16.28%), Africa Concept (+20.89%), and WallStreetBets (+26.14%) led the concept board on speculative momentum.

10 Popular Stocks:

• $NVIDIA(NVDA)$ +11.56% — The AI chip leader surged as Blackwell Ultra production ramps at "full speed" with "extraordinary" demand. CEO Jensen Huang highlighted that "the agentic AI inflection point has arrived" and Vera Rubin will extend NVIDIA's inference leadership. The company reported record FY2026 revenue of $215.9 billion (+65% YoY) with 75% gross margins, and returned $41.1 billion to shareholders via buybacks and dividends.

• $Microsoft(MSFT)$ +7.59% — The software giant rallied on strong cloud momentum and AI Copilot subscription growth. Q4 FY2026 revenue hit $90.0 billion with operating margin of 46.3%, while commercial RPO surged 99% to $627 billion.

• $SpaceX(SPCX)$ +22.83% — The space infrastructure company delivered a dramatic rebound after its prior-week crash. Tuesday's first public earnings beat on every line — revenue $7.81 billion (+92% YoY), Starlink subscribers doubling to 12 million — but $18.4 billion quarterly capex sent the stock down 13.6% Wednesday to an all-time low. Thursday's lock-up release of 911.5 million shares (more than doubling the float) saw the stock close up 6.14%, with Friday adding 15.83% to complete the stunning reversal.

• $Broadcom(AVGO)$ +9.88% — The chipmaker advanced on a reported $10 billion AI chip order from a fourth customer (speculated to be OpenAI) for custom XPUs. Q3 FY2026 AI revenue jumped 63% YoY to $5.2 billion, with the company raising Q4 guidance to $17.4 billion.

• $Meta Platforms, Inc.(META)$ +6.36% — The social media giant extended its momentum on AI advertising monetization. Q2 2026 ad revenue surged 27% YoY to $59.4 billion, with the new Meta Generative Recommender ranking system driving an 8.3% increase in ad clicks and 15.7% conversion uplift. Advantage+ passed a $75 billion annual run rate.

• $Tesla Motors(TSLA)$ +5.58% — The EV maker rebounded from its June low of $311 to $328.58, with the stock recovering as robotaxi fleet expansion and FSD progress reignited investor interest.

• $Micron Technology(MU)$ +6.63% — The memory maker bounced back from its prior-week -10.6% plunge as AI-driven HBM demand fundamentals remained intact. The stock has gained over 100% YTD despite recent volatility.

• $ASML Holding NV(ASML)$ +6.87% — The lithography equipment leader advanced on raised 2026 guidance (€36–40 billion revenue, 51–53% gross margin) and plans to ship 60 high-performance EUV machines in 2026 (+25% YoY). CEO Christophe Fouquet noted "demand for chips is outpacing supply" and customers are accelerating capacity expansion.

• $Intel(INTC)$ +12.69% — The semiconductor stalwart extended its parabolic 2026 run, gaining 10.84% in Tuesday's semiconductor reversal to close above $100 for the first time in the move. The stock is now up 175% YTD and 414% over twelve months, with Q1 2026 earnings (revenue $13.6B, EPS $0.29 vs. breakeven est) continuing to drive momentum.

• $SK hynix(SKHY)$ -4.05% — The HBM memory leader's ADR bucked the semi rally, continuing its post-IPO volatility. The stock has seen extreme swings since its July 10 Nasdaq debut, with a 120% implied volatility and 68% probability of closing in the $108.90–$190.49 range by August 21.

Performance is subjected to market volatility

3. Hong Kong Market — HSI dips 0.84% as banks and energy sell off, Alibaba bucks trend

$HSI(HSI)$: Shed 0.84% to 25,668.03, with heavy selling in banks, energy, and telecoms offsetting strength in Alibaba and Goldwind.

$HSTECH(HSTECH)$: Managed a +0.6% gain to 4,858.29, as Alibaba's surge offset weakness in China Mobile and other tech names.

9 Popular Stocks:

• $BABA-W(09988)$ +5.81% — The lone bright spot among mega-caps, advancing on continued AI capex cycle optimism and e-commerce stabilization. The stock's Singapore SDR had already surged +16% the prior week, and Hong Kong shares caught up as Southbound buying returned.

• $ZJ INNOLIGHT(03308)$ +7.98% — The wind turbine manufacturer rallied on China's renewable energy push and potential policy support for clean energy infrastructure ahead of the autumn political season.

• $HSBC HOLDINGS(00005)$ -4.16% — The banking giant retreated despite announcing a new $1 billion share buyback program on August 4, to be completed before Q3 2026 results. The stock also went ex-dividend for its $0.10/share second interim dividend (payable September 25), with the ex-date August 14 contributing to selling pressure. Citigroup had recently downgraded the stock, adding to headwinds.

• $ICBC(01398)$ -4.93% — The world's largest bank by assets led the "Big Four" selloff, with profit-taking hitting after the sector's recent strength. The stock's ~6% dividend yield wasn't enough to prevent rotation out of financials.

• $CCB(00939)$ -4.56% / $ABC(01288)$ -7.13% / $BANK OF CHINA(03988)$ -5.08% — The remaining "Big Four" state-owned banks all sold off sharply in a coordinated retreat, as investors locked in gains from the prior week's banking rally and rotated into growth names.

• $CHINA MOBILE(00941)$ -2.14% — The telecom giant edged lower ahead of its August 7 Q2 2026 earnings call. The stock trades at a 6.76% dividend yield with a 52-week range of HK$75.85–$86.3, and has been a consistent Southbound favorite for income investors.

• $PETROCHINA(00857)$ -4.38% — The upstream energy major retreated as crude oil prices softened from recent Middle East supply-fear peaks, tracking the broader energy complex lower.

Performance is subjected to market volatility

4. Singapore Market — STI gains 1.24% as gold, fintech and China tech SDRs lead

The $Straits Times Index(STI.SI)$ edged up 1.24% and closed at high of 5,698.43. The index has now surged nearly 22% YTD 2026, with gold ETFs, fintech names, and China tech SDRs driving this week's gains while energy and property names lagged.

Sectors: Real Estate Development (+46.05%), Transaction & Payment Processing Services (+25.34%), Office Services & Supplies (+20.13%), Oil & Gas Refining & Marketing (+20.03%), and Gold (+14.40%) dominated the leaderboard — though several of these moves were likely low-volume anomalies or idiosyncratic re-ratings.

9 Popular Stocks:

• $SS SPDR S&P500 USD(S27.SI)$ +3.19% — The Singapore-listed S&P 500 ETF tracked Wall Street higher as U.S. equities rallied on strong Big Tech earnings, offering local investors convenient USD-denominated exposure to Mag 7 and broader U.S. large-caps.

• $PetroCN HK SDR 1to2(HPCD.SI)$ -5.26% — The Singapore-listed HK SDR retreated as crude oil prices softened from recent Middle East supply-fear peaks, with profit-taking hitting the energy major after its prior-week strength.

• $Bank of CN HK SDR 1to1(HBND.SI)$ -5% — The prime commercial property developer slumped as Hong Kong office leasing recovery concerns resurfaced, with China's property market headwinds continuing to weigh on sentiment.

• $GLD SG$(GSD.SI)$ +5.9% / $GLD US$(O87.SI)$ +5.95% — The gold ETF duo surged as safe-haven demand returned amid renewed Middle East tensions and U.S. election uncertainty. Gold prices reclaimed key technical levels, with the SGD and USD versions both benefiting from the precious metals rally.

• $OCBC Bank(O39.SI)$ +4.02% — The longest-established Singapore bank extended its recent strength, with its strong CET1 ratio (~15-17%) and attractive valuation relative to DBS continuing to attract institutional inflows.

• $Alibaba HK SDR 5to1(HBBD.SI)$ +5.76% — The Chinese tech giant's Singapore SDR advanced on continued momentum from its strong earnings and AI capex cycle narrative. The company's cloud infrastructure partnerships and e-commerce stabilization remain key support pillars.

• $Gulf Dev TH SDR 1to1(TGUD.SI)$ +7.02% — The Singapore-based digital customer experience solutions provider rallied on strong AI-enabled automation contract wins with global tech clients, with the company raising its FY2026 revenue guidance.

• $BDMS TH SDR 1to2(TBDD.SI)$ +5.48% — The Thailand-based beverage giant's Singapore SDR advanced on resilient domestic consumption in Thailand and its diversified spirits and beer portfolio, with the stock benefiting from ASEAN consumer recovery optimism.

Performance is subjected to market volatility

Australian Market — ASX 200 surges 3.19% to record as miners, biotech & industrials lead rally

The $S&P/ASX 200(XJO.AU)$ jumped 3.19% and closed at a fresh record high of 9,263.6, driven by a powerful rebound across miners, financials, healthcare, and industrials. The index broke decisively above the 9,000 psychological level as commodity price stabilization, strong earnings, and global risk-on sentiment converged.

Sectors: Independent Power Producers & Energy Traders (+22.12%), Aerospace & Defense (+18.51%), Pharmaceuticals (+17.95%), Consumer Electronics (+16.11%), and Construction Materials (+15.57%) led — though several of these moves were likely low-volume anomalies.

10 Popular Stocks:

• $BHP GROUP LTD(BHP.AU)$ +5.41% — The world's largest miner rebounded as iron ore prices stabilized and copper demand signals improved. The company's diversified portfolio (iron ore, copper, coal) and massive scale attracted institutional buying after recent weakness.

• $Rio Tinto Ltd(RIO.AU)$ +4.17% — The iron ore giant rallied alongside BHP as Chinese stimulus hopes resurfaced, with the stock recovering from its recent decline driven by Westpac's bearish US$83/tonne end-2026 forecast.

• $Macquarie(MQG.AU)$ +4.49% — The investment bank surged after reporting FY26 profit attributable to shareholders of A$4.847 billion (+30% YoY), with operating income rising 13% to A$19.477 billion. The FY26 ordinary dividend increased to A$7.00 per share (35% franked), up from A$6.50 in FY25. Commodities and Global Markets division profit contribution jumped 49% YoY to A$4.221 billion, while Macquarie Asset Management rose 27% to A$2.602 billion. The company also confirmed a leadership transition with the current CEO set to retire on November 6, 2026.

• $CSL LIMITED(CSL.AU)$ +7.42% — The global biotech giant surged on defensive positioning and recovery momentum. The company's plasma-derived therapies, influenza vaccines, and iron deficiency segments continue to offer resilient demand profiles, with roughly half its revenue earned in North America.

• $AMCOR PLC-CDI(AMC.AU)$ +4.12% — The global packaging leader rebounded on its defensive consumer staples exposure and global scale, with investors buying the dip after recent weakness.

• $JAMES HARDIE INDUSTRIES-CDI(JHX.AU)$ +16% — The building materials maker exploded higher ahead of its August 18, 2026 Q1 FY2027 earnings report. The stock had previously beaten Q4 FY2026 estimates (EPS $0.30 vs. $0.29 est) on May 19, 2026, and investors are positioning for another beat driven by North American housing recovery and the AZEK integration.

• $COMPUTERSHARE LTD(CPU.AU)$ +4.84% — The share registry and corporate services provider advanced on its defensive earnings profile and exposure to rising corporate activity, with its global market-leading position in registry services providing stable recurring revenue.

• $SOUTH32 LTD(S32.AU)$ +8.53% — The diversified miner rallied on its alumina, aluminum, and manganese operations. The company, demerged from BHP in 2015, has seen its share price surge from a 52-week low of A$2.918 to near A$5.00, with the stock trading at a 12.93x P/E and 2.04% dividend yield. The company is set to pay its final dividend on August 27, 2026.

• $QANTAS AIRWAYS LIMITED(QAN.AU)$ +6.23% — The airline advanced on recovery optimism and operational improvements, with the stock bouncing from its recent lows as international travel demand showed signs of stabilization.

• $PLS Group Ltd(PLS.AU)$ +10.36% — The lithium pure-play surged as lithium prices showed tentative signs of bottoming after a prolonged decline. The stock's high beta to spot lithium prices amplified the rebound, with investors positioning for a potential Chinese EV demand recovery.

Performance is subjected to market volatility

The Week Ahead: Aug 10- 14

Macro Factors: JULY CPI & PPI

• Wed | CPI (Jul): Core M/M +0.3% (prev 0.0%), Y/Y +2.5%. A wide range of outcomes expected; Apple price hikes may lift core goods, while travel/energy soften.

• Thu | PPI (Jul): Core M/M +0.3% — pipeline inflation check.

• Fri | Retail Sales (Jul): Ex-autos +0.2% (prev −0.2%) — consumer health reality check after a soft June.

Macro Narrative: July payrolls were weak (−23k). Markets are ~50/50 on a Sept hike. A core CPI ≤+0.2% eases rate fears and lifts growth stocks; ≥+0.4% reignites yield volatility and pressures tech multiples.

Earnings Focus: $Rocket Lab USA, Inc.(RKLB)$, $CoreWeave, Inc.(CRWV)$, $SUPER MICRO COMPUTER INC(SMCI)$, $Cisco(CSCO)$, $Applied Materials(AMAT)$