Dow fell 557 points (-1.13%)
S&P 500 dropped 0.41%
Nasdaq slipped 0.19%
Futures for all three indexes hovered near unchanged
Oil prices rose amid tensions, reflecting supply concerns
Investors are watching upcoming earnings reports (e.g., Pfizer, PayPal, Shopify) and key economic data like the U.S. trade deficit and job openings.
Paramount Skydance (+2%): Beat earnings and revenue expectations.
Sonos (+8%): Strong revenue growth and solid guidance.
Pinterest (+15%): Strong results and upbeat revenue outlook.
Firefly Aerospace (+6%): Smaller-than-expected loss and revenue beat.
Duolingo (-13%): Missed user growth and weak booking forecast.
IAC (-8%): Cut full-year profit outlook significantly.
ON Semiconductor (-5%): Despite beating earnings, outlook underwhelmed.
Fabrinet (-11%): Weak revenue guidance overshadowed strong results.
Palantir (-3%): Fell despite earnings beat.
Diamondback Energy (-1%): Slight dip despite strong earnings and dividend increase.
Exxon profit surprises analysts despite Iran war’s tumult
GameStop has made a bold US$56 billion cash-and-stock takeover offer for eBay, aiming to acquire the much larger e-commerce company in a deal led by CEO Ryan Cohen.
Offer values eBay at about US$125 per share, a ~20% premium
Financing includes roughly US$20 billion in debt support from TD Bank
GameStop already holds about a 5% stake in eBay
Company aims to cut around US$2 billion in annual costs within a year of closing
Cohen envisions transforming eBay into a significantly larger, high-growth platform
GameStop is a shrinking retail video game chain shifting toward collectibles
eBay focuses on resale and collectibles, creating business overlap
eBay (~US$46B market value) is about four times larger than GameStop (~US$12B)
Analysts view the deal as unlikely due to dilution and execution risks
Keppel Infrastructure Trust (KIT) plans to acquire an additional 39% stake in the Keppel Merlimau Cogen plant for up to S$128.1 million, raising its total ownership to 90%. The acquisition is expected to boost KIT’s financials, with projected increases in distributions and cash flow, while providing stable, predictable income. It also strengthens KIT’s role in supporting Singapore’s energy security amid a volatile global environment.
Trendlines portfolio company Vensica Medical’s needle-free bladder therapy progress into Phase two of clinical trial
OCBC confirms acquisition of HSBC Indonesia for a premium of $480 million
Intraco reaches settlement with former employee
Addvalue Technologies announced plans to spin off and list its Inter-Satellite Data Relay System (IDRS) business on Nasdaq, while retaining at least a 51% stake. The move aligns with efforts by Monetary Authority of Singapore and Singapore Exchange to encourage companies to unlock shareholder value.
Investors initially reacted strongly, pushing Addvalue’s share price sharply higher. However, concerns remain about whether shareholders will fully benefit long term, particularly if a “holding company discount” causes Addvalue’s valuation to lag behind the spun-off unit.
The company is being urged to clarify how it will ensure shareholders capture the IDRS business’s value and why spinning it off is better than keeping it fully integrated.
ST Engineering’s strong share price performance in 2026 is not just due to rising global defence spending, but the result of a major strategic transformation during the Covid-19 pandemic.
Instead of cutting back, the company restructured its business, invested in new capabilities, and shifted to a more integrated, customer-focused model. This positioned it to capture growth when markets recovered, leading to a record order book of S$33.2 billion and strong contract wins.
While defence remains important, about two-thirds of revenue now comes from commercial aerospace and urban solutions. The aerospace unit has moved up the value chain into manufacturing, improving margins, while the urban solutions segment provides steady growth through smart city and infrastructure projects.
The company also focuses on efficiency gains, cost savings, and expanding capabilities in areas like AI. However, challenges remain, including losses in its satellite communications business due to industry disruption.
Overall, ST Engineering’s success is driven by long-term strategic changes and diversification, not just geopolitical tensions, with management confident of continued growth ahead.
CapitaLand Integrated Commercial Trust has been actively reshaping its portfolio under CEO Tan Choon Siang through major acquisitions and divestments. Key moves include buying Paragon for S$3.9 billion and selling Asia Square Tower 2 for S$2.5 billion, part of a broader strategy of “capital recycling” to unlock value and improve returns.
The trust has delivered solid performance, with rising unit prices and higher distributions, supported by investments in rare, high-quality Singapore assets like ION Orchard and CapitaSpring. The Paragon deal, funded through asset sales, equity, and debt, is expected to boost returns while maintaining a healthy balance sheet.
CICT is also driving organic growth via asset enhancement initiatives (AEIs) across multiple properties, though results have been mixed in some cases like Clarke Quay. For Paragon, only incremental improvements are likely in the near term, with redevelopment seen as a longer-term option due to its valuable freehold status.
Looking ahead, CICT remains focused on disciplined, yield-accretive acquisitions, selective developments, and benefiting from Singapore’s growth in population and tourism, while continuing to balance expansion with financial stability.
JPMorgan Chase has built up a significant stake in AEM Holdings since mid-March, capitalizing on the company’s rising share price.
On April 29, it sold about 1.58 million shares (~$8.6 million at $5.46 each), slightly reducing its stake to 6.99% from 7.565%, likely taking partial profits after strong gains.
Despite occasional selling, JPMorgan has overall increased its position through multiple purchases at rising prices, as AEM’s stock surged—driven by analyst upgrades and expectations of new and expanded customer orders.
Despite short-term volatility from the Iran war, the economic and market impact will be brief, and stocks—especially Singapore’s Straits Times Index—remain bullish for 2026.
Markets typically react to such conflicts in three phases: initial volatility and oil price spikes, escalation fears, and then a rebound as investors realize the disruption is temporary. The author believes markets are արդեն entering this recovery phase.
Although the conflict disrupted oil flows through the Strait of Hormuz, supply shortages have been quickly offset. Countries like Russia, the United States, and others have increased exports, while alternative routes and energy sources are filling gaps. Singapore, for example, replaced Middle Eastern oil with Russian imports.
Natural gas shortages and price spikes are also easing as countries diversify supply, unlike in past crises. Inflation impacts are expected to be limited and temporary, since energy costs form a small share of consumer spending and broader monetary conditions remain stable.
Historically, oil prices tend to fall below pre-war levels within a year of such conflicts. Overall, economies adapt quickly, and the war is unlikely to derail global growth or the ongoing bull market.
Hong Kong markets closed higher across the board, with the Hang Seng Index up 1.2% to 26,095 and the tech-focused index rising 2.2%, supported by strong trading turnover.
Large-cap tech stocks led gains, including Xiaomi (+6.8%), Alibaba (+4.5%), along with solid advances in Tencent and Meituan. Broader gains were seen across AI, internet, biotech, property, and EV-related stocks.
Several mid- and small-cap stocks surged even more sharply, with some jumping over 10–18%, reflecting strong speculative and thematic momentum in sectors like healthcare, energy, and advanced manufacturing.
Overall, the rally was broad-based, led by tech and growth stocks, with strong investor participation and upbeat sentiment across multiple sectors.
China has ordered its companies not to comply with recent U.S. sanctions targeting five Chinese refiners tied to Iranian oil, invoking a 2021 “blocking” rule for the first time. Beijing says the sanctions are unlawful, violate international norms, and lack UN backing.
The move protects affected firms—such as Hengli Petrochemical—from asset freezes and transaction bans, and even allows them to seek compensation in Chinese courts from parties that comply with the U.S. measures.
This comes ahead of a planned meeting between Donald Trump and Xi Jinping and signals a more assertive Chinese stance against U.S. sanctions. Analysts warn tensions could escalate if Washington extends penalties to Chinese banks or major state-owned firms.
China remains a major buyer of Iranian oil, often indirectly through private refiners, and prioritizes energy security—making this dispute both economic and geopolitical.
PETRONAS Gas Bhd announced plans for its third regasification terminal in Lumut, a floating storage and regasification unit (FSRU) project expected to begin operations in 2029, alongside a separate 20-year FSRU contract awarded to MISC Bhd.
Concrete Engineering Products Bhd shareholders were advised to accept a RM2.60 per share offer from YTL Corp Bhd’s cement unit, while Maxim Global Bhd received a 24-sen mandatory takeover offer from its managing director.
Cropmate Bhd saw partial unfreezing of bank accounts amid going-concern concerns; IQ Group Holdings Bhd is closing its Penang plant due to weak demand; and Industronics Bhd triggered PN17 status after its auditor issued a disclaimer of opinion.
Other notable developments include GIIB Holdings Bhd exploring a potential healthcare investment after a sharp share price spike, and smaller corporate actions such as contract wins for Feytech Holdings Bhd and PMW International Bhd, alongside a stake sell-down by Eurospan Holdings Bhd to meet public shareholding rules.
Overall, the news reflects strong energy infrastructure expansion alongside widespread corporate restructuring and selective distress among smaller listed firms.
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