U.S. stock futures were little changed on Monday night as investors prepared for one of the busiest weeks of the earnings season and the Federal Reserve’s interest rate decision on Wednesday. Dow futures rose 24 points (+0.05%), while S&P 500 futures slipped 0.03% and Nasdaq 100 futures fell 0.2%. Earlier in the day, the Dow Jones gained more than 260 points (about 0.5%) for a second consecutive session, supported by weaker oil prices after a pause in Middle East hostilities. The S&P 500 edged slightly higher, while the Nasdaq Composite declined 0.2% as semiconductor stocks came under pressure.

Market sentiment remains cautious as investors await earnings from major technology companies including Amazon, Meta Platforms, Microsoft and Apple. Analysts expect hyperscalers to continue increasing capital expenditure, which could temporarily pressure their share prices but also reinforce the long-term AI investment theme. At the same time, the Fed is widely expected to leave interest rates unchanged this week, although markets are looking for guidance on future policy. Fed funds futures are currently pricing in a 25-basis-point rate hike in September.

Investors will also focus on the U.S. consumer confidence report on Tuesday, along with earnings from Coca-Cola, UPS, Corning and Boeing. Meanwhile, Brent crude oil remained below US$90 per barrel, easing inflation concerns, while the U.S. 10-year Treasury yield retreated to around 4.65%.

Fundstrat’s Tom Lee suggested the Fed may rely more on quantitative tightening (balance sheet reduction) than additional rate hikes to combat inflation, arguing that this could ultimately pave the way for future rate cuts and support equities.

In after-hours trading, Cadence Design Systems jumped more than 4% after reporting Q2 earnings of US$2.11 per share, beating expectations of US$2.05, with revenue of US$1.58 billion meeting forecasts. Rambus also exceeded estimates with EPS of US$0.77 on US$207 million in revenue, compared with expectations of US$0.72 and US$198 million. In contrast, Universal Health Services fell more than 4% after cutting its full-year adjusted earnings guidance to US$22.28–US$23.65 per share, down from the previous US$22.64–US$24.52. Separately, Piper Sandler initiated coverage on Williams-Sonoma with an Overweight rating and a US$253 price target, implying nearly 12% upside from Friday’s closing price.

Keppel has launched the Keppel Offshore Fund (KOF) to progressively monetise up to 10 of its 13 legacy offshore rigs, marking another step in its asset-light transformation strategy.  As the first phase, Keppel will sell six operational rigs to KOF for S$1.2 billion, receiving around US$478 million in cash in 2026. The transaction will result in a S$92 million accounting loss, which will be recognised in its 1HFY2026 results to be announced on 30 July. The acquisition will be funded by Apollo, while Keppel will contribute 50% of its investment in kind through the rigs.

The sale will increase Keppel’s funds under management (FUM) by about S$3.9 billion, lifting it from S$95 billion closer to its S$100 billion end-2026 target, with a longer-term goal of S$200 billion by 2030.

KORE achieves record 1H leasing, declares 1HFY2026 DPU of 0.4 US cents

ESR-REIT’s 1HFY2026 DPU rises 2.4% y-o-y to 11.51 cents, to divest 12 Ang Mo Kio Street 65 at 2.1% above valuation

CLAS’ core DPS fell 10% y-o-y in 1H2026 but total DPS is unchanged

KIT reports 1HFY2026 DPU of 1.99 cents, up 1% y-o-y

Keppel to divest up to 10 legacy rigs into fund; to book $1.2 bil from sale of first six

Toku posts 1HFY2026 revenue of US$18.8 mil, up 13.0% y-o-y; net loss widens to US$3.8 mil on higher headcount costs

Ever Glory secures more than $168 mil in new contracts, lifts order book to above $1 bil

Sanli Environmental wins $60.1 mil contract across private and public sectors

UI Boustead REIT reports net property income of $29.2 mil; 4.3% lower than IPO forecast

Raffles Medical posts 1HFY2026 earnings of $29.0 mil, down 9.6% y-o-y

Contemporary Amperex Technology Co Ltd (CATL), the world’s largest EV battery maker, saw its shares rise after announcing a major RMB20 billion–40 billion (US$3 billion–5.9 billion) share buyback programme following strong first-half earnings. The company reported first-half net profit growth of 42% and revenue growth of 55%, driven partly by strong demand for energy-storage batteries.

CATL shares in Shenzhen jumped as much as 5.4% to RMB403.6, with the buyback price capped at RMB573 per share. The company said the buyback aims to address a potential mismatch between its market valuation and business fundamentals, with repurchased shares to be cancelled.

CATL highlighted that the energy-storage market is expected to maintain rapid growth this year and next, supporting long-term profitability. However, China’s economic recovery remains uneven. Overall industrial profits rose 15.1% year-on-year, slowing from 21.1% growth in May, while first-half industrial earnings increased 18.7%.

Technology-related sectors remained the strongest performers, with integrated circuit manufacturing profits surging nearly 2,580% and electronics industry profits rising almost 97%, benefiting from AI infrastructure demand. In contrast, weaker consumer demand hurt traditional sectors, with furniture profits down nearly 53% and auto industry profits down almost 20%.

The market is showing a “K-shaped” recovery, where AI, technology and energy-related industries benefit from strong demand, while consumer and traditional manufacturing sectors continue to struggle. Analysts warned that AI-driven profit growth may continue, but broader corporate earnings could face pressure from weak domestic demand and slowing investment.

Hong Kong stocks rose strongly on 27 July, with the Hang Seng Index (HSI) closing at 25,207, up 243 points (+0.98%), while turnover reached HK$210.5 billion. The HSCEI gained 1.14% to 8,365 and the Hang Seng TECH Index climbed 1.57% to 4,702, supported by strength in technology, casinos, and financial stocks.

Technology shares led gains after CXMT’s debut surged 4.66 times to RMB49, boosting sentiment across the sector. Xiaomi jumped 7.34% ahead of its SkyNomad event and expected N90/N70 SUV launches, while Meituan rose 3% after launching its AI Agent platform, Tencent gained 1.93%, and Alibaba added 0.91%.

Casino stocks rallied strongly, with Galaxy Entertainment up 6.26%, Melco International up 5.6%, MGM China and Wynn Macau up more than 4%, and Sands China up 3.29%, helped by positive industry feedback and strong tourism-related activity.

Among major blue chips, CATL rose 2.09% after reporting 42% growth in interim profit, while Trip.com gained 3.79% as investors viewed antitrust penalties as reducing regulatory uncertainty.

Hong Kong banks continued their rally amid expectations of possible Fed rate hikes. HSBC reached another record high at HK$162.8 (+0.87%), while BOC Hong Kong rose 0.6% to HK$51.55 and Bank of East Asia surged 3.55%.

Malaysia corporate news was mixed, with weakness in consumer businesses but strong growth in AI-related and selected industrial sectors.

DXN Holdings reported weaker earnings, with Q1 net profit falling 21% to RM58.5 million from RM73.9 million a year earlier. Revenue declined 7.5% to RM443 million, mainly due to weaker exports to the Middle East and Africa as customers reduced purchases after earlier stockpiling ahead of price increases. The company maintained expansion plans and declared an interim dividend of 0.6 sen per share.

CapitaLand Malaysia Trust (CLMT) remained resilient despite the new 10% US tariff on Malaysian exports, reporting no immediate impact on tenants or mall traffic. Its Q2 net property income rose 12.5% YoY to RM77.4 million, revenue increased 6.3% to RM123.1 million, and distributable income surged 25.6% to RM43.4 million.

PGF Capital delivered solid growth, with Q1 net profit up 20.05% to RM8.95 million and revenue rising 7.76% to RM43.74 million, driven by steady demand for insulation products.

AI-related companies continued to attract attention. SNS Network Technology secured its largest-ever contract worth US$298.66 million (RM1.22 billion) to supply high-performance AI servers for a Malaysian data centre, while Aemulus won US$3.7 million (RM15.11 million) in orders for AI and data-centre test systems from South Korea.

Other corporate developments include Oriental Interest’s RM280 million acquisition proposal to enter motorcycle financing and retail, Destini securing a RM45.58 million railway MRO contract, and Country Heights founder Lee Kim Yew raising his stake to 43.91%. T7 Global also saw a new substantial shareholder emerge with a 6.17% stake.

Overall, Malaysia’s market theme remains focused on AI infrastructure growth, resilient REIT earnings, and selective industrial recovery, while consumer-facing businesses continue to face weaker demand pressures.

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