The S&P 500 and Nasdaq hit new record highs, rising 0.29% and 0.89% respectively, while the Dow slipped slightly.

Gains were driven largely by Apple, whose stock jumped over 3% after strong earnings and optimistic guidance.

Oil prices dropped (U.S. crude −3%, Brent −2%) after Iran submitted a new peace proposal via Pakistan, raising hopes of a potential U.S.–Iran settlement.

President Trump said he is “not satisfied” with the offer, despite signs Iran wants a deal.

Meanwhile, Alphabet is nearing a $5 trillion valuation after strong growth and a 10% stock surge, putting it close to overtaking Nvidia as the world’s most valuable company.

Nvidia has recently declined, and options markets suggest a ~53% chance Alphabet could surpass it by mid-May if shares rise slightly further.

ExxonMobil beat expectations with Q1 earnings of $1.16/share, despite profits falling to about $4.2–$4.9 billion due to war-related disruptions and accounting charges. Strong production growth in Guyana and the Permian Basin and higher oil prices helped offset losses from the Iran war. The conflict added $1.7B in earnings from higher prices but caused outages and losses, leaving ~15% of output offline . Exxon continues shareholder returns with $4.9B in buybacks and plans for $20B total this year.

Meta attracted ~$96B in investor demand for its bond sale, while planning to raise $20–25B, highlighting strong interest in
The bonds are issued in multiple parts (up to six), with long-term maturities and competitive yields. The fundraising supports massive AI spending, with Meta projecting up to $145B in 2026 capex and hundreds of billions longer term for infrastructure and data centers. Big Tech overall is ramping up borrowing to fund AI, with total planned spending reaching ~$725B this year. Despite strong demand, investor concerns are rising:
Meta’s stock dropped sharply after earnings.
Investors question returns on AI investments and demand higher yields and protections.
CEO Mark Zuckerberg remains confident in AI strategy but admits there’s no precise roadmap yet, contributing to market uncertainty.

SanDisk reported a huge surge in revenue and profit, driven by strong demand for NAND memory used in AI systems. Quarterly revenue more than tripled to $5.95B, and profits far exceeded expectations, marking a sharp turnaround from losses a year earlier. The company expects even stronger results next quarter and announced a $6B share buyback. To reduce the industry’s typical boom-bust price cycles, CEO David Goeckeler said SanDisk has secured long-term supply contracts worth at least $42B, with built-in safeguards like price limits and penalties for cancellations. Despite investor skepticism about such agreements, SanDisk aims for more stable and predictable earnings as AI demand continues to grow.

Meta received US$96 bil of orders for its latest jumbo bond sale — Bloomberg

Salt Investments aims to raise $4.8 mil placing out new shares at 0.275 cent

China Sunsine reports 6% y-o-y increase in sales revenue for 1QFY2026

iWOW Technology to acquire The Gentle Group for a total consideration of $11.2 mil

Metro Holdings issues profit guidance for FY2026 results, expects overall net loss

PLife REIT’s distributable income in 1Q2026 rises 15.1% y-o-y despite revenue and NPI decline

Global Resource Construction’s subsidiary wins A$67 mil building works contract in Victoria, Australia

MLT’s 4Q2026 DPU fell 7% y-o-y while FY2025’s DPU fell by 9.8%

Fortress Minerals’ earnings jump 64.7% to US$9.8 mil for FY2026, proposes final dividend of 0.472 cents per share

Lum Chang Creations to hold EGM on May 25 to seek approval for transfer to Mainboard

Singapore’s Global Listing Board (GLB) is set to launch in mid-year, announced by MAS and SGX RegCo after public consultations on regulatory changes. The GLB, first proposed in Nov 2025, will allow large companies (market cap ≥ $2B) to dual-list on SGX and Nasdaq using a single set of documents.
Key reforms include:
Aligning Singapore disclosure rules more closely with U.S. standards
Allowing earlier prospectus registration and faster IPO processes
Introducing “safe harbour” protections similar to U.S. listings
Letting issuers engage investors earlier using preliminary prospectuses
Streamlining rules for dual listings and sponsored depositary receipts
SGX will also align listing procedures with Nasdaq and set minimum fundraising, market cap, and retail allocation requirements.
Regulators say the goal is to attract growth companies and improve access to both U.S. and Asian capital markets, while making Singapore listings more efficient and investor-friendly.
Market participants (banks, law firms, brokers) broadly supported the reforms, which aim to simplify dual listings and boost Singapore’s appeal as a capital market hub.

Olam Group’s long restructuring story continues after years of share price decline (from ~$2.60 in 2014 to below $0.85 at one point) and removal from the STI index. Despite early support from Temasek and Mitsubishi, investor sentiment weakened due to complex structure and falling valuation. In 2020, Olam launched a major restructuring plan, splitting into:
Olam Food Ingredients (ofi)
Olam Agri
Rest of Olam Group (ROG)
to “unlock value” through divestments and simplification.

A key milestone was the sale of a controlling stake in Olam Agri to Saudi Agricultural and Livestock Investment Company (SALIC), now owning ~80%, improving balance sheet strength and reducing debt risk.
Analysts view this as a turning point:
Removes a “key overhang” and simplifies valuation
Expected deleveraging cuts financing costs by ~$200M
Net gearing could fall sharply from ~2.79x to ~1.17x after full deal completion
The company still trades at a deep discount (P/B ~0.57) despite asset sales often occurring above book value, suggesting potential undervaluation.
Future catalysts include:
Divestment of ROG assets
Potential special dividends (15–17 cents per share)
Possible spin-off of ofi
Ongoing restructuring milestones through 2026

Singapore Land Group’s AGM was largely quiet, with only a few shareholder questions raised. Key discussion centered on whether the company would set up a REIT to unlock value from its property assets, but management said this is only one of several possible options. Chairman Wee Ee Lim emphasized that a REIT depends heavily on market timing, pricing, and investor demand, and involves complex structuring and underwriting considerations. The company is also considering other forms of asset monetisation, though some options like certain securitisation structures may not be suitable. Shareholders also questioned whether proceeds from asset sales would be returned as dividends, especially given concerns about low liquidity and valuation. Management responded that significant capital is still needed for redevelopment projects like Marina Centre and upgrades to ageing properties, which limits immediate cash returns. More detailed plans for Marina Square will be announced in June. Another concern raised was that SingLand’s share price trades at a large discount to net asset value, compounded by high ownership concentration (top shareholders control ~93%), limiting liquidity.

Hongkong Land is executing an ambitious strategy (announced Oct 2024) to double profits and dividends, recycle up to $10B in capital, and grow assets under management to $100B by 2035. It has already sold MCL Land and launched a private real estate fund backed by major investors. As part of this plan, Hongkong Land bought a 10.8% stake in Suntec Real Estate Investment Trust for S$541M at a discount to book value, aiming to deploy capital into income-generating Singapore commercial assets and diversify earnings.

However, the investment raises questions: The REIT is partly exposed to overseas assets and includes some lower-tier properties. Its unit price is below Hongkong Land’s purchase price, and rising interest rates may limit upside. Hongkong Land lacks control, as the REIT is managed by a different sponsor (linked to the Tang Organization).

Potential upside lies in strategic moves: Hongkong Land could try to gain influence or control of the REIT’s manager, or acquire stakes in its prime assets. Otherwise, it may simply benefit if the REIT’s ongoing strategic review improves performance.

Overall, the stake fits Hongkong Land’s broader capital recycling strategy but carries uncertainties around control and asset quality.

Hong Kong stocks declined overall, with the Hang Seng Index (HSI) falling 1.3%, alongside drops in the HSCEI and HSTECH indices, despite heavy market turnover.

Key movers:

Semiconductor stocks outperformed: SMIC surged 7.8% as the top blue-chip gainer, and Hua Hong Semiconductor rose 5.6%.
EV and auto stocks weakened: BYD Company dropped 5.4% (worst blue chip), and NIO and XPeng also fell sharply, though Geely Automobile rose.

Major Chinese banks (e.g. Industrial and Commercial Bank of China and Bank of China) declined despite modest profit growth. China Life Insurance rose even as profits fell, supported by solid business growth outlook.

Gaming stocks were mixed after China approved new titles.
Some AI-related and tech firms saw gains on positive developments.

BYD’s overseas EV sales surged 71% in April to 134,542 units, boosted by higher global demand as rising fuel prices (linked to the Iran war) increased interest in electric vehicles.
However, total deliveries fell 16% to 321,123 units, marking the eighth straight month of overall decline, driven by weak domestic demand in China.
The domestic slowdown is linked to:
End of government EV subsidies
Intense price competition from rivals like Geely and Xiaomi
Ongoing price wars that have hurt margins (average price cuts ~10%)
Despite challenges, BYD is accelerating its global expansion strategy, targeting 1.3 million overseas sales this year.
The company is investing heavily in new models and technology:
New SUVs like the Great Tang/Datang received 30,000+ pre-orders in 24 hours
Focus on fast-charging “blade battery” technology and premium EV segments
Expansion showcased at the Beijing auto show
Financial pressure is building:
Profitability has weakened
Short-term debt has increased due to price competition

Japan’s top finance officials issued a strong “final warning” to currency speculators as the yen fell to its weakest level since 2024 interventions, briefly weakening past 160 per USD.
Officials, including FX chief Atsushi Mimura and Finance Minister Satsuki Katayama, signaled that currency intervention (“bold steps”) may be imminent if volatility continues.
The yen later strengthened slightly after the warning, but remains under pressure.
Key drivers of yen weakness include:
High U.S.–Japan interest rate gap (Fed and BOJ both holding rates steady)
Rising oil prices and Middle East tensions, which hurt Japan’s trade balance
Speculative trading in FX and oil markets
Japan spent around $100B intervening in 2024, and markets now expect possible intervention again, potentially in the mid-160 yen per dollar range.
Authorities have not yet intervened this month, but say they are closely monitoring markets, including during low-liquidity holiday periods.
Analysts are split:
Some say verbal warnings may be enough temporarily due to heavy speculative positioning
Others expect actual intervention before the yen weakens further
Japan is coordinating with the U.S., which previously supported joint “rate checks” that helped strengthen the yen temporarily.

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