Public Markets 8 Hours

Last updated: April 29, 2026, 11:30 PM ET

Asia-Pacific Markets & Geopolitical Risk

Asian stocks were set to decline as uncertainty surrounding the Iran war drove oil prices higher, a dynamic that is also weighing on regional currencies which consolidated against the dollar. Higher oil prices threaten to accelerate a selloff in emerging Asian bonds, potentially pushing yields higher if sustained, even as China’s factory activity remained in expansion despite supply chain disruptions. Furthermore, Japanese factory output registered a fall due to clouded global demand outlook and rising energy costs, while the yen weakened past the 160.45-per-dollar threshold following the Federal Reserve’s decision to hold rates steady.

Corporate Earnings & Sector Stress

Mega-cap technology firms reported massive capital expenditures, with Google, Amazon, Microsoft, and Meta collectively spending over $130 billion on AI data centers, though questions about the ultimate returns on this spending persist for some, like Microsoft. In contrast, major Asia Pacific lenders face diverging paths amid regional conflict fallout, with HSBC Holdings and NAB showing greater exposure than their Singaporean peers, while New Zealand businesses turned pessimistic as rising costs and weakening demand bite. Meanwhile, Samsung’s net profit soared nearly sixfold in the first quarter, driven by record semiconductor earnings fueled by AI demand, contrasting with Naver’s weaker results attributed to higher operating costs.

Fixed Income & Real Estate Stress

The US Federal Reserve’s decision to maintain steady rates, with former Chair Jerome Powell warning that inflation had not yet peaked, caused gold to edge higher on technical recovery after prior session losses. In real estate, Starwood Capital Group suspended redemptions from its $22 billion retail-focused real estate fund, as its bet on falling interest rates falters, mirroring a similar move by the Starwood fund last year. Elsewhere, Japanese government borrowers are executing a notable funding shift, selling record euro-denominated bonds to reduce dollar reliance, while Hong Kong’s local debt market is emerging as a surprise funding hotspot for corporate issuers seeking stability.

US Political Developments & Regulatory Action

House Republicans managed to pass a budget measure that unlocks $70 billion earmarked for immigration enforcement, enabling work on a DHS funding bill amid internal struggles to pass basic legislation like spy powers and a farm bill amid party infighting. Separately, the surveillance law renewal faces an uncertain path after the House approval, with the Senate expected to opt for a short 45-day punt before the Friday expiration. In corporate technology oversight, Australia’s top prudential regulator threatened enforcement against entities failing to control cybersecurity threats, as concerns over models like Anthropic PBC’s latest continue to mount across the sector.

Deals, IPOs, and Corporate Strategy

Biopharma company Avalyn Pharma successfully raised $300 million in an upsized US initial public offering that priced at the high end of expectations. In a move signaling expansion, South Korea’s Graviton is expanding globally into Singapore and London after becoming a $1 billion high-speed trading unicorn, facing increased domestic competition. Meanwhile, US apartment giants AvalonBay and Equity Residential are exploring a potential merger that could reshape the rental market structure. In other strategic moves, PayPal plans to reorganize into three distinct business units—Checkout, Consumer Financial Services, and Payment Services—as part of a streamlining effort.