11 May 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 11 May 2026
Did you know?
BHP has overtaken CBA to become the largest listed company on the ASX. The below chart compares the performance of their market value since 1992, which shows a pretty tight correlation since 2020. BHP’s growth prospects seem centred upon the copper market, whereas CBA’s growth drivers probably sit with AI efficiencies. In terms of risks, the Iron ore price has been a commonly cited risk for BHP. For CBA, the performance of the domestic property market has been a huge tailwind but could potentially slow in the years ahead.
Market Movements
The ASX 200 snapped a three-week losing streak, closing up 0.6% at 8,981, with prices hitting multi-year highs across iron ore, lithium and copper. Large cap lithium miner, IGO, was higher by 9% despite a violent production downgrade weeks earlier. Previous market darling Magellan financial group was lower by 13.9% showing continued outflows from their managed funds universe.
The RBA raised the cash rate by 25 basis points to 4.35% as expected, the third consecutive hike, and fully unwinding last year’s easing cycle.
The S&P 500 also pushed higher to new records, up 2.8% for the week. Info tech was the big sector on the move (up 6.8%) with AI/chip related businesses particularly strong. Micron was one of these key winners, higher by almost 30% for the week. Micron is one of three key suppliers of memory products in the AI space. Energy stocks were lower by 5.5% despite ongoing blockages in Iran.
The Strait of Hormuz situation deteriorated on Wednesday when Iran fired on three US Navy destroyers transiting the strait — Trump responded with strikes on Qeshm Island and warned of far worse if it happens again, but insisted the ceasefire remains in effect. Only two US-flagged ships have successfully transited the strait since the blockade began.
Portfolio Movements
Uber Q1 mixed – small revenue miss, strong Q2 bookings guidance
- Uber (UBER) reported Q1 revenue of $13.2 billion, a small miss on the $13.29 billion consensus but up 14% year on year. Adjusted EPS of $0.72 was a slight beat on the $0.71 consensus. Mobility revenue of $6.8 billion was the soft spot, missing the $7.11 billion expected.
- Non-GAAP operating income grew 42% year on year to $1.9 billion. Uber One members surpassed 50 million globally with members generating 50% of Mobility and Delivery gross bookings. Q1 gross bookings growth exceeded 21% for the third consecutive quarter.
- Q2 guidance was the key driver of the positive share price reaction, with gross bookings guided to $56.25-57.75 billion, well ahead of expectations. The company also announced 10 new and expanded autonomous vehicle partnerships, with the Uber-Waymo partnership targeting 15 cities by end-2026.
ANZ 1H26 — Cash profit beats – Statutory profit misses
- ANZ reported 1H results on Friday with a cash profit of $3.78 billion, up 14% on 2H25 (ex-significant items) ahead of estimates but statutory profit of $3.65 billion a bit below. Cash return on tangible equity rose 161bps to 11.6%, and the CET1 ratio strengthened 36bps to 12.39%. But the result included the Suncorp Bank acquisition and big cost out programme was a bit messy to try and look through.
- The interim dividend was maintained at 83 cents per share, with the franking rate lifted to 75% from 70%, and ANZ took a $175 million collective provision charge for potential Middle East conflict impacts with CEO Nuno Matos noting that “Much of the potential impact of this crisis remains ahead of us, but the longer the flow of oil is constrained, the greater the chance the crisis shifts from being primarily an inflation challenge, to much more a supply and growth challenge,”. With CEO Matos also noting “good progress” on the ANZ 2030 strategy.
Amazon launches Supply Chain Services, delivery firms tumble
- Amazon launched ‘Amazon Supply Chain Services’, opening its freight, distribution, fulfilment and parcel shipping network to outside businesses across retail, healthcare, manufacturing and other sectors.
- The move pits Amazon directly against UPS and FedEx in the high-margin US business-to-business shipping segment, with shares of UPS and FedEx falling more than 9% each, GXO Logistics down around 13% and Amazon up around 1%.
- Amazon already operates a fleet of more than 100 cargo planes (third behind FedEx and UPS) plus a vast warehouse and sorting hub network. Evercore ISI described the move as ‘a direct competitive blow’ to incumbent parcel firms.
The Week Ahead
- Tuesday 12 May: The big one – USA CPI (April). Consensus is for headline CPI of +0.6% MoM / +3.7% YoY (prior +0.9% / +3.3%). Core CPI expected at +0.3% / +2.7% YoY. This is the first print that captures a full month of elevated energy prices flowing through to consumers. A print above 3.8% YoY would reinforce the “no rate cuts in 2026” consensus — BofA has already pushed its first cut forecast to H2 2027. Futures markets are now pricing zero cuts this year. Australia: ABS Overseas Arrivals & Departures (March).
- Wednesday 13 May: Australia Wage Price Index (Q1 2026) — prior was +0.8% QoQ / +3.4% YoY. This is critical for the RBA’s wage-price spiral monitoring. With ANZ-Roy Morgan consumer inflation expectations running at 6.9% (4-week average) and construction input costs surging (plumbing +36%, timber +15%), any upside surprise here would make the RBA’s job considerably harder. Also: ABS Lending Indicators (March quarter). USA: PPI (April).
- Thursday 14 May: USA Retail Sales (April) — will show whether elevated energy costs are starting to crimp discretionary spending. USA Initial Jobless Claims. Also: USA Industrial Production (April).
- Friday 15 May: USA University of Michigan Consumer Sentiment (May prelim) — inflation expectations component will be closely watched. USA Import/Export Prices (April).
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
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Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
