27 April 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 27 April 2026
Did you know?
Australian data centre consumption is forecast to grow at 25% per annum by FY2030. This would represent a tripling of demand in 5 years. That puts demand at roughly 4% of National Electricity Grid demand (up from 2% last year), according to the Australian Energy Market Operator. Broker Morgan Stanley has a far more enthusiastic assessment for data centre growth, with its bull case having electricity demand reaching as high as 15% of the total national electricity generation. This is bound to lead to price spikes and reliability gaps from 2028 onwards, especially if we are hit with summer hot spells.
Australia’s grid can probably absorb the next two years of data centre demand without blackouts — but only if every renewable, battery, and transmission project hits its delivery date. The system has very little margin for error, and data centres are eating that margin faster than anything else.
Market Movements
The ASX market fell 1.8% last week with broad weakness across most sectors. Healthcare was the standout underperformer, down 6.8%, dragged lower by Cochlear which fell 43% on the week. Technology (down 1.5%), financials (down 1.4%), resources (down 1.4%), and consumer discretionary (down 1.4%) all contributed to the downside. Bucking the trend was energy (up 2.9%) and utilities (up 2.8%), with energy continuing its strong run — now up 28.6% year-to-date. Consumer staples also held up, gaining 1.3%.
Among individual stocks, IGO was down 21.6% on a bad production result, where lithium grades were shown to be falling at their “Greenbushes’ project. Treasury Wine Estates was a rare bright spot, up 9.8%.
Overseas, US markets had a strong week with the S&P 500 up 0.8% and the Nasdaq higher by 1.8%. It was mostly a story of US strength with most other regions falling (Europe down 1.7%, China down 0.7%, Japan down 1.3%). Information technology (up 2.8%) and energy (up 2.6%) led the way globally, while financials (down 2.7%) and health care (down 1.6%) lagged. In individual US names, Intel surged 25.6%, whilst Freeport-McMoRan fell 13%, citing production issues at the Grasberg operation following the underground mine collapse in September last year. Lululemon fell13.8%, and Baker Hughes gained 15.5% showing a resurgence on oil drilling activity on the back of stronger oil prices.
Gold pulled back 1.8% but remains elevated at US$4,722/oz. Crude oil sits at US$105.33/bbl with the ongoing blockade of oil transits through the Strait of Hormuz keeping oil trades somewhat nervous. Iron ore was steady at US$107.10/ton (up 0.6%). The Australian dollar was weaker, down 0.5% to US$0.71.
Portfolio Movements
Amazon commits up to US$25 billion more to Anthropic in expanded AI deal
- Amazon has agreed to invest up to $25 billion in Anthropic, on top of the $8 billion that it has poured into the artificial intelligence startup in recent years, as part of an expanded agreement to build out AI infrastructure.
- Amazon’s investment includes $5 billion into Anthropic now, with up to $20 billion in the future tied to “certain commercial milestones”.
- Anthropic said it’s committed to spending more than $100 billion on Amazon Web Services technologies over the next 10 years, including current and future generations of Trainium, Amazon’s custom AI chip.
CME Group delivers record Q1 on surging trading volumes
- World’s leading derivatives exchange CME Group reported Q1 2026 revenue of $1.88B, up 14% year on year and a new record. Adjusted EPS of $3.36 and GAAP EPS of $3.18 were broadly in line with consensus.
- Average daily volume hit a record 36.2 million contracts, up 22% year on year, with simultaneous record volumes across all six asset classes (rates, equities, energy, ags, metals and FX). Non-US average daily volume rose 30% to a record 11.4 million contracts.
- The company paid around $2.7B in dividends and repurchased $536m of shares during the quarter. CME will launch 24/7 crypto trading in May.
Union Pacific delivers a record Q1 as pricing discipline offsets volume headwinds
- Union Pacific reported first-quarter adjusted EPS of US$2.93 ahead of the US$2.85 consensus, with revenue of US$6.22 billion a record for the quarter and freight revenue up 4% despite a 1% fall in volumes.
- The operating ratio improved 80 basis points to 59.9% on an adjusted basis, reflecting strong cost discipline and productivity gains that more than offset merger-related costs of roughly US$36 million.
- Management reaffirmed the full-year 2026 outlook and its three-year compound earnings growth target of high-single to low-double digit through 2027, with US$3.3 billion of capital expenditure planned. Shares rose roughly 5.8% on the result.
The Week Ahead
- Tuesday 28 April: US Conference Board Consumer Confidence (Apr) consensus ~87.0 (prior 91.8) — a significant decline is expected after Michigan consumer sentiment hit an all-time record low of 49.8 in April, driven by surging inflation expectations and the economic fallout from the Iran conflict. Any reading below 80 would approach the recession-signal threshold on the Expectations Index. Kevin Warsh’s confirmation hearing before the Senate Banking Committee continues, with Warsh expected to succeed Jerome Powell as Fed Chair when Powell’s term ends on 15 May.
- Wednesday 29 April: Australia Monthly CPI (Mar) consensus ~3.8% YoY (prior 3.7%) — the first monthly CPI reading that will capture the full impact of the Iran-driven oil price surge on Australian petrol costs. The RBA hiked rates to 4.10% in March and this print will be critical in determining whether further tightening is on the table. The trimmed mean, which the RBA watches most closely, sat at 3.3% in February — still well above the 2–3% target band. The US Federal Reserve announces its rate decision at the conclusion of its two-day meeting, with rates expected to remain on hold at 3.50–3.75%. This will be Jerome Powell’s final meeting as Chair, and his press conference will be scrutinised for any signals on the Fed’s tolerance for above-target inflation in the context of a wartime energy shock.
- Thursday 30 April: The most data-heavy day of the week. US Q1 GDP Advance Estimate is the headline release — nowcasts are unusually divergent, with the Atlanta Fed tracking just 1.2% annualised growth while the New York Fed sits at 2.4% (prior Q4: 0.5%). Either way, a meaningful slowdown from Q3 2025’s 4.4% pace is expected, reflecting the drag from elevated import front-running and the early impact of the Iran conflict. US Core PCE Price Index (Mar) consensus ~0.3% MoM, ~3.0% YoY (prior 0.4% MoM, 3.0% YoY) — the Fed’s preferred inflation gauge, though this reading is still largely pre-war baseline data. US Initial Jobless Claims consensus ~215k (prior 214k). China Official Manufacturing and Non-Manufacturing PMIs (Apr) will signal how the world’s largest manufacturer is absorbing the energy shock — watch for weakness in new export orders. Eurozone Flash GDP (Q1) and Flash CPI (Apr) also due, alongside rate decisions from the ECB and Bank of England, both expected to hold.
- Friday 1 May: US ISM Manufacturing PMI (Apr) consensus ~48.5 (prior 49.0) — a reading further below 50 would confirm the sector remains in contraction, with input costs likely to feature prominently given the oil price backdrop.
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
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.
