27 July 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 27 July 2026
Did you know?
On 27 July 1914 — exactly 112 years ago today — global stock markets began closing their doors as the world lurched toward World War I. Within days of Austria-Hungary’s ultimatum to Serbia, London called in loans, gold shipments hit records, and the New York Stock Exchange shut for four months — the longest closure in its history.
The lessons from previous conflicts is that the markets will reward the victorious parties and the share markets of the losing parties tend to perform badly.
Market Movements
The ASX All Ords slipped 0.4% to 8,942 — now negative for the year at -0.8%, a poor contrast to the S&P 500’s +8.3% year-to-date gain. The NASDAQ has added 7.5% for the year despite a 2.1% fall this week.
Energy was the standout domestically, up 4.0% for the week and now the clear best-performing ASX sector at +26.1% year-to-date — entirely consistent with oil’s 8.5% weekly surge to US$96.78 as the Hormuz situation escalated. Crude is up an extraordinary 59.1% for the year. The oil price has opened 5% lower this morning, however as the US seem to have paused their attacks on Iran.
Paladin Energy led the company table, jumping 14.2%, while South32 added 10.1% on strong FY26 results. Healthcare continued its painful run, falling 5.3% for the week and now -25.2% year-to-date — the worst-performing sector on the ASX by a considerable margin. Pro Medicus was a notable drag, falling 13.9% after a strong run. Technology also struggled, down 5.6% for the week. Wisetech fell 11.0% on no news.
In US names, the defence sector shone. Palantir surged 14.6% to extend its extraordinary +247.6% year-to-date gain. Lockheed Martin added 14.3% — geopolitical tailwinds driving defence spending expectations higher. Tesla fell 15.3% after poor earnings results, while MSCI slipped 11.8%.
Gold ticked up 1.4% to US$4,067 but remains -6.0% for the year — the reversal from the April $5,595 peak continuing to play out. Copper was flat at US$13,617/tonne. Natural gas fell 8.9% for the week.
The Australian dollar slipped 2.1% to US$0.70, now up 4.8% for the year.
On rates, the RBA held at 4.10%. Australian 10-year bonds sold off sharply, with the yield rising to 5.02% — the highest level in years and worth watching closely given its implications for property and equity valuations. In the US, the Fed held at 3.60% with the 10-year yield rising 4.0% to 4.68%.
Australia employment data surprised to the upside with jobs growth surging by 76.0K in June, well ahead of the 16.4K gain expected. The Aussie unemployment rate held steady at 4.4% as expected although Victoria a clear outlier and not doing too well with state unemployment hitting 5.1% and the highest since Covid. US employment indicators were strong with the weekly initial unemployment claims down 22,000 on last week to 187,000 well under expectations and the lowest in nearly 60 years.
Twenty-seven percent of S&P 500 companies have now reported actual results Q2 results with 86% of those reporting a positive EPS surprise. The blended (year-over-year) earnings growth rate for the S&P 500 is currently sitting at a whopping 37.9%, way ahead of the already high 23.2% earnings growth expected coming into reporting.
Portfolio Movements
Alphabet Q2 revenue beats on 82% cloud growth, capex guidance lifts
- Google parent Alphabet has reported Q2 results with revenue of $119.8 billion, up 24% year-on-year and ahead of the roughly $116.8 billion expected, with Google Cloud revenue accelerating to 82% growth at $24.8 billion, well above the $22.4 billion forecast, and cloud backlog at $514 billion.
- Search revenue rose 17% to $63.3 billion, slightly behind the $63.4 billion expected, while Q2 capital expenditure of $44.9 billion doubled year-on-year, and the company raised 2026 capex guidance to as much as $190 billion.
- Shares are lower in aftermarket trading likely on the higher capex guidance offsetting the revenue beat.
James Hardie upgrades Q1 guidance – Shares higher
- Problem stock James Hardie is doing a bit better recently with preliminary first quarter FY27 results that exceeded the top end of their prior guidance in May, with consolidated net sales expected at $1.449 to $1.475 billion, up from the $1.315 to $1.354 billion, and adjusted EBITDA of $399 to $407 million, ahead of the prior $354 to $375 million range.
- The upgrade was driven primarily by the Siding & Trim segment, where net sales are expected at $846 to $860 million against prior guidance of $758 to $781 million; Deck, Rail & Accessories net sales of $296 to $305 million were around the top of prior guidance, helped by channel inventory normalisation and improving sell-through through the quarter.
- CEO Aaron Erter attributed the result to the company’s execution and growth above market rather than a meaningful improvement in the US housing market.
CME Group reports record first half
- Leading global financial markets exchange operator CME Group reported Q2 results with revenue of $1.71 billion, up slightly from $1.69 billion a year earlier and ahead of the $1.68 billion expected, with adjusted diluted EPS of $2.99 also ahead of the $2.91 expected.
- Average daily volume was 29.8 million contracts, the company’s third-highest quarterly level, while market data revenue rose 20% year-on-year to a record $238 million; the company returned around $1.16 billion to shareholders through dividends and buy-backs in the quarter.
- Chairman and CEO Terry Duffy said the first half of 2026 was the strongest in CME Group’s history, describing it as a record H1 across revenue, adjusted operating income, adjusted net income and adjusted EPS.
The Week Ahead
- Wednesday 29 July – Australian headline CPI consensus: +4.0% YoY. Prior month (May 2026): +4.0%.
The FOMC is expected to hold at 3.50–3.75%.
Microsoft quarterly earnings: Consensus EPS: $4.24, reflecting +16% year-over-year growth. Revenue consensus: $87.6B, +15% YoY. The prior quarter (Q3 FY26) delivered EPS of $4.27, +23% YoY. The key watch is Azure cloud growth — Microsoft’s AI infrastructure narrative is the central investment thesis. - Thursday 30 July – US Q2 GDP consensus: +2.3% annualised. Prior (Q1 2026): +2.1%.
US PCE consensus: +3.1% YoY. Prior: +3.2%.
Bank of England expected to hold at 4.25%. Eurozone Q2 GDP consensus: +0.3% QoQ (prior: +0.4%).
Apple quarterly earnings: Consensus EPS: $1.89, reflecting +20.4% year-over-year growth, on revenue of $108.9B, +15.8% YoY. This is Apple’s fiscal Q3. - Friday 1 August – China Manufacturing PMI consensus: 49.8 (prior: 49.5; prior year Jul 2025: 49.4). A third consecutive sub-50 reading would confirm the manufacturing contraction trend.
Eurozone CPI flash consensus: ~2.6% YoY (prior: 2.8%; prior year Jul 2025: 2.3%).
Meta quarterly earnings: Consensus EPS: $7.18, with revenue estimated at $60.2B, +27% YoY. The prior year Q2 2025 EPS was approximately $5.16 — implying approximately +39% EPS growth year-over-year. The single swing factor is FY26 capex guidance ($125–$145B current range) and whether Meta reaffirms or raises it — relevant given the surplus compute
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.
