1. Federal Reserve Holds Rates in 3.50%–3.75% Range; Three Hawks Dissent

The Federal Open Market Committee voted 9–3 on 29 July to leave the federal funds rate unchanged at 3.50%–3.75%, maintaining its current level for the fifth consecutive meeting — the lowest since November 2022. The dissent was notable: Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan voted to hike, citing inflation that has remained above the Fed's 2% target for more than five years. Chair Kevin Warsh offered no firm forward guidance. Markets now price in high odds of a rate hike later in 2026 amid elevated inflation and energy prices, while futures currently price in two 25-basis-point rate increases in 2026, with no further movement through 2027.

Sources: CNBC, 29 July 2026; Advisor Perspectives / dshort, 29 July 2026; U.S. Bank, 29 July 2026

2. US Equities Rebound Sharply as Microsoft and Semiconductors Lead Recovery

US stocks rallied on Thursday, rebounding from the prior day's sell-off triggered by the Fed decision, with Microsoft and semiconductors driving the gains. The Nasdaq Composite finished 2.8% higher, ending a six-day losing streak, while the Dow Jones rose 613 points (1.2%) and the S&P 500 climbed 1.7%. Microsoft surged 16%, adding roughly $450 billion to its market value — the most by any stock in a single session. Contracts for US equities also rose after Amazon reported cloud-computing revenue that accelerated for the fifth straight quarter. The iShares Semiconductor ETF (SOXX) rose more than 8%.

Sources: CNBC, 30 July 2026; Bloomberg Markets Wrap, 30 July 2026

3. SK Hynix IPO, Semis Volatility, and DRAM Demand Debate

The semiconductor sector saw considerable cross-currents in July. SK Hynix raised $26.5 billion in its US debut — the largest foreign listing in American history — while simultaneously committing $8.6 billion to acquire advanced EUV lithography equipment from ASML. However, a mid-month selloff rattled the space: Meta signalled it has surplus AI compute capacity worth monetising, suggesting the frantic capex cycle that drove semiconductor stocks higher may be approaching an inflection point where supply begins to catch up with demand. Looking ahead, UBS analysts noted that agentic AI is accelerating memory demand, forecasting DRAM demand growth of 36% in 2027, up from 22% in 2026. Asian equity futures pointed higher on 30 July as the semis rebound lifted sentiment. Equity-index futures for Australia, Japan, and South Korea all pointed to gains following the S&P 500's 1.7% rise and the Nasdaq 100's 3.4% advance.

Sources: Distill Intelligence Weekly Briefing, 10 July 2026; Intellectia.ai, July 2026; CNBC, 30 July 2026; Bloomberg, 30 July 2026

4. BlackRock–HPS Combine Accelerates Push for Private Credit Scale

With the addition of HPS Investment Partners, one of the biggest names in private credit, BlackRock's combined "Private Financing Solutions" business can invest across capital structures large and small, and is now angling for a large slice of the industry's future. The move arrives at a pivotal moment for the asset class: North American direct lending funds raised $16 billion in Q2 2026, according to Preqin, with private credit closed-end funds recording their second-strongest fundraising quarter from institutional investors in four years. Broader structural dynamics remain supportive: a regulatory and tax regime favouring business expansion, lower rates providing companies more cash flow to support leverage, and constraints on regional bank lending continue to sustain demand for private debt financing. At the same time, direct lenders are navigating a sustained bout of redemption pressure, with secondary-market activity picking up as the biggest players remain active buyers of loans.

Sources: Bloomberg, 28 July 2026; Private Investment Works / Preqin, 9 July 2026; Bloomberg, 16 July 2026; PineBridge Investments, 2026

5. Singapore Q2 GDP Beats; APAC Capital Markets Confidence Holds

Singapore's economy grew 5.7% year-on-year in Q2 2026 — above the 5.5% consensus estimate — with manufacturing expanding 12.2%. The result reinforces the city-state's position at the top of the region's business-environment rankings. According to the ASIFMA 2026 Asia-Pacific Capital Markets Survey, Singapore and Hong Kong rank as the top two APAC markets for ease of doing business, ahead of Australia, Japan, India, Taiwan, mainland China, and South Korea. In Hong Kong property markets, mainland Chinese buyers set a record HK$43 billion in residential purchases in Q1 2026, although Beijing's May tightening of cross-border capital flow rules has raised concern; JPMorgan estimates non-HKID mainland buyers represented only 5.5% of transaction volume, limiting the practical impact.

Sources: Saxo Hong Kong / MTI Advance Estimates, 14 July 2026; ASIFMA via Caproasia, July 2026; APREA Market Outlook, 2026

This news roundup is produced by 1Oak Research for general informational and educational purposes only. Nothing in it constitutes investment advice, a solicitation, or a recommendation to buy, sell, or hold any security or financial instrument. All investments carry risk, including the possible total loss of capital. 1Oak Research is not a licensed or regulated financial entity.