I have a weird problem involving Power Query, VBA and (I think) the Excel User Interface.

I have a single cell named "Search" in an Excel sheet. It is used as a search box. It is a source for a Power Query.

The associated query returns a table to the same sheet. The table is named "tList". The table entries look like this:

  =HYPERLINK("\NASMovies-name that contains search argument1.mp4")
  =HYPERLINK("\NASMovies-name that contains search argument2.mp4")
  etc...

(Note that there is no leading apostrophe involved, nor is one needed.)

A button below the "Search" cell invokes a simple two line macro. The macro is:

   Sub SearchReplaceEq()
      ActiveWorkbook.RefreshAll                                                    'Invoke the Power Query to do the search
      [tList].Replace What:="=", Replacement:="=", LookAt:=xlPart 'Make the =Hyperlink become a formula.
   End Sub

Pretty straight forward, right? Here's what happens:

The Power Query works and returns the table as expected.
The VBA Replace statement appears to work, but does not!

If however, we now do a Find & Replace in the Excel UI (Ctrl+H) to make the same change of = sign to = sign, the =HYPERLINKs do become formulae, as expected. The hyperlinks are clickable and work. Similarly, if I invoke another macro with just the single Replace command in it, it also works.

It seems that the Replace function will not actually work until you have returned to the Excel UI from the SearchReplaceEq macro, and then either manually performed the replace = sign (Ctrl+H) or run a macro that only contains the Replace command. But the Replace does not work when it immediately follows the ActiveWorkbook.RefreshAll command in the macro shown above.

What is going on? 

I've spent hours trying to resolve this. Obviously without success. (Sigh)

Thanks in anticipation

Les