US:USDGT:Dow Jones Industrial Average
Stocks tumbled Monday as former President Donald Trump launched a fresh trade offensive, sending Wall Street into its worst session since mid-June. The US:USDGT:Dow Jones Industrial Average dropped 422.17 points (-0.94%) to 44,406.36, while the US:S27.SI:S&P 500 shed 0.79% to 6,229.98, and the US:QQQ:Nasdaq Composite fell 0.92% to 20,412.52.
US:S27.SI:S&P 500
Trump unveiled 25–40% tariffs on goods from at least 14 countries including Japan, South Korea, Malaysia, and Myanmar, effective August 1. White House press secretary Karoline Leavitt confirmed more letters are coming, and an executive order delayed the previous tariff deadline.
Trump hinted that tariffs could change depending on diplomatic ties. A further 10% tariff threat looms over BRICS-aligned nations: Brazil, Russia, India, and China.
Despite the aggressive trade rhetoric, analysts like Trivariate Research’s Adam Parker said this is likely short-term turbulence ahead of July earnings season.
US President Donald Trump has announced a sweeping new trade threat, stating that any country aligning with the “Anti-American policies of BRICS” will face an additional 10% tariff. The move, posted on Truth Social, comes just days before the expiration of a 90-day tariff pause and amid rising global trade uncertainty.
Emerging market currencies and stocks immediately declined, with South Africa’s rand falling 1%, while India’s rupee and China’s offshore yuan also weakened. The BRICS summit—attended by China’s Premier Li Qiang and India’s Prime Minister Narendra Modi—issued a joint statement condemning the rise of unilateral tariff actions that defy WTO norms.
Countries are scrambling to finalise trade deals before the July 9 deadline, though US Treasury Secretary Scott Bessent suggested a possible three-week extension before the levies kick in on August 1. Trump did not clarify which BRICS policies were considered “anti-American” or specify timing for the new tariffs.
The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, also condemned Israeli and US military actions in Iran and Gaza, calling for a ceasefire and humanitarian access. Discussions among BRICS leaders included the development of a cross-border payment system, aiming to reduce reliance on the US dollar.
US:QQQ:Nasdaq Composite
JPMorgan’s Mislav Matejka warned that rising tariffs could spark stagflation, risking the market rally. Meanwhile, AAII reported investor optimism at its highest since December 2024, despite concern over the deficit-inflating “One Big Beautiful Bill.”
Automakers and tech stocks dragged the market lower. US:TM:Toyota Motor dropped over 4%, and US:HMC:Honda Motor lost 3.9% following Trump’s tariff posts. Meanwhile, US:AAPL:Apple and US:GOOGL:Alphabet both slipped over 1%, US:NVDA:Nvidia dipped slightly, and US:AMD:AMD declined more than 2%.
US:TSLA:Tesla shares fell nearly 7% after CEO Elon Musk said he would form the “America Party,” intensifying investor unease over his political moves.
Dow futures dipped 0.19%, S&P 500 0.16%, and Nasdaq 100 0.15%, tracking tariff-driven selloffs.
US:WFC:Wells Fargo
US:WFC:Wells Fargo slipped after Raymond James downgraded the bank to “market perform,” citing limited upside post-Fed asset cap removal. Shares had surged over 15% since June 18.
US:IBM:IBM
US:IBM:IBM climbed over 30% year-to-date, with Melius Research boosting its target price to $350. Analyst Ben Reitzes cited IBM’s infrastructure software shift as a key growth driver, projecting strong free-cash flow and multiple expansion.
SGX:AWI.SI:Thakral Corporation
Thakral Corporation’s subsidiary, Paramount Investments, is investing INR425 million (S$6.3 million) in Riverwalk Fund II, an Indian fund focused on high-growth sectors like B2B software, fintech, consumer platforms, and tech-infused real estate. Paramount will commit INR420 million to unlisted Class B units and INR5 million to acquire 10% in Riverwalk Investment Manager LLP, gaining both direct and indirect exposure. Co-investors include Karan Singh Thakral and unrelated third parties. Thakral cites India’s demographic, economic, and geopolitical strengths—especially under the “China+1” strategy—as key reasons for participation.
SGX:B9S.SI:Cosmosteel Holdings
3HA Capital’s revised takeover offer for Cosmosteel Holdings has been declared unconditional after receiving 50.23% shareholder acceptances. Backed by Hanwa Co, the controlling shareholder of Cosmosteel, the offer price was raised from 20 to 25 cents after the IFA deemed the initial bid “not fair.” With the acceptance threshold crossed, the cash offer is now binding.
SGX:5WH.SI:Rex International
Rex International reported daily production of 9,998 barrels of oil equivalent in June 2025 from its assets in Norway and Oman. Its subsidiary Lime Petroleum AS produced 8,308 boepd, while Masirah Oil delivered 1,692 stb/d. The company completed drilling operations on Brage, despite routine shut-ins during the month.
SGX:NTTD.SI:NTT DC REIT
NTT DC REIT, backed by global tech giant NTT, is launching Singapore’s first data centre REIT IPO since 2021. Its forecasted FY2026 DPU is 7.5 US cents with a 7.5% yield, and 7.8 cents for FY2027. The IPO Portfolio, valued at US$1.57 billion, spans the US (California & Virginia), Singapore, and Vienna, boasting a design IT load of 90.7 MW.
Despite an upcoming termination from a major tenant occupying 8,638 kW in Virginia and California, occupancy will only dip slightly to 93.6%. This opens opportunities to re-lease at higher colocation rates, with current rents 20–40% under market.
A California-based EV company accounts for 31.5% of base rent but may be replaced over time as the REIT diversifies. Notably, Microsoft (US:MSFT) is speculated as a top-3 tenant. NTT’s global network includes 133 buildings across 91 sites and 1.4 GW in operation, with 858 MW under construction.
NTT DC REIT distinguishes itself by classifying its properties under PPE and not Investment Properties, allowing depreciation accounting. It trades in USD starting July 14.
SGX:D03.SI:Del Monte Pacific
Del Monte Pacific warned it will report a capital deficit following the bankruptcy of its US subsidiary, Del Monte Foods (DMF). The Singapore-listed company holds US$579 million in net investment and US$169 million in receivables from DMF. Despite the massive exposure, Del Monte Pacific stated that operations outside the US remain unaffected.
The group clarified that it has not guaranteed any loans for DMF and holds no contingent liabilities. It plans to deconsolidate the US subsidiary after a court-led board change at DMF, with the full financial impact of impairments to be disclosed by July 31, 2025.
According to its FY2024 report, DMF contributed over 70% of Del Monte Pacific’s total revenue, underscoring the significance of the bankruptcy.
KL:NEXG: NexG Bhd
NexG Bhd (KL:NEXG), formerly Datasonic Group Bhd, has secured multiple contract extensions from the Home Ministry.
KL:OSK: OSK Holdings Bhd
OSK Holdings Bhd (KL:OSK) is entering the motorcycle financing market with the RM16.5 million acquisition of Wilayah Credit Sdn Bhd, a wholly owned subsidiary of Platinum Moment Sdn Bhd. As part of the deal, OSK will also divest three non-core real estate assets in Kuala Lumpur back to Platinum Moment for RM12.6 million.
KL:LCTITAN: Lotte Chemical Titan Holding Bhd
Lotte Chemical Titan (KL:LCTITAN) announced a major related-party transaction valued at US$2.99 billion (RM12.69 billion). Its 92.5%-owned PT Lotte Chemical Titan Nusantara (LCTN) has signed a 10-year ethylene supply agreement with its 51%-owned PT Lotte Chemical Indonesia (LCI), beginning Sep 1. Under the deal, LCTN will procure 350,000 tonnes of ethylene annually as feedstock for polyethylene production.
KL:1TECH: OneTech Solutions Holdings Bhd
Former managing director Lau King Yew has filed a winding-up petition against OneTech Solutions Holdings Bhd (KL:1TECH) and its unit, One ERP Solutions Sdn Bhd. Lau accuses current MD Tan Yuh Pei and executive director Koh Kean Mum of acting in self-interest, leading to a breakdown of trust. He is seeking the company’s winding up on fair and equitable grounds, along with the payment of liquidator and legal fees.
HK:3115.HK:Hangseng Index
The HSI closed 28 points lower at 23,887. Sector movements were mixed: gold miners and pharmaceutical stocks declined, while casino stocks showed strength.
HK:1810.HK:XIAOMI-W dropped 0.35% to HKD57.3 amid news that its YU7 vehicles began delivery. Separately, the company denied terminating its Leica partnership and reported a 20-fold surge in air-conditioner sales in northeast China, driven by a rare heatwave.
HK:0700.HK:TENCENT
Tencent repurchased 1.002 million shares on the HKEX for HKD500 million, with prices ranging from HKD494.4 to HKD502. Since May 14, it has bought back 34.462 million shares under its buyback mandate.
HK:1828.HK:FWD
Fitch Ratings views the IPO of insurance group FWD as credit positive, signaling improved capital flexibility and funding access.
HK:0857.HK:PETROCHINA, HK:0883.HK:CNOOC
Goldman Sachs raised target prices for PetroChina and CNOOC to HKD8.3 and HKD20.9 respectively.
HK:6186.HK:CHINA FEIHE
Goldman Sachs and Citi both slashed their price targets for China Feihe to HKD6.4 and HKD5.5, respectively. Citi also downgraded the stock to Neutral, citing weaker performance.
HK:2018.HK:AAC TECH, HK:1810.HK:XIAOMI-W, HK:0981.HK:SMIC
CLSA predicts strong interim results for China techs and named AAC Technologies, Xiaomi, and SMIC as top picks.
HK:6831.HK:GREEN TEA GROUP
Citi raised the target price of Green Tea Group to HKD11.1 and maintained a Buy rating.
HK:09999.HK:NTES-S (NetEase)
BOCI raised its price target for NetEase to HKD236, expecting its Q2 adjusted net profit to grow by 28%.
HK:01060.HK:DAMAI ENT, HK:01896.HK:MAOYAN ENT
JPMorgan lifted Damai Entertainment’s TP to HKD1.2 while downgrading Maoyan Entertainment to Neutral.
HK:06613.HK:LENS
IPO of Lens Technology is reportedly priced at the upper limit of HKD18.18.
HK:01024.HK:KUAISHOU-W
BOCI revised its target price for Kuaishou to HKD65, expecting Q2 earnings to meet expectations.
HK:06811.HK:H&H INTL HLDG
Citi added H&H International to its downside 30-day catalyst watch, citing disappointing interim results.
HK:09992.HK:POP MART
Pop Mart reportedly applied for registration of the “LAFUFU” trademark to combat infringement.
HK:0388.HK:HKEX, HK:PAAMC HK
PAAMC HK became one of the first partners in the HKEX’s International Finance Platform (IFP) initiative.
HK:HKMA:Hong Kong Monetary Authority
Hong Kong’s official foreign currency reserves rose to USD431.9 billion at the end of June, up USD500 million from May.
BTC:Bitcoin
InvestHK reported that several prospective stablecoin operators are exploring Hong Kong as a base of operations, signaling growing crypto industry interest in the city.
Guotai Haitong forecasts over HKD1 trillion in southbound capital inflow for 2025, with evident institutional preferences across sectors.
Be Friends Holdings launched a new AI-powered live e-commerce retail platform called “Friends Manus.”
US:STAN:Standard Chartered
Goldman Sachs projects Standard Chartered’s 2Q25 underlying profit before tax will soar 27% year-on-year.
HK:06186.HK:CHINA FEIHE
Citi expects both China Feihe and H&H International to benefit from China’s childcare subsidy initiative.
CLSA downgraded China Feihe’s rating to “Outperform” and cut its target price to HKD6. UBS issued a profit warning, noting that preliminary results missed forecasts, which is expected to trigger negative investor sentiment.
HK:01112.HK:H&H INTL HLDG
Citi expects both China Feihe and H&H International to benefit from China’s childcare subsidy initiative.
CLSA downgraded China Feihe’s rating to “Outperform” and cut its target price to HKD6. UBS issued a profit warning, noting that preliminary results missed forecasts, which is expected to trigger negative investor sentiment.
HK:0241.HK:ALI HEALTH
Goldman Sachs anticipates short-term volatility for Ali Health, retaining a Neutral stance.
Separately, Citi also warned that Ali Health may face short-term pressure.
HK:03993.HK:CMOC
CCBI lifted its target price for CMOC to HKD10.15 after its first-quarter net profit beat expectations.
HK:2343.HK:PACIFIC BASIN
Morgan Stanley raised Pacific Basin’s price target to HKD2.15 but downgraded its rating to “Equalweight”.
HK:J&T EXPRESS-W
Morgan Stanley stated that upcoming operational data from J&T Express-W could act as a catalyst for share price movement.
HK:01112.HK:H&H INTL HLDG
Morgan Stanley maintained its Overweight rating for H&H International Holdings despite some near-term headwinds. The company is expected to benefit from China’s increasing focus on childcare and infant nutrition subsidies.
HK:0386.HK:CHINA RESOURCES POWER
China Resources Power reported solid first-half results with a 6% rise in net profit, driven by strong electricity demand and stable coal prices.
HK:0267.HK:HENGAN INTL
Hengan International’s shares fell 2% after the company announced a product recall on certain sanitary napkins due to quality control issues.
HK:02318.HK:PING AN INSURANCE
Ping An Insurance upgraded its digital health platform, aiming to expand telemedicine services across mainland China and Hong Kong, targeting long-term growth.
HK:0005.HK:HSBC HOLDINGS
HSBC Holdings announced a restructuring plan focused on Asian markets, including plans to cut 3,000 jobs and increase digital banking investments.
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