US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
The Dow Jones Industrial Average plunged 436.36 points (-0.98%) to 44,023.29 on Tuesday, weighed down by persistent inflation fears and mixed bank earnings. The S&P 500 slipped 0.4% to 6,243.76, easing from a fresh high. However, the Nasdaq Composite bucked the trend, rising 0.18% to close at a record 20,677.80, driven by a 4% jump in US:NVDA:Nvidia following news it may soon resume H20 GPU deliveries to China.
US:AAPL:Apple
US:WFC:Wells Fargo
US:JPM:JPMorgan Chase
US:BLK:BlackRock
US:C:Citigroup
On the earnings front, bank stocks posted underwhelming performances. Wells Fargo fell over 5% due to weaker net interest guidance despite beating on earnings. JPMorgan Chase dipped after posting solid trading results. BlackRock tumbled nearly 6% on a revenue miss. Conversely, Citigroup gained more than 3% after surpassing Q2 estimates.
US:BTC:Bitcoin
US:COIN:Coinbase Global
Crypto-related legislation backed by former President Trump failed to pass the House, triggering a slide in digital asset stocks. Bitcoin dropped over 2%, falling below $117,000. Coinbase Global lost 1%, and Circle Internet Group slid 4%.
US:LUV:Southwest Airlines
Southwest Airlines was downgraded by Evercore ISI to “in line” from “outperform,” citing valuation concerns. The firm maintained a $40 target, implying limited upside. Shares have gained 11% YTD but closed down 1.51% Tuesday.
US:MCD:McDonald’s
McDonald’s generated strong social media buzz with the return of its chicken Snack Wrap, discontinued since 2016. Wolfe Research sees brand momentum but awaits sustained consumer traction. Shares dipped slightly, ending a four-day winning streak, yet remain up 3.5% in 2025.
US:BLK:BlackRock
CEO Larry Fink declared himself a “huge buyer” of BlackRock shares, despite a 5% drop on weak revenue. He touted the firm’s positioning and AI infrastructure potential, calling this a “golden age” for such investments.
US:DASH:DoorDash
DoorDash fell nearly 2% after Jefferies downgraded the stock from “buy” to “hold,” citing limited further upside after a 42% YTD rally. Analyst concerns included valuation premiums and potential drag from affordability initiatives.
US:GPN:Global Payments
US:HWC:Hancock Whitney
US:OMC:Omnicom Group
US:KSTR:Kestra Medical Technologies
US:PKE:Park Aerospace
US:JBHT:J.B. Hunt Transport Services
Global Payments rose ~5% following reports that activist investor Elliott Management increased its stake.
Hancock Whitney fell over 3% on an earnings miss.
Omnicom Group jumped 2% on earnings beat.
Kestra Medical Technologies slid 5% on widening losses.
Park Aerospace fell 3% after flat earnings.
J.B. Hunt slipped more than 3% due to weaker-than-expected Q2 results.
Bitcoin:US:BTC:Bitcoin
Bitcoin dropped below $117,000, down 2.8%, after Trump-backed digital asset bills stalled in Congress.
US:BAC:Bank of America
US:GS:Goldman Sachs
US:MS:Morgan Stanley
US:JNJ:Johnson & Johnson
Markets await earnings from Bank of America, Goldman Sachs, Morgan Stanley, and Johnson & Johnson, with hopes of an earnings rebound amid low growth expectations for the S&P 500, which is forecast to grow just 4.3% YoY.
US:COPS:Copper
Trump’s proposed 50% tariffs on copper imports beginning Aug. 1 have already triggered order reductions and stockpiling among US buyers. Distributors like RM-Metals and Aviva Metals are seeing demand dry up, citing cost concerns and lack of clarity on tariff details. Domestic warehouses are flush with copper as traders rushed to beat the tariff deadline.
Federal Reserve Outlook
Kevin Warsh, a potential pick for Fed chair under Trump, has pivoted from a hawkish to dovish stance, now advocating for rate cuts and balance sheet reduction. His shift aligns with Trump’s pressure on the Fed to lower rates, raising fresh questions about central bank independence. Warsh’s record and proximity to Wall Street position him as a strong contender.
SGX:C09.SI:City Developments (CDL)
JP Morgan upgraded City Developments (CDL) to “overweight” from “neutral,” lifting its target price to S$6.85 from S$4.85. Analysts cited improved governance, asset monetization, and efforts to cut debt following the South Beach sale to KL:5249.KL:IOI Properties Group. CDL expects a $465 million gain from the sale, reducing net gearing from 117% to 103%. Further non-core asset sales, like London’s Stag Brewery site, are anticipated.
🚗🔋 Chips, Cars, and Commerce: AI Booms, Ride-Hailing Faces Rules & Tech Giants Surge in Asia
HK:3115.HK:Hang Seng Index
HK:0700.HK:TENCENT
HK:9988.HK:Alibaba
HK:3690.HK:MEITUAN
HK:1093.HK:SINO BIOPHARM
HK:6618.HK:JD HEALTH
HK:3692.HK:HANSOH PHARMA
HK:0011.HK:HANG SENG BANK
HK:1196.HK:REALORD GROUP
The Hang Seng Index soared 386 points with a flurry of gains led by HK:9988.HK:Alibaba (+6%), HK:3690.HK:MEITUAN (+4%), and HK:0700.HK:TENCENT (+3%). Pharmaceutical and financial stocks like HK:1093.HK:SINO BIOPHARM, HK:6618.HK:JD HEALTH, HK:3692.HK:HANSOH PHARMA, HK:0011.HK:HANG SENG BANK, and HK:1196.HK:REALORD GROUP also hit new highs amid rising market turnover.
US:NVDA:Nvidia
Nvidia rallied over 5% in pre-market trading to USD172.31 after CEO Jensen Huang confirmed U.S. government approval to resume H20 AI chip sales to China. Chinese firms like HK:0700.HK:TENCENT and ByteDance are reportedly vying for supply.
HK:01109.HK:CHINA RES LAND
CHINA RES LAND reported a 26.7% YoY decline in June’s gross contracted sales to RMB23.45 billion and a 27.1% drop in contracted floor area. Recurring revenue remained stable YoY at RMB4.16 billion.
HK:02020.HK:ANTA SPORTS
ANTA SPORTS posted low-single digit growth in Q2 retail sales for Anta-branded products and mid-single digit growth for FILA in 1H25. Other brands including DESCENTE also saw improvement, but no exact figures were given.
US:TSLA:Tesla
HK:01211.HK:BYD COMPANY
Tesla plans to double its Japan store count from 23 to 50 by end-2026. Meanwhile, BYD COMPANY targets 100 stores in Japan by year-end, indicating a heated expansion race in Asia’s EV market.
HK:09992.HK:POP MART
POP MART expects 1H net profit to soar by no less than 350% YoY, supported by strong consumer demand and new product launches.
HK:2018.HK:AAC TECHNOLOGIES
HK:2382.HK:SUNNY OPTICAL
HK:1810.HK:XIAOMI-W
CLSA research highlighted stellar smartphone sales in 2Q25, favoring stocks like AAC TECHNOLOGIES, SUNNY OPTICAL, and XIAOMI-W for their exposure to rising trade-in demand.
HK:2382.HK:SUNNY OPTICAL
SUNNY OPTICAL’s subsidiary has teamed up with a SiC firm to develop AR glasses technology, aiming to capture the emerging wearable tech market.
HK:3888.HK:KINGSOFT CLOUD
CLSA noted that Nvidia’s resumed chip supply is expected to ease the semiconductor shortage faced by KINGSOFT CLOUD, potentially improving performance ahead.
US:AAPL:Apple
Analyst Ming-Chi Kuo reported that Apple will use Samsung-made displays for its foldable iPhone, with mass production targeted for 2H26.
HK:1208.HK:MMG
MMG shares surged as much as 7% intraday after projecting 1H earnings growth of 15.2x, driven by strong commodity prices and operational efficiency.
US:BTC:Bitcoin
STANCHART launched spot trading for Bitcoin and Ether for institutional clients, broadening crypto access through traditional financial channels.
HK Government Proposal
Hong Kong’s Transport and Logistics Bureau proposed mandatory, non-transferable five-year licenses for online ride-hailing drivers, platforms, and vehicles. This marks a regulatory shift towards formalizing the ride-hailing economy without capping licenses.
HK:9988.HK:Alibaba
HK:3690.HK:MEITUAN
HK:9618.HK:JD.com
CMS downgraded target prices for Alibaba, MEITUAN, and JD.com due to intensified competition eroding earnings visibility. Despite this, Alibaba and MEITUAN showed strong gains on Tuesday.
HK:9988.HK:Alibaba
Jack Ma reportedly urged Taobao Instant Commerce to stabilize at 80 million orders, reinforcing focus on scaling e-commerce logistics.
E-commerce Insight
Citi research revealed China’s 6M25 online retail sales grew 8.5%. E-commerce firms with strong trade-in product categories are expected to outperform in 2Q gross merchandise value (GMV).
Local Market Dynamics
The Zunyi Catering Association has called for an end to excessive food delivery subsidies, citing unsustainable competition that is hurting small restaurants.
Policy Watch
President Xi Jinping outlined seven key urban development areas, emphasizing a new real estate model and ongoing renovation of urban villages.
Operational Tech
Keeta announced enhancements to its merchant support program, integrating AI and data analytics tools to improve business operations.
📰 Malaysia Market Movers: Raids, Realignments & Strategic Investments Stir KL Stocks
KL:0250.KL:NationGate Holdings
KL:0250.KL:NationGate Holdings shares nosedived by 16% after its subsidiary, NationGate Solution (M) Sdn Bhd, was raided by the Malaysian Anti-Corruption Commission (MACC) over alleged scrap metal smuggling. The announcement, made during the midday break, triggered high-volume selling. Intraday short selling was suspended until Wednesday.
KL:0138.KL:Zetrix AI
KL:0138.KL:Zetrix AI, formerly MyEG Services Bhd, fell 7% after Bursa Malaysia Securities publicly reprimanded the company and seven directors for making misleading announcements in 2023. Each director was fined RM150,000. Zetrix AI plans to challenge the reprimand through a judicial review.
KL:3158.KL:YNH Property
KL:5273.KL:Chin Hin Group Property
KL:3158.KL:YNH Property ended its joint development agreement with KL:5273.KL:Chin Hin Group Property for a serviced apartment project in Segambut, Kuala Lumpur. The 6.49-acre parcel will now be sold directly to Chin Hin in a land deal, shifting from a previous GDV of RM685.1 million in joint development.
KL:7228.KL:T7 Global
KL:5199.KL:Hibiscus Petroleum
KL:7228.KL:T7 Global secured a six-month contract extension from KL:5199.KL:Hibiscus Petroleum for maintenance and construction work in the Malaysia-Vietnam PM3-CAA area. The work runs from June 19 to December 18, 2025, through T7’s unit, Tanjung Offshore Services Sdn Bhd.
KL:5143.KL:Luxchem Corp
KL:5143.KL:Luxchem Corp is acquiring five leasehold industrial plots in Klang for RM45.59 million. The 40,340 sq m land comes with a nine-year lease generating RM2.3 million in annual rental income. The properties are being bought from Leisure Harvest Sdn Bhd and Excellent Delight Sdn Bhd.
KL:7285.KL:Tomypak Holdings
KL:7285.KL:Tomypak Holdings has exercised a call option to acquire an additional 10% stake in EB Packaging Sdn Bhd for RM6.69 million, raising its total ownership to 90%. The deal was priced based on EB’s profit after tax for the 12-month period ending Oct 31, 2024.
KL:03067.KL:Master Tec Group
KL:03067.KL:Master Tec Group signed an MoU with Kuching-based Senari Synergy Sdn Bhd to explore a new cable manufacturing facility in Sarawak. Both parties will conduct a year-long feasibility study at the Senari Synergy Industrial Complex.
KL:6033.KL:Petronas Gas
KL:5183.KL:Petronas Chemicals Group
KL:6033.KL:Petronas Gas reached a RM52 million settlement with BASF Petronas Chemicals Sdn Bhd (BPC), resolving a dispute related to an electricity supply agreement from 1998. BPC is a JV between Germany’s BASF SE and KL:5183.KL:Petronas Chemicals Group, which is majority-owned by Petroliam Nasional Bhd (Petronas).
KL:1171.KL:MBSB
KL:1171.KL:MBSB has rebranded MIDF Amanah Investment Bank to MBSB Investment Bank, and MIDF Research is now known as MBSB Research. This rebranding follows MBSB’s RM1.01 billion acquisition of MIDF in 2023.
KL:03044.KL:Elridge Energy
KL:03044.KL:Elridge Energy announced that Urusharta Jamaah Sdn Bhd, under the Ministry of Finance, has become a substantial shareholder with a 5.26% direct stake. The acquisition involved 7.19 million shares purchased on July 9.
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