📈 Markets Jitter as Trump’s Tariffs Shake Wall Street; Apple, Expedia, and Block Lead Corporate Headlines 📉

SGX:S27.SI:S&P 500
US:DGT:Dow Jones Industrial Average
US:QQQ:Nasdaq Composite

U.S. markets closed mixed on Thursday, with the Dow Jones Industrial Average shedding 224 points (-0.51%) despite climbing over 300 points earlier in the day. The S&P 500 (SGX:S27.SI:S&P 500) dipped 0.08%, while the Nasdaq Composite (US:QQQ:Nasdaq Composite) advanced 0.35%.

US:

Piper Sandler reaffirmed a bullish second-half outlook for stocks, maintaining its S&P 500 year-end target at 6,600, implying 4% upside. Contrarian sentiment indicators also suggest room for further gains.

US:FED:Federal Reserve Board

Trump nominated Stephen Miran to the Federal Reserve Board of Governors, replacing Adriana Kugler, whose term expires in January.

US:

Trump’s new tariff policies and economic indicators remain in sharp focus for investors, with anticipated effects likely to appear in fall data.

US:CAT:Caterpillar

Dow component Caterpillar fell 2.5% after warning that newly enacted tariffs would negatively impact its business, contributing to the Dow’s decline.

US:LLY:Eli Lilly

Eli Lilly dropped nearly 14% after its obesity drug trial results disappointed investors, even though its Q2 earnings exceeded expectations and the company raised its full-year outlook.

US:AAPL:Apple

Apple rose 3% following the announcement of an additional $100 billion investment in U.S. suppliers over four years. Trump confirmed Apple would avoid the upcoming 100% chip tariff if it continues building domestically.

US:AMD:Advanced Micro Devices
US:SMH:VanEck Semiconductor ETF

AMD surged 5.7%, and the VanEck Semiconductor ETF climbed over 1% after Trump’s announcement that his semiconductor tariffs would exclude U.S.-based manufacturing firms.

US:EXPE:Expedia Group

Expedia shares soared more than 15% post-earnings as it beat revenue expectations and raised full-year guidance.

US:SQ:Block

Block, the parent company of Cash App, jumped nearly 7% after raising its full-year gross profit forecast to $10.17 billion from $9.96 billion.

US:AKAM:Akamai Technologies

Akamai rose 3% as it raised full-year guidance, now expecting adjusted EPS between $6.60 and $6.80, topping earlier expectations.

US:TXRH:Texas Roadhouse

Texas Roadhouse fell over 2% despite beating revenue forecasts. EPS came in slightly below estimates at $1.86 versus the expected $1.90.

US:CART:Maplebear (Instacart)

Maplebear, doing business as Instacart, rose over 10% after reporting Q2 earnings and revenue above expectations and guiding for stronger transaction volumes.

US:SOLV:Solventum

Solventum popped 4% after reporting strong Q2 earnings and raising its full-year adjusted EPS outlook.

US:SYNA:Synaptics

Synaptics jumped more than 2% following a better-than-expected Q4, with EPS of $1.01 and revenue of $282.8 million.

US:TRIP:Tripadvisor

Tripadvisor gained over 5% as adjusted earnings beat expectations, though revenue missed at $529 million.

US:VIAV:Viavi Solutions

Viavi Solutions spiked 11% after beating earnings and revenue expectations and issuing strong current-quarter guidance.

US:WYNN:Wynn Resorts

Wynn Resorts fell 1% after Q2 results missed forecasts with EPS of $1.09 and revenue of $1.74 billion.

US:TTWO:Take-Two Interactive Software

Take-Two rose nearly 4% after posting Q1 revenue of $1.42 billion, beating expectations and raising its annual bookings outlook.

US:FIGS:Figs

Figs surged 7% after Q2 results came in ahead of expectations with EPS of 4 cents and revenue of $152.6 million.

US:PINS:Pinterest

Pinterest dropped 10% after missing Q2 EPS expectations at 33 cents versus 35 cents forecasted.

US:SG:Sweetgreen

Sweetgreen plummeted 23% following weak Q2 results and a lowered full-year revenue outlook, now guiding between $700 million and $715 million.

US:YELP:Yelp

Yelp fell 3% after narrowing its full-year revenue guidance to $1.465 billion–$1.475 billion, below consensus.

US:MCHP:Microchip Technology

Microchip Technology declined 6% after underwhelming Q2 guidance, forecasting adjusted EPS of 30–36 cents and revenue between $1.11 billion and $1.15 billion.

📢 Billion-Dollar Moves: Keppel, DBS, UOB, SGX and More Shape Asia’s Financial Headlines

SGX:BN4.SI:Keppel Corp

Keppel has raised $6.3 billion in total funds under management (FUM) year-to-date, across its private fund strategies. This includes approximately US$700 million from global investors for Keppel Education Asset Fund II (KEAF II) and Keppel Data Centre Fund III (KDCF III), contributing $2.3 billion in new FUM.

KEAF II, now exceeding US$800 million in capital, has invested in an 80% stake in a purpose-built student accommodation in Auckland via a partnership with Precinct Properties Group. KEAF II targets assets in Australia, Japan, Singapore, and South Korea.

KDCF III also received an additional US$200 million, now totaling US$800 million, and focuses on sustainable data centres in Asia Pacific with high leasing certainty.

SGX:BN4.SI:Keppel Corp

Keppel is set to receive VND7.13 trillion ($354 million) from selling a 70% stake in Saigon Sports City. Post-transaction, Keppel retains a 30% stake, with a net gain of $114 million expected. Partners include HTV Dai Phuoc and Vinobly Investment Real Estate.

SGX:OU8.SI:Centurion Corp

Centurion Corp posted 1HFY2025 earnings of $73.9 million, down 38% y-o-y. Net profit after tax dropped 35% to $83 million due to reduced fair value gains. Excluding those, core NPAT rose 22% to $65.4 million. Revenue rose 13% y-o-y to $140.7 million, driven by PBWA and PBSA segments.

Challenges included lower occupancy in Malaysia, Australia, and UK, and FX losses. The board declared an interim dividend of 2 cents per share.

SGX:S68.SI:SGX Group

SGX reported a record FY2025 net profit of $648 million, up 8.4% y-o-y. Adjusted net profit rose 15.9% to $609.5 million. Net revenue increased 11.7% to $1.30 billion, driven by growth across all segments, despite a decline in treasury income.

Equities and derivatives revenues rose 18.7% and 13.8%, respectively. SGX proposed a final dividend of 10.5 cents per share, and a progressive increase through FY2028.

SGX:U11.SI:UOB

UOB reported a 2QFY2025 net profit of $1.3 billion, down 10% q-o-q and 6% y-o-y, below analyst expectations. NIM narrowed to 1.91%. Net interest income fell 3% y-o-y to $2.33 billion. Fee income softened, while treasury income declined.

UOB’s wholesale banking profit before tax declined 12% y-o-y. Despite macro headwinds, management guides for stable credit costs and targets NIM recovery. An interim dividend of 85 cents was declared.

SGX:D05.SI:DBS Group

DBS posted a 2QFY2025 net profit of $2.82 billion, up 1% y-o-y, despite NIM compression. Group NII grew 2% y-o-y to $3.65 billion. 1HFY2025 net profit stood at $5.72 billion. Treasury income hit a record high, with strong wealth management and digital banking performance.

DBS declared a 2Q dividend of 75 cents per share (including 15 cents capital return). The bank’s wealth segment saw 30% y-o-y fee growth.

SGX:G13.SI:Genting Singapore

Genting Singapore reported a 1HFY2025 net profit of $233.1 million, down 35% y-o-y. Revenue declined 10% to $1.21 billion due to weaker 1Q performance. Q2 revenue rose 3% to $588.3 million, driven by VIP volumes and theme park visitors.

EBITDA fell 7% y-o-y in 2Q to $187.9 million. The board declared a 2 cents interim dividend.

SGX:RF1U.SI:Far East Orchard

Far East Orchard reported 1HFY2025 earnings of $19.6 million, up 7.5% y-o-y due to a $9.1 million one-off gain. Excluding this, earnings dropped to $10.5 million. Revenue fell 6.1% to $91.3 million due to weaker hospitality performance and cybersecurity issues at TFE Hotels. UK PBSA income remained strong with 92% occupancy.

SGX:Y03.SI:Yeo Hiap Seng

Yeo Hiap Seng’s 1HFY2025 earnings dropped 50.9% y-o-y to $1.58 million. Revenue declined 10.1% to $148.6 million. F&B sales dropped 7.6% due to festive shipment timing and subdued demand. Gross profit margin slipped to 31.4%. No dividends were declared.

KL:5151.KL:Riverstone Holdings

Riverstone reported 1HFY2025 earnings of RM144.7 million, down 29.6% y-o-y. Revenue remained flat at RM497.1 million. Margins declined due to FX losses, product mix shift, and idle capacity from gas disruptions. A 2.5 sen interim dividend was declared. The company expects cleanroom glove demand to support 2H.

SGX:CC3.SI:StarHub

DBS downgraded StarHub to “hold”, citing margin pressure from low-cost SIM-only competitors. FY2025 EBITDA is forecasted to decline 5%. Cybersecurity unit Ensign remains a key value driver. FY2026 may benefit from the absence of transformation costs. StarHub maintains a minimum 6 cents annual dividend.

SGX:V03.SI:Venture Corp

Venture’s 2QFY2025 revenue rose 4.7% q-o-q. Net profit margin slipped to 8.9% due to higher wage and FX costs. Consumer lifestyle demand remained weak. A special 5 cents dividend was announced on top of the 25 cents interim, raising yield to 6.2%. DBS and UOBKH upgraded their target prices, citing strong cash position and AI-related prospects.

SGX:Z74.SI:Singtel

Singtel received a “buy” reaffirmation from Maybank, with a target price of $4.30. Associate contributions rose 15% y-o-y, led by Bharti Airtel’s 18% revenue growth. AIS (Thailand) also performed well. Telkomsel (Indonesia) and Globe (Philippines) showed signs of recovery. GCash remains a bright spot for Globe.

HK:0291.HK:DFI Retail Group

RHB reaffirmed a “buy” call on DFI with a higher target price of US$4.05. 1HFY2025 underlying profit grew 39% y-o-y to US$105 million. A surprise special dividend of 44.3 US cents was declared. Revenue was flat at US$4.4 billion. DFI divested its RRHI stake to unlock value and redeploy capital.

🇲🇾 Corporate Malaysia Headlines: Earnings Beats, Strategic Moves & High-Profile Exits Drive Market Buzz

KL:5285.KL:SD Guthrie Bhd

SD Guthrie posted a 21.7% y-o-y rise in 2QFY2025 net profit to RM505 million, lifted by stronger CPO and palm kernel prices and higher output. Revenue rose 4.11% to RM5.17 billion. An interim dividend of 7.75 sen per share was declared.

KL:8583.KL:Mah Sing Group Bhd

Mah Sing is acquiring the Corus KLCC Hotel land from KL:MUIIND:Malayan United Industries for RM260 million. The 1.485-acre parcel will be redeveloped into premium serviced apartments with a GDV of RM1.28 billion.

KL:5123.KL:Sentral REIT

Sentral REIT’s 2QFY2025 net property income dipped 2.5% y-o-y to RM36.97 million due to lower rental from Menara Shell. Revenue declined 2.7% to RM47.70 million. An interim distribution of 3.16 sen per unit was declared.

KL:5309.KL:ITMAX System Bhd

ITMAX’s 70%-owned Selmax Sdn Bhd secured a second smart parking contract in Selangor for Shah Alam’s city council. Revenue will be split 50% to Selmax, 40% to MBSA, and 10% to RMSB. Shares hit a record high on the news.

KL:5657.KL:Parkson Holdings Bhd

Parkson’s HKEX-listed unit, HK:3368.HK:Parkson Retail Group, will exit its Beijing retail site by Jan 1, 2026, ending a 31-year lease. The termination involves a RMB11.7 million penalty and derecognition of RMB127.1 million in right-of-use assets.

KL:03057.KL:Mayu Global Group Bhd

Mayu Global and its subsidiaries were contacted by the MACC amid a probe into alleged illegal steel scrap smuggling. The group clarified it is not involved in import/export of scrap materials and operates strictly domestically.

KL:0236.KL:Ramssol Group Bhd

Ramssol has aborted the RM25 million sale of a 40% stake in Rider Gate to US-listed SAGTEC Global. The deal was cancelled after SAGTEC’s board withheld approval. Ramssol is seeking legal advice over the terminated agreement.

KL:6556.KL:Annum Bhd

Annum will be delisted from Bursa Malaysia on Aug 12, 2025, after its appeal for more time to submit a regularisation plan was rejected. The company is involved in renovation and agri-related products.

KL:0283.KL:Panda Eco System Bhd

Panda Eco signed an MoU with China’s Tianjin Master Logistics Equipment to bring smart warehousing tech to Malaysia. Panda Eco will handle implementation, integration and support locally, while both firms co-develop the market.

KL:2928.KL:Atlan Holdings Bhd

Atlan appointed Datuk Lee Kok Khee, former executive director of KL:6483.KL:Kenanga Investment Bank, as its new group CEO with immediate effect. Lee also stepped down from Kenanga on the same day to pursue other opportunities.

KL:0138.KL:XOX Technology Bhd

Executive chairman Chew Shin Yong of XOX Technology has resigned with immediate effect, citing other work commitments.

KL:0247.KL:LYC Healthcare Bhd

Crowe Malaysia PLT issued a disclaimer of opinion on LYC Healthcare’s FY2025 financials due to material uncertainties about going concern. The group posted RM12.215 million in net losses, and its current liabilities exceed current assets by RM63.5 million.

🛢️ Tariffs, Talks & Tech Tumbles: Oil Slides & Malaysian Chipmakers Shaken by Trump’s Trade Salvo

oil:US:UCO

Oil prices fell for a sixth straight session as US-Russia diplomacy signals potential easing of geopolitical tensions. Brent settled at US$66.43 per barrel, down 0.7%, while WTI closed at US$63.88. Talks between US President Donald Trump and Russian President Vladimir Putin are expected soon, heightening prospects for a diplomatic resolution to the Ukraine war.

oil:US:UCO

Market sentiment was further affected by Trump’s proposed secondary sanctions on major Russian energy buyers and new 25% tariffs on Indian goods due to continued Russian oil imports. India is the second-largest buyer of Russian oil after China.

oil:US:UCO

OPEC+ agreed to raise oil output by 547,000 barrels per day for September. Analysts say this production boost, along with ongoing tariff uncertainty, is putting downward pressure on oil prices. However, US crude stockpiles fell by 3 million barrels, Saudi Arabia hiked September prices for Asia, and Chinese crude imports remained strong — providing some price support.

KL:3867.KL:Malaysian Pacific Industries

KL tech stocks were battered after Trump proposed a 100% tariff on imported semiconductor chips not manufactured or planned to be manufactured in the US. Malaysian Pacific Industries dropped 20 sen to RM20.30 amid fears of demand loss from US clients.

KL:7204.KL:D&O Green Technologies

D&O Green Technologies fell 6 sen to RM1.04 as Trump’s sweeping chip tariff proposal sent shockwaves across Malaysia’s semiconductor supply chain.

KL:9334.KL:KESM Industries

KESM Industries also dropped 6 sen to RM2.58 on Thursday. The broader technology index on Bursa Malaysia rose 0.2% but remains down 19.7% year-to-date.

KL:6963.KL:Vitrox Corporation

Vitrox Corporation rebounded later in the session despite earlier weakness. The company derived 14% of its 2024 revenue from the US and is seen as exposed to potential demand risks from the new tariff regime.

KL:7160.KL:Inari Amertron

Inari Amertron saw a partial rebound after dipping earlier in the day, amid mixed performance across the top five tech constituents on Bursa.

KL:7160.KL:Frontken Corporation

Frontken finished the day lower on continued investor concern over the US tariff impact, with no immediate clarity from Washington on implementation details.

KL:0041.KL:Zetrix AI

Zetrix AI (formerly MY E.G. Services) also closed weaker as semiconductor-linked counters faced broad pressure.

KL:7080.KL:Pentamaster Corp

Pentamaster is flagged by CGS International as exposed to US tariffs, with 7% of its 2024 revenue tied to US-bound shipments. Analysts say companies in OSAT, ATE, and EMS sectors will be directly affected.

US:DGT:Dow Jones Industrial Average

US:QQQ:Nasdaq Composite

Malaysia’s Investment Minister Tengku Zafrul Aziz warned that US tariffs threaten Malaysia’s position as a key exporter. While current tariffs on Malaysian semiconductors remain at 0%, they are subject to review. The US will impose a 19% tariff on Malaysian imports effective Aug 7, down from the initially proposed 24%.

KL:NA:Malaysian Semiconductor Industry Association

Industry president Wong Siew Hai said the sector is in “wait-and-see” mode, pausing investment plans amid uncertainty. Last year, Malaysia exported RM60.6 billion worth of semiconductors to the US, about 20% of its total chip shipments.

US:COPS:Copper

US:BTC:Bitcoin

Although not mentioned directly, volatility in global commodities including Bitcoin and copper are being watched by traders as they respond to macro shocks like oil supply shifts and global tariff wars.

Thank you