🔥 Wall Street Ignites: Stocks Hit Records, CEOs Shuffle, and Big M&A Buzz
US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
Wall Street roared on Thursday as all three major U.S. benchmarks surged to record highs. The Dow Jones Industrial Average jumped 617 points (1.36%) to 46,108.00, while the S&P 500 rose 0.85% to 6,587.47 and the Nasdaq Composite climbed 0.72% to 22,043.07. Gains came despite hotter monthly CPI inflation at 0.4%, with traders betting the Federal Reserve will cut rates next week amid rising jobless claims.
US:JPM:JPMorgan Chase
US:WMT:Walmart
Banking and retail giants like JPMorgan Chase and Walmart closed higher as expectations for interest-rate cuts fueled optimism across sectors.
US:OPEN:Opendoor Technologies
US:SHOP:Shopify
Opendoor Technologies skyrocketed 81% after naming Shopify executive Kaz Nejatian as its new CEO and co-founder Keith Rabois as chairman. It marked Opendoor’s best single-day rally on record.
US:FIGR:Figure Technology Solutions
Crypto lender Figure Technology Solutions surged in its Nasdaq debut, opening at $36 a share — 44% above its $25 IPO price — valuing the blockchain finance firm at $7.62 billion.
US:LYV:Live Nation Entertainment
US:AZO:AutoZone
US:GS:Goldman Sachs
US:ABBV:AbbVie
US:GD:General Dynamics
US:AVGO:Broadcom
US:GLW:Corning
US:HPE:Hewlett Packard Enterprise
US:LRCX:Lam Research
US:MU:Micron
US:CBRE:CBRE
A total of 31 S&P 500 names hit fresh 52-week highs, including Live Nation, AutoZone, Goldman Sachs, AbbVie, General Dynamics, Broadcom, Corning, Hewlett Packard Enterprise, Lam Research, Micron, and CBRE.
On the downside, Chipotle Mexican Grill, Constellation Brands, Fidelity National Information Services, and UPS slid to fresh 52-week lows.
US:WBD:Warner Bros. Discovery
US:PARA:Paramount Global
Media giant Warner Bros. Discovery soared over 21% after reports that Paramount Skydance is preparing a majority cash bid for the company, sparking a frenzy in entertainment stocks.
US:TMO:Thermo Fisher Scientific
Thermo Fisher Scientific rose 2% after Barclays upgraded the stock to overweight and lifted its price target to $550, citing resilience in demand despite U.S.–China trade tensions.
US:ADBE:Adobe
US:RH:RH
US:SMCI:Super Micro Computer
US:NVDA:Nvidia
In after-hours trading, Adobe gained nearly 3% after beating earnings estimates, while RH tumbled 6% on weak revenues. Super Micro Computer jumped 4% after announcing volume shipments of its Nvidia Blackwell Ultra AI systems.
🛢️ OPEC Sticks to Deficit Forecasts Despite Rising Supply
Oil:US:UCO:Oil
US:GS:Goldman Sachs
OPEC+ projected a substantial supply deficit through this year and next, even as the cartel revives output. The group said it will need to provide an average of 43.45 million barrels per day (bpd) in 2H2025, compared to the 42.4 million bpd produced in August. For 2026, demand for OPEC+ crude is expected to average 43.1 million bpd.
Saudi Arabia and other key members agreed to restart another 2.2 million bpd in October, aiming to regain market share. Despite this, Brent crude prices have held firm near US$86.10 per barrel, defying analyst warnings of oversupply.
OPEC forecasts global oil demand to rise by 1.3 million bpd this year, nearly 40% above Goldman Sachs’s estimates.
Oil:US:UCO:Oil
Energy:IEA:International Energy Agency
The International Energy Agency (IEA) sharply diverged from OPEC, projecting a record 3 million bpd surplus by 2026. The agency cited cooling demand from China and a surge in supply across the Americas, challenging OPEC’s bullish outlook.
📈 Global Markets Buzz: Oracle Rockets, Brookfield Ends RTO Fight, UBS Weighs Tariffs, and Australia Bets on SunCable
CA:BN:Brookfield Corp
Brookfield Corp declared the return-to-office debate “finally over” at its Sept 10 investor day, noting that over half of Fortune 100 companies now require full-time attendance. The Canadian office giant, with US$23 billion in global assets, said demand is climbing as firms underestimated space needs post-pandemic. CEO Bruce Flatt highlighted insurance as Brookfield’s next cornerstone, targeting growth to US$600 billion.
US:UBS:UBS Group
US:GS:Goldman Sachs
UBS Group CEO Sergio Ermotti warned that the inflationary effects of U.S. tariffs remain unclear, clouding the Federal Reserve’s path beyond September’s anticipated rate cut. He blasted Switzerland’s proposed tougher capital rules as “excessive,” saying they could add US$26 billion to UBS’s requirements. UBS continues absorbing Credit Suisse, with Swiss client migration set to finish next year. Separately, Goldman Sachs CEO David Solomon argued the Fed need not rush into rate cuts, diverging from Trump administration pressure.
AU:SunCable:SunCable Project
Australia’s SunCable scaled back its US$24 billion Australia-Asia Power Link, prioritizing Northern Territory data centres this decade while pushing exports to Singapore into the mid-2030s. Backed by billionaire Mike Cannon-Brookes, the project aims to generate 1.75 GW of solar power — about 9% of Singapore’s current demand — via a 4,300 km subsea cable. A final investment decision is slated for 2027.
US:ORCL:Oracle
US:NVDA:Nvidia
JP:6857.T:Advantest Corp
KR:000660.KQ:SK Hynix
Oracle Corp soared 36% on Sept 10, its biggest jump since 1992, after unveiling a US$300 billion, five-year deal with OpenAI for 4.5 GW of cloud capacity. The rally lifted Oracle’s market cap to US$933 billion and briefly made co-founder Larry Ellison the world’s richest man. CEO Safra Catz projected cloud infrastructure revenue could hit US$144 billion by 2030. The surge lifted other AI names: Nvidia gained 3.8%, Japan’s Advantest Corp rose over 3%, and South Korea’s SK Hynix advanced 5.6%.
S-reits:
At Brookfield Asset Management’s investor day on Sept 10, Kevin McCrain, managing partner of its real estate group, declared that office demand is “soaring” as companies underestimated their post-pandemic space needs.
This shift could signal a relook at US S-REITs, which remain heavily discounted to net asset values (NAVs). SGX:OXMU:Prime US REIT trades at 21.5 US cents versus a June 30 NAV of 55 US cents, while SGX:CMOU:Keppel Pacific Oak US REIT (KORE) changes hands at 24.5 US cents against an NAV of 70 US cents.
In an August update, RHB Bank highlighted Prime’s turnaround in occupancy, stronger leasing momentum and the return of large leases. It noted 4.3% positive rental reversions in 2Q2025, showing rents held firm amid improving demand and a “flight-to-quality” trend. RHB added that green shoots in US office transactions and liquidity improvements could ease refinancing risks, though headwinds from volatile interest rates and tariff-driven inflation remain.
UOB Kay Hian, meanwhile, saw leasing gains in Austin and Denver for KORE but challenges at Bellevue’s Plaza Buildings. Management guided occupancy to dip to 86–88% by end-2025 due to known vacates. UOBKH revised its payout assumptions — from 25% in 2026 to a stabilised 70% in 2029 — but downgraded KORE from “buy” to “neutral.” While KORE has suspended distributions since 2023, Prime still pays a low 10% DPU.
A lingering concern is geography: none of the US S-REITs listed in Singapore own assets in “gateway cities” such as those in the north-east or West Coast, which have rebounded most strongly. Notably, California has now overtaken Japan as the world’s fourth-largest economy.
ISOTeam raising $10 million via placements to develop ‘full-fledged drone workforce
Niks Professional to delist with an offer of 23 cents per share via selective capital reduction
Frasers Hospitality Trust to suspend trading on Sep 12, expected to delist on Oct 6
US:SE:Sea Limited
Maybank Securities analyst Hussaini Saifee has reiterated his “buy” call on Sea Limited with a raised target price of US$238 (from US$205), citing stronger monetisation at Shopee. Over the past two to three months, Shopee lifted its commissions by around 1–1.5 percentage points with “minimal pushback.” This marks its second major fee hike in a year, mirroring moves by TikTok Shop and Lazada and suggesting a rationalising competitive environment.
Saifee’s ASEAN survey showed only 13% of consumers cut spending, while two-thirds of sellers were neutral or positive on the fee increase. He argues this allows platforms to lift take-rates without significant GMV downside. He also raised Shopee’s adjusted EBITDA by 6–8% for FY2026–FY2027 and Garena’s by 15–25% for FY2025–FY2027, citing AI-driven efficiencies and new game releases such as Free City.
On Garena, Saifee acknowledged investor concerns over reliance on Free Fire, which contributes ~60% of revenues. Yet, he noted the title’s sustained popularity through collaborations like Squid Game and Naruto. With other Sea units now self-funding, Garena is reinvesting into new content pipelines, helped by AI adoption in game development.
Excluding gaming, Sea trades at 2.9x FY2026 EV/sales and 24.1x EV/EBITDA, broadly in line with global peers, though at a 13–35% discount on growth-adjusted metrics.
DBS Group Research analyst Sachin Mittal also maintained a “buy” rating, lifting his target price to US$241 (from US$204). He forecasts 35% booking growth for Garena in FY2025, followed by 7% in FY2026, with AI and collaborations driving engagement.
In fintech, Sea’s loan book surged 94% y-o-y in 1HFY2025, and Mittal expects revenue growth of 60% in FY2025 and 38% in FY2026. For Shopee, he projects GMV growth of 20% and 15% in FY2025 and FY2026 respectively, with EBITDA margins rising to 1.0% and 1.4% of GMV.
Mittal values Sea’s gaming and fintech businesses at 18x EV/EBITDA, in line with peers, while e-commerce is valued at 4.8x EV/revenue — a 40% premium justified by Shopee’s faster growth. His valuation also includes US$4.1 billion in net cash.
For risks, Mittal’s bear-case target of US$164 assumes intensified e-commerce competition and a slowdown in Garena’s bookings.
🏢 SGX:Centurion Accommodation REIT — Launches $0.88 IPO with 7.5–8.1% Yields
SGX:Centurion Accommodation REIT
Centurion Accommodation REIT will offer 262.16 million units in its IPO at $0.88 per unit, according to its Sept 11 prospectus. The spin-off comes after shareholders of SGX:OU8.SI:Centurion Corporation, the REIT’s sponsor, approved the listing at an EGM on Sept 10.
The IPO comprises 248.96 million units in the placement tranche and 13.2 million units in the public tranche.
SGX:Centurion Accommodation REIT
Sixteen cornerstone investors — including FIL Investment Management, abrdn Asia, Amova Asset Management, DBS Bank, UBS, Barings Singapore, Lion Global Investors, and Cohen & Steers Asia — have agreed to subscribe for 614 million units. In addition, Centurion Capital Investments will take up 414.37 million units.
SGX:Centurion Accommodation REIT
Based on the IPO price, the REIT projects distribution yields of 7.47% in 2026 and 8.11% in 2027. Its portfolio will initially comprise 14 assets: five purpose-built worker accommodation (PBWA) properties in Singapore, eight student housing assets in the UK, and one in Australia.
The REIT will later acquire Epiisod Macquarie Park in Sydney, expected to be move-in ready in February 2026. Leverage at IPO is about 20.9%, rising to 31% post-acquisition.
🇲🇾 Malaysia Corporate Buzz: Gamuda JV Leads Bid, Jasa Kita Takeover, Gas Malaysia Goes Green, Bermaz Slumps, MyNews Expands
KL:GAMUDA:Gamuda Bhd
Gamuda Bhd said its Singapore unit, alongside Evia MCS Pte Ltd and H108 Pte Ltd, submitted the highest bid of S$1.01 billion (RM3.33 billion) for a mixed-use site in Singapore. The provisional result was announced by Singapore’s Housing and Development Board (HDB). Gamuda will provide an update once a formal letter of acceptance is issued.
KL:JASKITA:Jasa Kita Bhd
New controlling shareholder Abd Azis Mohamad and Kintan Prima Sdn Bhd launched an unconditional takeover offer at 38 sen per share for the remainder of Jasa Kita they do not own. The bid follows their acquisition of a 40.33% stake for RM68.9 million, coupled with a RM38 million land sale arrangement. Azis, joined by former MDEC CEO Yasmin Mahmood and Boustead director Iskandar Mizal Mahmood, now controls 50.19% and intends to keep the firm listed.
KL:FACBIND:FACB Industries Incorporated Bhd
The RM1.60 per share privatisation offer for FACB Industries, first made on July 21 by chairman Chen Yiy Fon, has been extended to Oct 10. The offer turned unconditional on Aug 28, after Chen and concert parties lifted their stake to 56.63%.
KL:GASMSIA:Gas Malaysia Bhd
KL:ENPRO:Enproserve Group Bhd
Gas Malaysia will build two biomethane purification plants in Perak, advancing its renewable energy portfolio. Enproserve Group won the contract for one plant in Air Kuning, while MTC Orec Sdn Bhd will construct the other in Trong. Project costs were not disclosed.
KL:BAUTO:Bermaz Auto Bhd
Bermaz Auto reported an 88% plunge in 1QFY2026 net profit to RM8.28 million, its weakest since 4QFY2020, hit by falling Mazda and Kia sales and intense competition from cheaper Chinese cars. Revenue fell 41.9% y-o-y to RM491.3 million. The board declared a 0.75 sen interim dividend payable Nov 5, while warning of a challenging year ahead.
KL:MYNEWS:MyNews Holdings Bhd
MyNews posted a net profit surge to RM6.43 million in 3QFY2025, more than doubling from RM2.63 million a year ago, boosted by stronger sales and 53 new outlets. Revenue rose 11.3% y-o-y to RM230.9 million. The group declared a 0.5 sen interim dividend and expects continued growth from store expansion. MyNews now operates 679 outlets.
KL:UNIQUE:Unique Fire Holdings Bhd
Unique Fire, newly transferred to Bursa’s Main Market, will acquire industrial land in Kota Kemuning for RM15.54 million to support expansion. The 4,926 sqm parcel, bought from Teoh Han Chong, will be funded through internal cash or borrowings. Development plans are yet to be finalised.
KL:PTRB:PT Resources Holdings Bhd
PT Resources said a fire broke out at its coconut processing facility in Fuqing, China on Sept 8. No injuries were reported. The plant, under subsidiary Fujian HJS International Holdings, is still being assessed for damage, with investigations ongoing.
KL:CLASSITA:Classita Holdings Bhd
Classita Holdings (to be renamed NexG Bina Bhd) clarified that the RM34.1 million figure mentioned for its lingerie business stake sale was illustrative only. The proposed disposal of 49% to Choo Peng Hung remains under negotiation, and no final valuation has been set.
KL:ALSREIT:Al-Salam REIT
Al-Salam REIT proposed a sukuk programme of up to RM3 billion, lodged with the Securities Commission Malaysia. Proceeds will fund investments, refinance maturing sukuk and support trustee reimbursements. Instruments will include senior Islamic medium-term notes and subordinated perpetual notes.
🚨 Market Highlights: Tencent, Hang Seng Bank, Pop Mart, Xiaohongshu Under Spotlight
HK:00011.HK:Hang Seng Bank
Hang Seng Bank repurchased 210,000 shares on Sept 11 at prices between HKD117.9 and HKD119.2, totaling about HKD24.88 million. Since its buyback authorization, the bank has repurchased 6.12 million shares, accounting for roughly 0.31% of issued stock.
HK:09992.HK:Pop Mart
Pop Mart’s 14-piece mini Labubu blind box series has seen its average second-hand price fall 24% from its pre-sale peak two weeks ago to RMB1,594, according to Bloomberg. The original retail price was significantly lower, highlighting a cooling in demand after initial hype.
HK:00700.HK:Tencent
Tencent repurchased 874,000 shares on Sept 11 for about HKD550 million, paying between HKD624 and HKD633 per share. Since its May 14 repurchase mandate, Tencent has bought back 54.76 million shares, representing about 0.6% of its share base.
Private:Xiaohongshu
China’s cybersecurity authority penalised Xiaohongshu over poor management of trending search lists. The company said it has “learned its lesson” and immediately set up a rectification task force to address compliance issues.
HK:03690.HK:Meituan
Meituan-W is reportedly planning its first Dim Sum bond issuance, sending shares down nearly 4% on Sept 11.
HK:02993.HK:SenseTime
SenseTime-W said its large model SenseNova V6.5 topped Shanghai’s academic ranking platform for AI models, boosting its credibility in the AI race.
HK:09988.HK:Alibaba
Alibaba-W is preparing to issue US$3.2 billion zero-coupon convertible senior notes, while S&P noted its ample net cash to fund heavy investment needs for 2026–27. Separately, its Amap street-food ranking drew over 40 million users in a day, intensifying competition with Meituan.
HK:09866.HK:Li Auto
Li Auto-W founder Li Xiang said its assisted driving and smart cockpit technology has advanced to “all-round leadership,” strengthening its EV positioning.
HK:09868.HK:Xpeng
NIO-SW, a Chinese EV maker, opened nearly 4% lower after announcing its second share placement in six months to raise around HKD7.9 billion.
HK:02628.HK:China Pacific Insurance (CPIC)
CPIC issued zero-coupon convertible bonds at a 21.2% premium, expected to raise about HK$15.5 billion. Goldman Sachs noted no immediate capital needs for its core subsidiaries.
HK:00005.HK:HSBC Holdings
HSBC issued US$1.5 billion notes and also repurchased 1.55 million shares worth about HKD161 million. The bank reiterated that renewable energy financing has become mainstream but called for more green infrastructure funding.
HK:00002.HK:CLP Holdings / HK:00902.HK:Huaneng Power / HK:01071.HK:Huadian Power
Citi Research maintained “buy” calls on China Resources Power, Huaneng Power, and Huadian Power, citing attractive yields in the utilities sector.
HK:00753.HK:Air China / HK:0293.HK:Cathay Pacific
Cathay Pacific’s Ronald Lam stressed the airline’s role in connecting China globally and with Belt and Road nations.
HK:09863.HK:Hesai Group
Hesai-W margin subscriptions were reportedly oversubscribed by about 118 times ahead of its Hong Kong IPO.
CN:Douyin (Private)
Douyin said it removed over 200 merchants in a campaign against counterfeit Labubu sales, targeting violations tied to Pop Mart’s products.
🪙 Gold Shatters Inflation-Adjusted Record, Hits US$3,674 as Investors Flee Dollar
US:XAUUSD:Gold
Gold has smashed through its inflation-adjusted peak from 1980, hitting a record US$3,674.27 an ounce on Sept 9. Prices are up nearly 40% this year and about 5% in September, extending a three-year bull run. The rally eclipsed the previous high equivalent of US$3,590 when adjusted for inflation, set in January 1980 at the height of the Iran hostage crisis.
Analysts say mounting concerns over US economic policy under President Donald Trump — including tax cuts, trade wars, and pressure on the Federal Reserve — are driving investors to bullion as the US dollar and long-term Treasuries face heavy selling.
Robert Mullin of Marathon Resource Advisors called gold’s rise a response to deficit spending and inflation risks. Former World Bank economist Carmen Reinhart said gold remains the “age-old hedge” against uncertainty.
The surge has lifted bullion held in London vaults above US$1 trillion and made gold the second-largest central bank reserve asset after the dollar, overtaking the euro. Central banks, especially in Asia, continue to buy gold to diversify from US sanctions risks.
Bloomberg Intelligence’s Grant Sporre noted that gold looks pricey against historical norms, but still cheap compared with equities. He warned prices could climb higher if US stocks stumble.
The latest rally is supported by sporadic buying in China, renewed demand for gold ETFs, and expectations of Fed rate cuts to prevent an economic slowdown. Investors also draw parallels with the 1970s, when political pressure on the Fed and oil shocks sent gold soaring.
Veteran investor Jim Rogers, who began buying gold in the 1970s, said the metal remains a safeguard as governments worldwide print money and erode currencies.
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