💼 BlackRock’s Rick Rieder Backs Big Tech, Munis, and Gold Ahead of Fed Rate Cuts
US:AAPL:Apple
US:MSFT:Microsoft
US:GOOGL:Alphabet
US:AMZN:Amazon
Rick Rieder, BlackRock’s chief investment officer for global fixed income, laid out his ideal portfolio as the Federal Reserve gears up for its first rate cut of the year. Speaking at the Future Proof Festival in Huntington Beach, California, Rieder said he’s bullish on Big Tech, citing their massive free cash flows, hefty capital expenditures, and consistent stock buybacks. “Tech is a winner,” he said. “I’m getting more and more jazzed up … I like being long equities.”
US:MUB:iShares National Muni Bond ETF
Beyond equities, Rieder revealed he’s been buying long-dated municipal bonds, which he called increasingly attractive in a rate-cutting environment. “If you can buy back-end munis, 20-year munis at four and a half, four and three quarters on a tax-adjusted basis, that’s a pretty sexy asset,” he said.
US:GC=F:Gold Futures
US:BTC:Bitcoin
He also holds 3% to 4% of his portfolio in gold, with a smaller slice allocated to bitcoin.
BlackRock manages $3.1 trillion in fixed income assets. Rieder is also considered a contender to succeed Jerome Powell as Fed chair when Powell’s term expires in May.
📈 Wall Street Bets on Policy Tailwinds, AI Boom to Power Stocks Higher
US:^GSPC:S&P 500
“The market lives in the future,” said Mark Luschini, chief investment officer at Janney Capital Management, who sees optimism for the next six to nine months of stock gains. While rate cuts remain a big focus, analysts point to deregulation, tax relief from the One Big Beautiful Bill, and a resilient labor market as additional drivers. Markets expect the Federal Reserve to trim the fed funds rate by 25 basis points from 4.25%-4.5% this Wednesday, with traders eyeing more cuts in October, December, and into 2026.
Mark Hackett, chief market strategist at Nationwide Financial, said investors are pricing in “policy accommodation, productivity gains, and fiscal support,” cushioning slowing job growth.
US:ORCL:Oracle
Tech optimism continues to fuel Wall Street. Oracle stunned markets with a blockbuster earnings beat, sparking its biggest single-day rally in 33 years before cooling off.
US:NVDA:Nvidia
US:COST:Costco
US:WMT:Walmart
Tom Lee of Fundstrat Global Advisors argued that Nvidia remains “vastly undervalued,” especially when compared to staples like Costco and Walmart. He said Oracle’s surge underscores that AI stocks may still be underpriced.
US:^GSPC:S&P 500
Market veteran Ed Yardeni noted forward earnings estimates have climbed to record highs for 16 straight weeks. Wells Fargo echoed the bullish tone, setting a year-end S&P 500 target of 6,650 and projecting the index to hit 7,200 in 2026 — about a 9% climb.
“We are bullish on equities,” said Ohsung Kwon, Wells Fargo’s chief equity analyst. “As long as AI capex remains intact, the bull market should continue. The Fed put is also well alive.”
🚀 Wall Street Awaits Fed Decision as Tech and Crypto Stocks Soar
US:QQQ:Nasdaq Composite
The Nasdaq Composite climbed 0.44% to 22,141.10, marking its fifth record close this week, led by strong gains in Tesla. The S&P 500 dipped 0.05% to 6,584.29, while the Dow Jones Industrial Average slid 273.78 points, or 0.59%, to 45,834.22. All three indices still ended the week higher, with the S&P 500 posting its best week since August and the Dow breaking a three-week losing streak.
US:MU:Micron Technology
Micron Technology surged to a record $158.28 before closing at $157.63, up 4.7%. Citi boosted its price target to $175 from $150, citing booming demand for memory chips in artificial intelligence. The company, which supplies major AI firms like Intel, is benefiting from the sector’s explosive growth.
US:GEMI:Gemini Space Station
Gemini Space Station, the crypto exchange founded by Tyler and Cameron Winklevoss, soared over 40% in its Nasdaq debut. Shares priced at $28 opened at $37.01 and peaked at $40.71, valuing the firm at $4.4 billion. The IPO follows other crypto listings, including Circle and Bullish, as looser regulations fuel the sector’s push into public markets.
US:DGT:Dow Jones Industrial Average
Attention now turns to the Federal Reserve, with markets expecting a quarter-point rate cut at its Sept. 16–17 meeting. Analysts suggest the Fed is unlikely to surprise investors, with U.S. Bank Wealth Management’s Bill Northey highlighting weakening labor data and contained inflation as support for easing.
US:QQQ:Nasdaq Composite
Consumer sentiment dropped in September, raising concerns for holiday spending. Comerica Bank’s Bill Adams warned that tariffs, rising grocery bills, and job market worries could weigh on consumer-facing businesses.
US:BTC:Bitcoin & AI Stocks
Bitcoin and AI-related stocks remain in focus. Wharton professor Jeremy Siegel noted that AI-linked names could continue their rally into year-end, while smaller stocks may benefit as rate cuts broaden market momentum.
🇲🇾 Malaysia Corporate Roundup: Energy Denials, Mega Contracts, Industrial Hubs & Strategic Deals
KL:VANTNRG:Vantris Energy
Vantris Energy Bhd, formerly Sapura Energy Bhd, denied being the subject of a MACC investigation despite reports of RM12 million in forfeited funds linked to 2018 activities. The company assured stakeholders that operations and finances remain unaffected.
KL:EIB:Ecoscience International
Ecoscience International Bhd secured a RM40 million contract to build a palm oils and fats refinery plant in Johor. The project, won through its unit Ecoscience Manufacturing & Engineering, is slated for completion by July 2026 and expected to boost earnings.
KL:FITTERS:Fitters Diversified
Bursa Malaysia Securities reprimanded Fitters Diversified Bhd and fined five current and former directors RM400,000 each over undisclosed related-party deals involving Computer Forms (M) Bhd (KL:CFM).
KL:ECOHLDS:Ecobuilt Holdings
Ecobuilt Holdings Bhd and two ex-directors were reprimanded and fined RM200,000 each for delays and misrepresentation in announcing a winding-up order issued by the High Court in July 2024.
KL:PBA:PBA Holdings
PBA Holdings Bhd secured approval to buy a 4.11-acre site in George Town for RM20 million after a RM35.38 million cut in land premium. The land will be used for water infrastructure projects, including submarine pipelines.
KL:MAXIM:Maxim Global
Maxim Global Bhd is acquiring Southbank Block 6, a nine-storey office tower on Jalan Klang Lama, for RM29.5 million. The move aims to strengthen its branding and provide a modern workplace for employees.
KL:KLK:Kuala Lumpur Kepong
KLK Land, a unit of Kuala Lumpur Kepong Bhd, launched the RM3.5 billion KLK TechPark in Tanjong Malim. Chinese EV giant BYD (HK:1211.HK:BYD) is confirmed as anchor investor for Phase 1 of the industrial hub.
KL:SCIENTX:Scientex
Scientex Bhd proposed a selective capital reduction to privatise Scientex Packaging (Ayer Keroh) Bhd (KL:SCIPACK) at RM1.50 per share, totalling RM147.82 million. This would give Scientex full ownership of its packaging arm.
KL:TAKAFUL:Syarikat Takaful Malaysia Keluarga
Takaful Malaysia announced plans to expand into individual life protection products, complementing its existing motor and credit-related offerings. The group also plans to broaden into non-motor takaful solutions such as fire, solar, and asset protection.
KL:SUNCON:Sunway Construction
Sunway Construction Group Bhd is divesting its 40% stake in Engie-Sunway DCS to Sunway Bhd’s (KL:SUNWAY:Sunway) facilities management arm for RM10.98 million. The move, part of an intra-group restructuring, allows SunCon to refocus on construction while Sunway expands recurring income streams.
🌏 Indonesia Seizes Palm Oil Estates, Nickel Mines in Sweeping Crackdown
Agrinas Palma Nusantara
Indonesia has taken control of more than 674,000 hectares of palm oil plantations, citing operations in forested areas without permits. The seized land will be transferred to state-owned Agrinas Palma Nusantara, which now oversees a total of 1.51 million hectares following earlier land takeovers this year, according to Assistant Attorney General Febrie Adriansyah.
Tsingshan Holding Group
Separately, portions of two nickel mines, including part of the world’s largest site co-owned by China’s Tsingshan Holding Group Co., were seized for permit breaches. The forestry task force confirmed the seizures on Thursday, underscoring Jakarta’s tighter stance on compliance in the mining sector.
Wilmar International (SGX:F34.SI:Wilmar International)
PT Pertamina
President Prabowo Subianto has pledged to stamp out abuses in natural resources, targeting giants like Wilmar International and state energy firm PT Pertamina in corruption probes. His administration has also raised mineral royalties and pushed state control of assets through the multi-billion-dollar sovereign wealth fund Danantara.
Sri Mulyani Indrawati
In a contentious cabinet reshuffle this week, Prabowo removed widely respected Finance Minister Sri Mulyani Indrawati, alarming investors amid violent protests and rising concerns over Indonesia’s investment climate.
Energy Shift Institute
Analysts note the crackdown aims to bring order to chaotic mining and plantation sectors while boosting state revenue. “A second objective is to boost government revenues, either by taking over some illegal activities or by exercising tighter regulatory control,” said Putra Adhiguna of the Energy Shift Institute. But he warned transparency is critical, or the effort risks falling short.
Illegal mining remains a major issue in Southeast Asia’s largest economy, with Prabowo estimating illicit operations may have deprived the state of up to 300 trillion rupiah ($23 billion). Indonesia has identified more than 1,000 illegal mines and up to 5 million hectares of illegal palm oil estates, though stricter enforcement could disrupt exports of nickel, tin, and palm oil — all key revenue sources.
🚚 Sincap Shareholders Approve $42.3M RTO of Skylink APAC
SGX:5UN.SI:Sincap Group
Shareholders of Sincap Group have approved the reverse takeover (RTO) of homegrown commercial vehicle specialist Skylink APAC, a deal valued at about $42.3 million.
The transaction includes a $28.3 million base payment and a $14 million deferred consideration, with $2.3 million in cash and the rest settled through the issuance of up to 177.8 million shares at 22.5 cents each.
Skylink APAC
The deferred payment is contingent on Skylink achieving an adjusted NPAT of $7.3 million across FY2025 and FY2026. Skylink posted $2.74 million NPAT in FY2025, meeting 37.5% of the target. To unlock the payout, the group must deliver $4.6 million NPAT in FY2026. If achieved, Skylink would trade at an implied FY2026 P/E of 7.7x post-RTO, with an estimated market cap of $35.27 million.
SGX:5UN.SI:Sincap Group
Ahead of the deal, Sincap raised $9.2 million through the placement of 21 million shares at 20 cents each and $5 million in convertible bonds, paying 8% annual coupon and convertible at 22.5 cents after six months. Investors included Asdew Acquisitions Pte. Ltd., ICH Capital, and other high-net-worth backers.
The shares and bonds will be issued around Sept 15, and trading is set to resume under Skylink at 9 a.m. on Sept 17. SAC Capital is the adviser, sponsor, and placement agent for the exercise.
🛢️ Oil Prices Edge Higher After Drone Strike, Gains Capped by Weak US Demand
Oil:US:Brent Crude
Brent crude futures rose 0.9% to US$66.99 a barrel on Friday after a Ukrainian drone strike halted loadings at Russia’s Primorsk port, one of the country’s largest oil hubs. Analysts warned that continued attacks could threaten Russian crude and refined product exports.
Oil:US:WTI Crude
US West Texas Intermediate (WTI) settled 0.5% higher at US$62.69 a barrel. Gains faded later in the day as traders focused on weaker US economic data, including a revised jobs report showing 911,000 fewer jobs created through March and a 0.4% rise in consumer prices for August, the sharpest monthly gain since January.
Oil:US:Brent Crude
Oil benchmarks had already fallen sharply on Thursday, with Brent down 1.7% and WTI off 2%, after the International Energy Agency (IEA) projected faster-than-expected global supply growth in 2025 from OPEC+, which includes Russia.
OPEC
In contrast, OPEC left its oil demand growth forecasts unchanged, citing resilience in global economic trends.
Adani Group (NSE:ADANIPORTS:Adani Ports & SEZ)
Adding to supply concerns, Adani Group, India’s largest private port operator, has banned Western-sanctioned tankers from its facilities, potentially restricting Russian crude flows. India remains the biggest buyer of Russian seaborne oil, much of it carried on vessels sanctioned by the US, EU, and UK.
💰 DBS Hits Record High Before Pullback; STI Climbs with Bank Rally
SGX:D05.SI:DBS Group
DBS Group shares surged to an all-time high of S$53.24 on Thursday, just a day after setting its previous peak at S$52.87. The stock later pared gains to close at S$52.57, down 0.3% on the day. DBS is up more than 20% year-to-date, buoyed by strong Q2 results that saw net profit rise 1% to S$2.82 billion, slightly ahead of forecasts. Analysts highlight “strong dividend visibility,” with RHB projecting a full-year DPS of S$2.70 for FY2026, implying a 5.1% yield. DBS has also launched tokenised structured notes on the Ethereum blockchain, after pioneering crypto-linked notes and options trading in 2024. In June, it became Singapore’s first listed company to surpass US$100 billion in market value.
SGX:^STI:Straits Times Index
The Straits Times Index (STI) touched a high of 4,367.51 at the open before closing at 4,355.82, up 0.2% for the day and 15% higher year-to-date. DBS, together with peers OCBC and UOB, makes up over half the index.
SGX:O39.SI:OCBC
OCBC shares are up just 1% year-to-date, with Q2 profit slipping 7% to S$1.82 billion.
SGX:U11.SI:UOB
UOB is down 2.4% year-to-date, after reporting a 6% fall in Q2 profit to S$1.34 billion.
📊 Analysts warn that as policy rates move lower, Singapore banks’ net interest margins could face pressure, capping dividend upside. However, rate-sensitive sectors like real estate investment trusts are expected to benefit from easing funding costs, setting up for distribution growth.
🏙️ Hong Leong Sees “Abundant Opportunities” to Deepen Footprint in Shanghai
SGX:C09.SI:City Developments Ltd (CDL)
Hong Leong Group executive chairman Kwek Leng Beng met with Chen Jining, Shanghai’s party secretary, in his first official meeting with the city’s top leader. Kwek said the group sees “abundant opportunities” to expand in China, citing confidence in the country’s resilience and strong fundamentals.
A key collaboration is CDL’s mixed-use development in Xintiandi, Huangpu District, where the company is developing the final parcel of land. Kwek highlighted the project’s progress and pledged to deliver a “high-quality project that supports Shanghai’s growth and urban renewal.”
Hong Leong Group
Beyond real estate, Kwek said Hong Leong is exploring opportunities in Shanghai’s sustainable development and innovation sectors. This could include participation in government-backed funds aimed at high-tech and consumer-linked companies.
Hong Leong has been in China since the 1980s, beginning with the Holiday Inn Harbourview Xiamen (now Millennium Harbourview Xiamen under Millennium Hotels & Resorts). Over the decades, it expanded through CDL, Hong Leong Holdings, and Hong Leong Asia, with a portfolio spanning Tier-1 and Tier-2 cities like Shanghai, Suzhou, Chongqing, and Shenzhen.
Temasek
Chen Jining also met a delegation from Temasek, as Shanghai signaled continued support for domestic and foreign companies. He emphasized President Xi Jinping’s goal of accelerating the city’s transformation into a leading global hub for finance, trade, and shipping.
🔔 Singapore Corporate Briefs
SGX:L19.SI:Lum Chang Holdings
Lum Chang Holdings managing director David Lum sold 836,300 shares in the company via Ellipsiz.
SGX:S51.SI:Seatrium
A Singapore court has dismissed claims by a Seatrium subsidiary linked to a rig contract dispute.
SGX:H78.SI:Hongkong Land
Hongkong Land announced that its planned repurchase of 235,000 ordinary shares has been cancelled.
SGX:QC7.SI:Q&M Dental Group
Q&M Dental’s subsidiary has signed an MOU with Q&M Dental (Shenyang) to provide laboratory services, expanding its cross-border dental support network.
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