📈 Stock Market Highlights

S&P 500 closed at 6,715.35 (+0.06%), hitting a fresh all-time high.

Dow Jones Industrial Average finished at 46,519.72 (+0.17%, +78.62 points).

Nasdaq Composite ended at 22,844.05 (+0.39%), also reaching an intraday record.

Nvidia gained nearly 0.9%, hitting another record, driving AI-sector strength.

Futures were little changed after the rally, with Dow, S&P, and Nasdaq futures slightly negative.

🏛️ U.S. Government Shutdown

The shutdown entered its second day, with 750,000 federal workers expected to be furloughed daily.

Treasury Secretary Scott Bessent warned of GDP and growth impacts.

President Trump said Democrats gave him an “unprecedented opportunity” to cut federal agencies and has threatened mass layoffs.

Economic data blackout: Friday’s nonfarm payrolls report will not be released.

The Fed is still expected to cut rates in October.

Prediction markets suggest shutdown could last up to two weeks.

🏢 Corporate Developments

Disney: Brand sentiment plunged after pulling Jimmy Kimmel off air; worsened by a Disney+ price hike.

Fermi America: IPO enthusiasm cooled, shares fell 5% after Wednesday’s strong debut.

Fair Isaac (FICO): Shares surged 20%, biggest rally since 2017, after changing credit score licensing model. Credit bureau stocks (Equifax, TransUnion, Experian) slid.

Target: Truist cut PT to $83, warning of merchandising/marketing missteps; says turnaround needed.

Applied Materials: Shares fell 3% after warning new U.S. export rules to China will cut FY26 revenue by ~$600M.

🔑 Broader Themes

AI-driven rally: Nvidia, Intel (+3%, now up 50% for the month), and AMD led tech gains.

QQQ ETF: Extended streak above 50-day MA to 107 days, tied for longest since 2017.

Policy uncertainty: Shutdown, inflation, deregulation prospects, and Fed rate cuts remain the dominant macro drivers.

Wall Street Surges to Records as AI and Corporate Movers Dominate Headlines

US:S27.SI:S&P 500
The S&P 500 closed at a record high of 6,715.35, inching up 0.06% despite a government shutdown entering its second day.

US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average gained 78.62 points, or 0.17%, to finish at 46,519.72, also hitting an all-time closing high.

US:QQQ:Nasdaq Composite
The Nasdaq Composite rose 0.39% to 22,844.05, powered by gains in technology names, particularly Nvidia.

US:NVDA:Nvidia
Nvidia continued its winning streak with a 0.9% jump, pushing the chipmaker to a fresh all-time high and cementing its AI-driven rally.

US:XLV:Health Care Select Sector SPDR Fund
The healthcare ETF slipped Thursday but remains on track for its best week since June 2022.

US:XLE:Energy Select Sector SPDR Fund
The energy sector ETF is pacing toward its worst week since late June, pressured by oil prices hitting a four-month low.

US:OXY:Occidental Petroleum
Occidental Petroleum dropped over 7% after Berkshire Hathaway struck a $9.7 billion deal to acquire its petrochemical unit.

US:BRK.B:Berkshire Hathaway
Berkshire Hathaway expanded its energy portfolio with a $9.7 billion acquisition of Occidental Petroleum’s petrochemical business.

US:COIN:Coinbase
Coinbase soared more than 7%, logging its best day since late June and marking five straight sessions of gains.

US:BTC:Bitcoin
Bitcoin topped $120,000 for the first time since August, fueling enthusiasm for crypto-linked equities like Coinbase.

US:KKR:KKR
Shares of KKR have tumbled more than 10% in the past two weeks amid worries about rising default rates in private credit markets.

US:APO:Apollo Global
Apollo Global has fallen sharply alongside peers as investor appetite for private equity wanes.

US:BX:Blackstone
Blackstone shares also slid over 10% in recent sessions as sentiment soured on alternative asset managers.

US:TPG:TPG
TPG was swept into the private equity selloff, losing more than 10% in two weeks.

US:OWL:Blue Owl Capital
Blue Owl Capital joined the retreat in alternative assets, with shares down sharply on credit market concerns.

US:CG:Carlyle Group
Carlyle remains the lone bright spot in private equity, with shares still positive for the year despite sector headwinds.

US:LYFT:Lyft
Lyft shares have climbed 90% since April, with Wedbush suggesting the rideshare company could be acquired within the next 6–9 months.

US:UBER:Uber
Uber gained 33% since April, lagging behind Lyft’s surge but remaining a strong competitor in the rideshare sector.

US:RGTI:Rigetti Computing
Rigetti Computing logged its best day since July as quantum computing stocks rallied on European funding news.

US:NVO:Novo Nordisk
Novo Nordisk’s owners are backing the world’s largest quantum venture fund with the Danish government to bolster Europe’s tech edge.

US:TSLA:Tesla
Tesla shares initially popped after better-than-expected Q3 deliveries but then sold off, with investors cautious about its steep run-up.

US:VEEV:Veeva Systems
Veeva Systems continues to position itself as the “Salesforce of drug discovery,” with strong financial growth and commitments from top biopharma companies.

US:BE:Bloom Energy
Bloom Energy surged nearly 300% this year on strong data center demand, with JPMorgan doubling its price target to $90.

US:NKE:Nike
Nike jumped 6% after beating earnings expectations. KeyBanc upgraded the stock to overweight, citing a path toward sustainable recovery.

US:CTVA:Corteva
Corteva was upgraded to overweight by JPMorgan after shares fell 9% on its planned split into two companies, seen as creating long-term value.

AI Hype, Tariff Truce Countdown & Subsea Milestone: Markets Race Ahead as Big Tech and China Trades Dominate

US:DGT:Dow Jones Industrial Average
The Dow climbed to fresh records as investors looked past the second day of the U.S. government shutdown, with risk appetite supported by AI-led tech strength.

SGX:S27.SI:S&P 500
The S&P 500 eked out another record close, shrugging off policy uncertainty while traders weighed looming economic data gaps during the shutdown.

US:QQQ:Nasdaq Composite
The tech-heavy Nasdaq notched new highs, buoyed by semiconductor momentum tied to accelerating artificial intelligence demand.

US:JPM:JPMorgan Chase & Co.
JPMorgan lifted its price target on Alibaba’s Hong Kong shares to HK$240 by end-2026, citing improved cloud revenue prospects and rising AI–e-commerce synergies.

HK:9988.HK:Alibaba Group Holding
Alibaba surged in September on plans to ramp AI spending and a new partnership with Nvidia, as analysts highlighted its positioning across compute, platforms, and apps.

US:NVDA:Nvidia
Nvidia was flagged as a key partner for Alibaba’s AI buildout, reinforcing the chipmaker’s central role in powering the sector’s ongoing rally.

US:INTC:Intel
Intel shares advanced amid a report it is in talks to add AMD as a foundry customer, underscoring shifting dynamics in the chip supply chain.

US:AMD:Advanced Micro Devices
AMD was cited as a potential Intel customer in discussions, adding to investor enthusiasm around broader AI infrastructure demand.

US:TSM:Taiwan Semiconductor Manufacturing Co.
TSMC was slated for meetings tied to OpenAI leadership’s Asia swing, with shares rising as investors chased exposure to AI foundry capacity.

US:HNHPF:Hon Hai Precision Industry
Hon Hai (Foxconn) gained alongside Taiwan chip names on expectations of deepening AI supply-chain engagement.

US:SSNLF:Samsung Electronics
Samsung advanced as Korean chip stocks rallied on AI optimism following OpenAI’s agreements with South Korean chipmakers.

US:HXSCF:SK hynix Inc
SK hynix jumped as investors piled into memory leaders leveraged to the AI upcycle and expanding data-center builds.

US:META:Meta Platforms
Meta was named as a joint build partner on Keppel’s Bifrost subsea cable system linking Singapore and the U.S., supporting global connectivity needs.

SGX:BN4.SI:Keppel Ltd.
Keppel said the 20,000km Bifrost Cable System achieved “ready for service” status, targeting commercial traffic soon with five of twelve fibre pairs assigned.

US:TLK:Telkom Indonesia
Telkom Indonesia’s international arm, Telin, was highlighted as a joint build partner on Bifrost, broadening regional subsea capacity.

SGX:ER0.SI:KSH Holdings
KSH traded at 0.72x FY2025 P/B with a 3.38% historical yield, as CGS International noted construction profits offset JV property losses and a S$315m order book supports FY2026–FY2027.

SGX:U10.SI:UOB Kay Hian
UOB Kay Hian maintained a constructive stance on select counters elsewhere, referenced alongside sector commentary within the local research landscape.

KL:1066.KL:RHB Bank
RHB, cited in broader brokerage views on Singapore REITs and caution on overseas hospitality names, remained watchful despite signs that S-REITs have “turned the corner.”

US:QQQ:Nasdaq Composite
Treasury Secretary Scott Bessent said a pull-aside between Presidents Donald Trump and Xi Jinping in South Korea later this month could precede a “pretty big breakthrough” in U.S.–China trade talks before the Nov 10 tariff-truce expiry.

US:QQQ:Nasdaq Composite
Bessent added support for American farmers—particularly soy producers—will be unveiled next Tuesday after an Oval Office meeting with President Trump and Agriculture Secretary Brooke Rollins.

Court Wins, Takeovers and Stake Buys: Malaysia Corporate News Heats Up

KL:5347.KL:Tenaga Nasional
Tenaga Nasional secured a rare victory in its long-running tax battles after the High Court set aside RM78.5 million in additional assessments issued to its unit Southern Power Generation. The court ruled the Inland Revenue Board had no legal basis to issue the claims.

KL:6633.KL:Leong Hup International
Leong Hup International, through Leong Hup Feedmill Malaysia, won a judicial review stay against the Malaysia Competition Commission’s RM367 million fine.

KL:3662.KL:Malayan Flour Mills
Malayan Flour Mills, via Dindings Poultry Development Centre, was also granted a stay of MyCC’s decision in the feedmillers’ case.

KL:4065.KL:PPB Group
PPB Group, through its 80%-owned FFM Bhd, joined the other feedmillers in securing relief from the RM367 million penalty imposed by the competition authority.

KL:9235.KL:Gold Coin Group
Gold Coin Feedmills (M) Sdn Bhd, part of Gold Coin Group, was among the four feedmillers that successfully obtained a judicial review stay against MyCC’s fine.

KL:9237.KL:Sarawak Consolidated Industries
Sarawak Consolidated Industries received a RM113 million offer from YTL Cement (Sarawak) for its subsidiary SCIB Concrete Manufacturing, nearly matching its entire market value. The board has resolved to accept in principle.

KL:4677.KL:YTL Corporation
YTL Cement (Sarawak), a wholly-owned unit of YTL Cement, which is 98% controlled by YTL Corporation, is the buyer in the SCIB deal worth RM113 million.

KL:5401.KL:Tropicana Corp
Tropicana Corp announced the redesignation of Din Tan Yong Chia, son of major shareholder Tan Sri Danny Tan Chee Sing, from group managing director to deputy group CEO.

KL:5200.KL:UOA Development
UOA Development is selling three properties in UOA Business Park to UOA REIT in a related-party transaction valued at RM200 million, booking a disposal gain of RM35.8 million.

KL:5110.KL:UOA Real Estate Investment Trust
UOA REIT will acquire business park assets worth RM200 million from UOA Development, with completion targeted by Q4 2025.

KL:3158.KL:YNH Property
YNH Property signed a JV deal with Genland Sdn Bhd to develop a high-rise project in Bangsar South. The move comes months after scrapping a JV with Chin Hin Group Property.

KL:7169.KL:Chin Hin Group Property
Chin Hin Group Property was referenced as YNH Property’s former JV partner on a residential project that has since been cancelled.

KL:0288.KL:Binastra Corp
Binastra Corp saw Prudential plc emerge as a substantial shareholder after acquiring 9.737 million shares, raising its stake to 5.78%.

KL:6963.KL:VS Industry
VS Industry’s managing director Datuk Gan Sem Yam became a substantial shareholder with a 4.98% direct stake after buying 29 million shares in an off-market deal worth RM14.82 million.

KL:7228.KL:T7 Global
T7 Global’s acting executive chairman Tan Sri Dr Nik Norzrul Thani increased his total stake to 22.66% after acquiring 52.21 million shares through Abyssina Resources.

Wall Street Hits Records, Tencent Buys Back, Intel Surges and Zijin Joins Hang Seng Composite

US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average gained 78 points, or 0.2%, to close at 46,519, marking a new all-time high as markets brushed aside U.S. government shutdown concerns.

SGX:S27.SI:S&P 500
The S&P 500 rose by 4 points to close at 6,715, inching up 0.06% to a fresh record level.

US:QQQ:Nasdaq Composite
The Nasdaq climbed 88 points, or 0.4%, to 22,844, also hitting a record closing high on Thursday.

US:TSLA:Tesla
Tesla shares slipped 5% despite broader market gains, cooling after a sharp rally earlier in the week.

US:INTC:Intel
Intel advanced more than 3%, adding to a rally of over 50% in the past month. The U.S. government’s 10% stake in Intel is now valued at around US$16 billion.

HK:0700.HK:Tencent
Tencent repurchased 812,000 shares for about HKD550 million at prices between HKD666 and HKD683 per share, bringing total buybacks under its mandate to 66.6 million shares.

HK:2259.HK:Zijin Gold International
Zijin Gold International will join the Hang Seng Composite Index and related sub-indexes under the Fast Entry Rule effective 16 October, after the market close on 15 October.

HK:3115.HK:Hang Seng Index
Hang Seng Indexes Company announced that results of the 3Q25 review of the Hang Seng Family of Indexes will be released on 21 November, with changes effective 8 December.

HK:09988.HK:Alibaba Group
Alibaba rose over 3% as part of a broad rally that saw BABA, Tencent, SMIC, Kuaishou-W, and Baidu-SW all hit new highs, with turnover in the Hong Kong market rising sharply.

HK:1810.HK:Xiaomi
Xiaomi shares advanced over 3% as technology stocks powered the Hang Seng Index to close up 431 points, reaching a four-year high.

HK:0981.HK:SMIC
Semiconductor Manufacturing International Corp. surged as Galaxy Securities projected stronger revenues and market share, while CGS highlighted competitiveness gains from process upgrades.

HK:1024.HK:Kuaishou Technology
Kuaishou-W spiked alongside other major tech counters, contributing to gains in the Hang Seng Tech Index.

HK:9888.HK:Baidu
Baidu-SW joined peers in hitting new highs on Thursday, underscoring momentum in Chinese technology stocks.

US:TSM:Taiwan Semiconductor Manufacturing
Morgan Stanley raised its target price on TSMC to NT$1,588, citing continued demand growth and strong positioning in the global semiconductor market.

AI Frenzy Lifts Tech as Wall Street Hits Records; Research Calls and Index Moves Drive Asia Action

US:DGT:Dow Jones Industrial Average
The Dow closed at a new high as investors looked past the U.S. government shutdown, helping set a positive tone across risk assets.

SGX:S27.SI:S&P 500
The S&P 500 ended at a record close, edging higher while traders gauged limited near-term policy risks.

US:QQQ:Nasdaq Composite
The Nasdaq finished at a fresh peak, supported by AI-linked momentum across heavyweight tech names.

US:NVDA:Nvidia
Nvidia hit another record as AI enthusiasm continued to drive chip and platform demand.

US:TSLA:Tesla
Tesla slipped despite broader market gains, easing after recent strength.

US:INTC:Intel
Intel climbed more than 3% and extended a month-long rally of over 50%.

HK:0700.HK:Tencent
Tencent repurchased 812,000 shares for roughly HKD550 million, continuing its buyback program.

HK:2259.HK:Zijin Gold International
Zijin Gold International will be added to the Hang Seng Composite Index and sub-indexes under the Fast Entry Rule effective mid-October.

HK:3115.HK:Hang Seng Index
The Hang Seng Index jumped intraday toward a four-year high as AI concept stocks surged.

HK:09988.HK:Alibaba Group
Alibaba rose over 3% as Amap reported a record 360 million+ daily active users and AI leaders lifted sentiment.

HK:1810.HK:Xiaomi
Xiaomi advanced more than 3% alongside broad strength in Hong Kong tech counters.

HK:0981.HK:SMIC
SMIC rallied as research highlighted revenue and market share outlook and competitiveness from process upgrades.

HK:1024.HK:Kuaishou Technology
Kuaishou-W spiked to new highs during the AI-led rally in Hong Kong tech shares.

HK:9888.HK:Baidu
Baidu-SW hit a new high amid continued optimism toward China’s AI ecosystem.

US:META:Meta Platforms
Meta featured in AI infrastructure narratives that aided risk appetite across major tech names.

US:SSNLF:Samsung Electronics
Samsung gained as Korean chip stocks jumped on speculation of AI chip supply links.

US:HXSCF:SK hynix Inc
SK hynix rallied on reports tying Korean memory suppliers to rising AI demand.

HK:6088.HK:FIT Hon Teng
FIT Hon Teng surged around 10% amid strength in Apple supply chain names.

US:LNSTY:Lens Technology
Lens Technology jumped as Apple-related suppliers rallied on improving sentiment.

HK:0285.HK:BYD Electronic
BYD Electronic rose over 6% alongside gains in Apple supply chain peers.

HK:0005.HK:HSBC Holdings
HSBC Research said pharma and biotech have outpaced the market this year and favored firms with robust product sales growth.

US:C:Citigroup
Citi set year-end targets of US$4,500 for Ether and US$133,000 for Bitcoin.

US:BTC:Bitcoin
Bitcoin’s revised year-end target from Citi was set at US$133,000, highlighting crypto’s renewed momentum.

US:MS:Morgan Stanley
Morgan Stanley included regional leaders in its Asia Pacific ex-Japan focus list and lifted TSMC’s target to NT$1,588.

US:TSM:Taiwan Semiconductor Manufacturing
TSMC’s target price was raised by Morgan Stanley, underscoring sustained semiconductor demand.

HK:0388.HK:HKEX
Hang Seng Indexes Company scheduled its 3Q25 review announcement for 21 November, with changes effective 8 December.

Oil Prices Sink to Four-Month Low Ahead of Opec+ Meeting

Oil:US:UCO:Crude Oil (WTI)

US West Texas Intermediate crude dropped US$1.30, or 2.1%, to settle at US$60.48 a barrel on Thursday (Oct 2). The settlement marked the lowest since May 30, extending its losing streak to a fourth straight session as concerns over oversupply weighed on the market.

Oil:US:BRENT:Brent Crude

Brent crude futures fell US$1.24, or 1.9%, to close at US$64.11 a barrel, the lowest since Jun 2. The drop adds to a series of declines amid speculation that Opec+ may boost supply in the coming months.

Opec+

According to three sources familiar with the talks, Opec+ could raise oil production by up to 500,000 barrels per day in November — three times the increase seen for October. Saudi Arabia is reportedly leading the push to reclaim global market share, fueling concerns of a supply glut.

• DFI Retail Group Holdings Limited has officially declared both its 2025 interim dividend and a special dividend, reflecting strong confidence in its financial health and future prospects.
• The combined dividend per share is US cents 47.80, which translates to a GBP equivalent of 35.4481 pence per share.
• Payment Date: Both dividends are scheduled to be paid on 15 October 2025.
• This announcement was made public on 2 October 2025, and lodged with the UK Financial Conduct Authority the same day.
• Completion of Major Divestment: CapitaLand Ascott Trust (CLAS) has finalized the sale of Citadines Central Shinjuku Tokyo, a significant asset in its Japan portfolio.

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