🚀 Bitcoin Soars as U.S. Shutdown Drags, AI Frenzy Keeps Wall Street Afloat
US:BTC:Bitcoin
Bitcoin surged nearly 2% to $123,874—just shy of its record high—as the U.S. government shutdown entered its third day. Investors rushed to the decentralized asset amid uncertainty, with Standard Chartered’s Geoff Kendrick forecasting a potential rise to $135,000. Gold also gained 0.5% to $3,876.55 per ounce, reflecting a broader move toward safe-haven assets.
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
Despite the shutdown, Wall Street held steady near record highs. The S&P 500 gained 0.01%, the Dow Jones Industrial Average rose 0.51%, and the Nasdaq Composite slipped 0.28%. Investors shrugged off political gridlock, banking instead on a possible Federal Reserve rate cut later this month. Wells Fargo’s Jennifer Timmerman said soft job data supports another rate reduction at the upcoming FOMC meeting.
US:PLTR:Palantir Technologies
US:TSLA:Tesla
US:NVDA:Nvidia
US:AMD:Advanced Micro Devices
Tech stocks stumbled Friday, dragging the Nasdaq lower. Palantir fell 7.5%, while Tesla and Nvidia each slipped around 1%. AMD also weakened, signaling investor rotation away from mega-techs. The CBOE Volatility Index spiked, showing investors hedging against a possible pullback.
US:GS:Goldman Sachs
US:AMZN:Amazon
US:MSFT:Microsoft
US:GOOGL:Alphabet
US:NVDA:Nvidia
US:PLTR:Palantir
Goldman Sachs CEO David Solomon warned markets could face a “drawdown” after an AI-fueled rally. Speaking at Italian Tech Week, Solomon compared today’s AI surge to the 2000s dotcom bubble, suggesting both winners and losers will emerge. He cited massive capital pouring into firms like Microsoft, Alphabet, Palantir, and Nvidia—companies at the core of the AI boom. Amazon founder Jeff Bezos added that AI may already be in an “industrial bubble.”
US:BAC:Bank of America
US:NVDA:Nvidia
US:AVGO:Broadcom
US:AMD:Advanced Micro Devices
US:MRVL:Marvell Technology
US:CRDO:Credo Technology
US:LRCX:Lam Research
US:KLAC:KLA Corporation
Bank of America reaffirmed its bullish stance on AI-related stocks, highlighting chipmakers and semiconductor equipment firms. Analysts cited Nvidia’s $100 billion investment in OpenAI as a catalyst likely to accelerate competition among tech giants. Broadcom, AMD, Marvell, Credo, Lam Research, and KLA were among those expected to benefit.
US:AMZN:Amazon
US:NVDA:Nvidia
US:GS:Goldman Sachs
Goldman Sachs raised its price target on Amazon to $275, calling the e-commerce and cloud giant a “preferred name.” Analyst Eric Sheridan cited the strength of Amazon Web Services and advertising growth as underappreciated catalysts. The upgrade comes ahead of Amazon’s earnings later this month, as Nvidia’s AI hardware continues to drive enterprise demand.
US:TECH:Bio-Techne
US:CRL:Charles River Laboratories
US:PODD:Insulet
US:DGX:Quest Diagnostics
Health care stocks had their best week since 2022, with the sector rising over 7%. Bio-Techne and Charles River Laboratories led with gains above 20%, while Insulet and Quest Diagnostics lagged. Analysts say this rotation signals renewed investor appetite for defensive sectors.
US:HOOD:Robinhood
Robinhood shares climbed another 2% Friday, extending a remarkable 22% monthly rally and nearly 300% year-to-date surge. The trading platform has benefited from speculative energy in smaller-cap and crypto-linked stocks.
HK:3115.HK:Hang Seng Index
Meanwhile, the Hang Seng Index traded mixed as investors weighed U.S. developments and local economic headwinds. Broader Asian markets mirrored Wall Street’s cautious optimism amid the ongoing AI rally.
Reporter’s Note: From Bitcoin nearing record highs to Goldman Sachs warning of an AI correction, markets remain energized yet fragile. The blend of tech euphoria, policy uncertainty, and record valuations suggests a complex but compelling setup heading into the final quarter of 2025.
📈 “Crowded & Cautious”: Flows Flash Warning Even as New Highs Test Bulls’ Nerves
US:BAC:Bank of America
Bank of America’s Michael Hartnett warned that four-week inflows to global equities and high-yield bonds have reached 0.9% of client AUM—near his contrarian “sell” trigger at >1.0%; he said the signal would flash if equity fund inflows exceed $20B and HY bond inflows top $1.5B next week.
SGX:S27.SI:S&P 500
The S&P 500 topped 6,700 for the first time this week as major averages notched records, even as the U.S. government shutdown entered day three.
SGX:S27.SI:S&P 500
Another caution light: the S&P 500’s RSI stood at 69 on Thursday’s close—just below the 70 “overbought” threshold that often precedes pullbacks.
US:QQQ:Nasdaq Composite
The Nasdaq Composite sat 0.7% shy of 23,000 through Thursday’s close, reflecting persistent strength in growth and AI-linked names.
US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average set an all-time closing high at 46,519.72, underscoring the week’s broad advance across benchmarks.
US:XLE:Energy Select Sector SPDR Fund
With Q4 momentum favoring AI, one strategist highlighted dispersion across the 11 S&P sectors and initiated an XLE risk-reversal (sell Nov 21 $89 put; buy Nov 21 $90 call) for a $0.05 credit, positioning for a rebound in this 2025 laggard.
US:XOM:Exxon Mobil
As a top XLE holding, Exxon Mobil was cited among the sector’s leaders at the core of the fund’s heavy concentration.
US:CVX:Chevron
Chevron’s outsized weight in XLE was flagged as part of the ETF’s near-50% tilt toward a few energy majors.
US:COP:ConocoPhillips
ConocoPhillips rounded out the trio of XLE heavyweights highlighted as indispensable to U.S. energy exposure in the trade thesis.
US:TSLA:Tesla
Tesla reported Q3 deliveries up 7% year over year ahead of U.S. EV tax-credit expiration, yet shares fell 5.1% as analysts warned about margin pressure and potential demand softening post-incentives.
US:WFC:Wells Fargo
Wells Fargo’s Colin Langan said promotions—including U.S. inventory discounts and supercharging offers—likely buttressed Tesla’s Q3; he expects weaker Q4 deliveries and added margin pressure.
US:GS:Goldman Sachs Group
Goldman Sachs said expiring EV tax credits could be a Q4 headwind for Tesla but pointed to possible offsets from earnings catalysts, stronger deliveries, energy deployments, and the Nov. 6 shareholder meeting.
US:BAC:Bank of America
Bank of America noted that in years when the S&P 500 was up ≥10% by end-September, the index typically climbed further in Q4 (with 2012 as the lone exception), aligning with 2025’s 14% year-to-date gain through September.
US:BTC:Bitcoin
Bitcoin extended a powerful rally alongside record equities during the data blackout of the government shutdown, reinforcing risk-on sentiment among retail traders.
US:NVDA:Nvidia
AI bellwether Nvidia briefly reached a $4.5T market value this week as semiconductors led gains, even while concerns grew that the shutdown could complicate the Fed’s late-October decision without fresh data.
US:APO:Apollo Global Management
Apollo’s Torsten Slok argued the Fed need not rush to cut rates given elevated inflation, record stocks, and ongoing growth—contrasting with calls for quicker easing amid the data gap.
US:CME:CME Group
Traders continued to lean on the CME FedWatch Tool, which still implies two quarter-point cuts by year-end, with the next expected later this month despite the shutdown’s data delays.
US:ABT:Abbott Laboratories
Goldman Sachs added Abbott to its U.S. Conviction List, citing pipeline momentum (including Alinity) and an 8% organic growth path by end-2026 as China-related headwinds moderate.
US:APD:Air Products and Chemicals
Air Products joined Goldman’s list on expectations that a refocus on core competencies under new leadership will accelerate top-line growth and strengthen returns.
US:HSY:Hershey
Goldman said Hershey’s margins could expand as pricing has room to rise and input costs stabilize or decline, supporting the upgrade to the Conviction List.
US:MSGE:Madison Square Garden Entertainment
Goldman projected ~7% annualized revenue growth over two years for Madison Square Garden Entertainment, driven by more Garden bookings and additional Christmas-themed shows.
US:PINS:Pinterest
Pinterest was removed from Goldman’s Conviction List as part of the October refresh, alongside Uber Technologies and OneStream.
US:UBER:Uber Technologies
Uber was also dropped from Goldman’s Conviction List in the same update that elevated Hershey, Abbott, Air Products, and MSG Entertainment.
📉 Lofty Hopes, Hot Tickers: Dow Hits Records as Analysts Flag Overbought Risks
US:AAPL:Apple
Jefferies downgraded Apple to underperform and trimmed its target to $205.16, warning iPhone “18 Fold” expectations are too high and a price-driven replacement cycle could pressure margins.
US:JEF:Jefferies Financial Group
Jefferies’ Edison Lee cautioned the foldable iPhone’s market is likely limited, estimating annual volume at no more than 3 million units despite recent iPhone 17 momentum.
US:HOOD:Robinhood Markets
Robinhood landed in overbought territory (RSI ~76) after a >20% weekly surge, aided by recent S&P 500 inclusion and optimism around product expansion.
US:MU:Micron Technology
Micron’s RSI (~82) and double-digit weekly rally followed a quarterly beat and strong outlook, with revenue up 46% year over year.
US:WDC:Western Digital
Western Digital was flagged most overbought (RSI ~88) after AI-driven storage demand lifted shares, though consensus targets imply downside.
US:STX:Seagate Technology
Seagate entered overbought territory (RSI ~84) amid strength across AI hardware and data-storage names.
US:LRCX:Lam Research
Lam Research showed an RSI above 83, part of the AI-hardware cohort pacing the recent rally.
US:TER:Teradyne
Teradyne’s RSI (~83) reflected semiconductor test demand as AI enthusiasm lifted equipment stocks.
US:CAT:Caterpillar
Caterpillar appeared overbought (RSI ~80) following a weekly gain as cyclicals participated in the market’s advance.
US:FICO:Fair Isaac
Fair Isaac jumped ~20% on a new mortgage-score model and now screens overbought (RSI ~79) despite shares still down year to date.
US:SMCI:Super Micro Computer
Super Micro’s double-digit weekly rise pushed RSI (~78) into overbought, tracking AI server momentum.
US:KLAC:KLA Corporation
KLA moved into overbought territory (RSI ~78) alongside broader semi-equipment strength.
US:INTC:Intel
Intel’s RSI (~78) signaled a stretched near-term setup as chipmakers rallied on AI optimism.
US:GLW:Corning
Corning’s RSI (~78) turned overbought after a weekly gain tied to tech-hardware demand.
US:CNC:Centene
Centene’s RSI (~77) crossed into overbought as health care names participated in the upswing.
US:AMAT:Applied Materials
Applied Materials posted an RSI (~76) as semi-equipment outperformance continued.
US:GRMN:Garmin
Garmin’s RSI (~76) reflected rotation into select hardware names during the week’s rally.
SGX:S27.SI:S&P 500
The S&P 500 gained about 1.4% for the week and topped 6,700 for the first time, even amid a federal shutdown and data blackout.
US:QQQ:Nasdaq Composite
The Nasdaq Composite rose about 1.4% for the week, buoyed by AI-linked shares, and sat 0.7% shy of 23,000 through Thursday’s close.
US:DGT:Dow Jones Industrial Average
The Dow added ~1.5% for the week and set a record close at 46,519.72 as cyclical strength complemented tech leadership.
US:BAC:Bank of America
Bank of America hiked Robinhood’s target to $157 and highlighted overbought readings across several leaders; separately, its October picks featured Disney, Birkenstock, CRH, Spotify, and C.H. Robinson.
US:DIS:Walt Disney
Bank of America stayed bullish ahead of early-November earnings, citing stable trends, ESPN’s DTC rollout, and growth in Experiences including cruises.
US:BIRK:Birkenstock
BofA reiterated Buy, noting growth with younger consumers, store traffic via multi-brand retail, and Asia as a key opportunity despite year-to-date underperformance.
US:CRH:CRH
BofA reinstated Buy, pointing to an organic growth inflection, portfolio optionality, and potential multiple re-rating aided by easing rates.
US:SPOT:Spotify Technology
Spotify was viewed as a pure-play streaming beneficiary with improving profitability prospects from subscriptions and newer audiobook/video podcasting initiatives.
US:CHRW:C.H. Robinson Worldwide
BofA cited new leadership and an operating model overhaul aimed at leveraging scale in a loose trucking market and improved ocean dynamics.
US:XLE:Energy Select Sector SPDR Fund
An options strategy targeted XLE via a Nov 21 $89/$90 risk-reversal for a small credit, positioning for a rebound in a 2025 laggard sector.
US:XOM:Exxon Mobil
Exxon, a top XLE holding, was highlighted among the fund’s heavyweights central to the energy thesis.
US:CVX:Chevron
Chevron’s significant XLE weighting was noted in the sector setup as investors assess energy’s relative discount.
US:COP:ConocoPhillips
ConocoPhillips completed the trio of XLE leaders emphasized for concentrated exposure within the ETF.
US:TSLA:Tesla
Tesla’s Q3 deliveries rose 7% year over year ahead of U.S. EV tax-credit expiry, but shares fell 5.1% on concerns about margins and softer demand without incentives.
US:WFC:Wells Fargo
Wells Fargo’s Colin Langan said Tesla’s Q3 benefited from discounts and supercharging promos, and he expects weaker Q4 deliveries with added margin pressure.
US:GS:Goldman Sachs Group
Goldman noted expiring EV credits could weigh on Tesla in Q4 but pointed to potential offsets from earnings, energy deployments, and the Nov. 6 shareholder meeting.
⚡ Malaysia Market Movers: Mega PPAs, CFO Switches, Spectrum Wins — and a High-Stakes Open Offer
KL:5225.KL:IHH Healthcare Bhd
IHH secured approval from India’s market regulator to proceed with its mandatory open offer for 26% each of Fortis Healthcare Ltd and Malar Hospitals Ltd, covering up to 197.03 million Fortis shares; the offer follows IHH’s July 2018 “white knight” entry for a 31.1% stake (~RM2.4b).
KL:6012.KL:Maxis Bhd
Maxis accepted the MCMC assignment for a 2x10MHz block of 2100MHz (Band 1) spectrum for RM400m (RM100m upfront; RM300m cumulative annually), supporting 4G capacity in dense urban areas.
KL:5216.KL:NEXG Berhad
NexG (formerly Datasonic Group Bhd) won a six-year, RM732.72m contract from the Home Ministry to supply national ID cards (MyKad, MyTentera, MyPoca) to the National Registration Department from June 1, 2026 to May 31, 2032.
KL:5264.KL:Malakoff Corporation Bhd
Malakoff’s 70%-owned Malakoff Evergreen Sdn Bhd signed a 30-year PPA with Syarikat SESCO Bhd to design, build, own and operate a 100MWac solar PV plant in Bintulu, Sarawak, targeted for commercial operations on May 1, 2028.
KL:0215.KL:Solarvest Holdings Bhd
Solarvest, via JV vehicle Mukah Solar Powerplant Sdn Bhd with Press Metal Aluminium Holdings, inked a PPA with Syarikat SESCO to develop a 100MWac solar PV plant in Mukah, Sarawak, costing ~RM380m and expected online by Nov 30, 2027.
KL:8869.KL:Press Metal Aluminium Holdings Bhd
Press Metal partners Solarvest in Mukah Solar Powerplant Sdn Bhd to build the 100MWac Mukah solar project (PPA with Syarikat SESCO; ~RM380m capex; target operations by Nov 30, 2027).
KL:5301.KL:CTOS Digital Bhd
CTOS appointed Tan Ming Yew as chief financial officer effective Oct 13, succeeding Chiam Hsing Chee, who resigned on Sept 28 due to personal commitments abroad.
KL:1171.KL:MBSB Bhd
MBSB committed RM1.3b via a landmark syndicated Islamic facility to support Weststar Aviation Services Sdn Bhd’s expansion, including helicopter purchases, working capital, corporate needs and FX forwards.
KL:7676.KL:G Capital Bhd
G Capital’s 51%-owned G Capital Water Solutions Sdn Bhd was appointed non-revenue water specialist for Perlis (Phase 1) under a RM300,000 award from Senie Associates Sdn Bhd, the consulting engineer engaged by Pengurusan Aset Air Bhd.
KL:0289.KL:Plytec Holding Bhd
Plytec withdrew its application to transfer to Bursa’s Main Market (filed June 30), citing current financial/operational position and timing; the ACE Market construction engineering group has shelved the move.
KL:7164.KL:KNM Group Bhd
Bursa Malaysia rejected KNM’s PN17 regularisation plan, saying it fails to demonstrate sustainable growth; KNM faces trading suspension on Oct 13 and potential delisting by Nov 5 unless it appeals, with Bursa noting the proposed sale of Deutsche KNM GmbH would leave loss-making Malaysian operations.
KL:1818.KL:Bursa Malaysia Berhad
The exchange declined KNM’s exit plan from PN17, detailing concerns over business sustainability and growth, and outlined the suspension (Oct 13) and possible delisting timeline (Nov 5) unless an appeal is lodged.
⚡ Capital Moves & Clean-Energy Bets: Singapore–Malaysia Deal Flow Heats Up
SGX:595.SI:GKE Corporation
GKE raised gross proceeds of S$8.53 million via a placement of 88.12 million new shares, strengthening its capital base for growth. :contentReference[oaicite:0]{index=0}
SGX:SET.SI:Stoneweg Europe Stapled Trust
Fitch upgraded Stoneweg European REIT’s long-term issuer default rating to ‘BBB’ (stable) and lifted its EUR500 million notes and EUR1.5 billion MTN programme to ‘BBB’, citing improved portfolio quality and expectations that EBITDA net leverage will remain below 8.0x after temporary elevation from a 6.7% AiOnX stake; medium-term plans include refurbishments, disposals to fund capex, and like-for-like rent growth. :contentReference
SGX:BN4.SI:Keppel Ltd.
Keppel, appointed with Sumitomo Corporation and Advario by Singapore’s EMA and MPA, will conduct a full value-chain FEED study for a 55–65MW direct-ammonia combustion power plant, terminal infrastructure and bunkering on Jurong Island.
US:SSUMY:Sumitomo Corporation
As Keppel’s consortium partner, Sumitomo Corporation advances the FEED study for Singapore’s proposed low-/zero-carbon ammonia power solution alongside Advario.
SGX:5UF.SI:Aspial Lifestyle Limited
RHB Bank Singapore’s Alfie Yeo highlighted Aspial Lifestyle’s growth prospects across Maxi-Cash, Lee Hwa Jewellery, Goldheart Jewelry, Niessing, BigFundr and Dr.Pajak, noting pawnbroking as the main profit driver, strong correlations to gold prices, a historical P/E of ~9.8x, low default rates (<5% in 2021–2024) and multi-pronged expansion in Singapore and Malaysia.
KL:1066.KL:RHB Bank Berhad
RHB Bank Singapore issued the non-rated report on Aspial Lifestyle, positioning the stock as a proxy to rising gold prices with scope for loan-book and retail margin growth.
SGX:A04.SI:ASL Marine Holdings
ASL Marine called a trading halt pending an announcement after shares surged >213% year-to-date; FY2025 profit jumped to S$14.6 million (+272.3% y/y), with founder Ang Sin Liu owning 14.23% and, together with family, controlling over 60%.
CapitaLand Commercial C-REIT (CLCR) — China’s first international-sponsored retail C-REIT — debuted in Shanghai with two community malls (Guangzhou’s CapitaMall SKY+ and Changsha’s CapitaMall Yuhuating), highlighting continued investor appetite for professionally managed retail assets. The IPO raised RMB2.29 billion from 400 million units at RMB5.718 and opened up 19.6% at RMB6.84. Forecast FY2025–FY2026 yields are ~4.4%–4.53%, with at least 90% of distributable income to be paid out. Demand was exceptional (253× offline, 535.2× public), but units are for mainland investors only. The seed portfolio totals ~RMB2.6 billion value, 168,405 sqm GFA and 96% occupancy. Under China’s regime, CLCR holds assets via an ABS managed by CITIC Securities (fee 0.01% p.a.), with ChinaAMC as fund manager (0.20% p.a.); leverage is effectively capped at ~28.6%. Sponsor CapitaLand Investment (CLI) — which manages 43 retail properties across 18 cities — sees ample liquidity and policy support for C-REITs and is building out onshore RMB funds (a business-park sub-fund just closed; a retail sub-fund is planned for 4Q2025). Regulators may shorten the one-year post-listing acquisition moratorium, aiding scale as the market matures.
Oil settled higher Friday but logged steep weekly losses on rising oversupply fears. Brent closed at US$64.53 (+0.7%) and WTI at US$60.88 (+0.7%), yet fell 8.1% and 7.4% for the week, respectively—the worst week for Brent in over three months. Traders cited expectations that Opec+ will raise output this Sunday, the restart of crude flows from Iraq’s Kurdistan region to Turkey after 2½ years, and bearish U.S. inventory data showing builds in crude, gasoline and distillates. Analysts at Rystad Energy flagged weakening demand into the seasonal maintenance period, while JPMorgan said the market likely flipped toward a sizeable surplus for 4Q and into 2026. Baker Hughes reported U.S. oil rigs down by two to 422, and a fire at Chevron’s 290,000 bpd El Segundo refinery was contained with no immediate confirmed impact on output. BOK Financial’s Dennis Kissler added that geopolitical headlines and softer fundamentals make a near-term bullish case for crude “hard.”
A scan of the 600-plus counters on the Singapore Exchange shows plenty trading below book. But book value isn’t one-size-fits-all. As the S-REITs with U.S. commercial assets have demonstrated, reported book can diverge from what assets actually fetch in the market, especially when balance sheets are illiquid.
Consider Manulife US REIT and Keppel Pacific Oak US REIT. As of Oct 2, they change hands at 0.37x and 0.32x price-to-book (P/B), respectively. The question is how attainable those book values really are.
Even when some book values look out of reach, P/B gaps can still narrow. Hongkong Land, for example, rerated from 0.3x P/B to 0.5x P/B after management set monetisation targets and executed disposals at book.
Tuan Sing is a notable case: it trades at 0.31x P/B with net debt-to-equity (D/E) above 100%. Technically, the share price is testing resistance at 30–31 cents. Quarterly momentum and the 21-day RSI have strengthened, and the 100- and 200-day moving averages just made a bullish cross at 27 cents.
If the stock clears 31 cents decisively, a move toward 45 cents is possible.
Still, the shares are unlikely to approach book value of roughly 90 cents because the balance sheet is asset-heavy and not particularly liquid. The high D/E underscores this. Concrete asset-monetisation steps would be needed to realise even part of that book.
Other property-heavy names with less-illiquid balance sheets than Tuan Sing include Hotel Royal, Hiap Hoe, Hong Fok and Metro Holdings. Including Ho Bee Land would be a stretch, given its D/E is above 50%.
Elsewhere, Sembcorp Industries has formed a positive divergence with quarterly momentum and the 21-day RSI, suggesting the $6 support is likely to hold and that prices could attempt a recovery.
The Straits Times Index (STI) continues to trace a staircase-like uptrend with a progressively upward bias. A couple of U.S. houses have floated 6,000 as an upside target for the STI. First, though, it needs to reach 5,000.
Thank you
