Markets Bounce as Trade Jitters Ease; Tech and Select Names Lead Rebound
US:DGT:Dow Jones Industrial Average
The Dow jumped 1.29% (+587.98) to 46,067.58, clawing back roughly two-thirds of Friday’s drop after President Donald Trump’s reassuring comments on China.
SGX:S27.SI:S&P 500
The S&P 500 rose 1.56% to 6,654.72, retracing more than half of Friday’s sell-off as broad buying returned across sectors.
US:QQQ:Nasdaq Composite
The Nasdaq Composite surged 2.21% to 22,694.61, with beaten-down tech shares pacing the comeback.
US:AVGO:Broadcom
Broadcom soared nearly 10% after formalizing its partnership with OpenAI; CEO Hock Tan also said generative AI could lift the share of global GDP tied to knowledge/tech industries from ~30% to 40%.
US:ORCL:Oracle
Oracle rallied more than 5% amid a tech-led rebound.
US:NVDA:Nvidia
Nvidia gained close to 3% as investors bought the dip in megacap semis.
US:UBS:UBS Group
UBS told clients pullbacks tied to U.S.–China trade tensions likely won’t trigger a bear market and may offer chances to add long-term equity exposure.
US:PRGS:Progress Software Corporation
Progress Software rose after Citi upgraded the stock to “buy” and lifted its price target, citing a compelling risk/reward.
US:C:Citigroup
Earnings watch: Citigroup reports this week alongside other major banks.
US:GS:Goldman Sachs Group
Goldman Sachs agreed to acquire Industry Ventures for $665 million in cash plus up to $300 million in potential earn-outs.
US:JPM:JPMorgan Chase
Earnings watch: JPMorgan is slated to post quarterly results this week.
US:WFC:Wells Fargo
Earnings watch: Wells Fargo results are due in the upcoming batch.
US:BAC:Bank of America
Earnings watch: Bank of America will report this week.
US:MS:Morgan Stanley
Earnings watch: Morgan Stanley is on deck with quarterly numbers.
US:LKQ:LKQ Corp
Hit a new 52-week low.
US:CL:Colgate-Palmolive
Hit a new 52-week low.
US:GIS:General Mills
Hit a new 52-week low.
US:HRL:Hormel Foods
Hit a new 52-week low.
US:KHC:Kraft Heinz
Hit a new 52-week low.
US:KMB:Kimberly-Clark
Hit a new 52-week low.
US:PG:Procter & Gamble
Hit a new 52-week low.
US:TSN:Tyson Foods
Hit a new 52-week low.
US:OKE:ONEOK
Hit a new 52-week low.
US:FI:Fiserv
Hit a new 52-week low.
US:DVA:DaVita
Hit a new 52-week low.
US:VRSK:Verisk Analytics
Hit a new 52-week low.
US:GDDY:GoDaddy
Hit a new 52-week low.
US:SBAC:SBA Communications
Hit a new 52-week low.
US:WY:Weyerhaeuser
Hit a new 52-week low.
US:CVS:CVS Health
Set a new 52-week high.
US:MLM:Martin Marietta
Reached a new all-time high.
US:MLCO:Melco Resorts & Entertainment
Fell ~2% after a soft Golden Week in Macao.
US:LVS:Las Vegas Sands
Dropped about 5% on Macao weakness.
US:WYNN:Wynn Resorts
Slipped ~3% amid tepid Macao gaming trends.
US:MGM:MGM Resorts
Rose nearly 2%, cushioned by lower Macao exposure.
US:BTC:Bitcoin
Crypto rebounded after a record wave of leveraged liquidations; Bitcoin and ether earlier fell sharply before recovering with broader risk assets.
US:AMD:Advanced Micro Devices
Advanced Micro Devices climbed alongside peers as tech led the market higher.
Big-Money Moves in Malaysia: Genting’s RM6.7b Play Leads a Day of Power, Tech and Property Deals
KL:3182.KL:Genting Bhd
Genting Bhd launched a RM6.7 billion cash offer at RM2.35 per share to privatise Genting Malaysia, aiming to lift its stake above 50% from 49.36% and potentially delist its casino arm after nearly 40 years; the timing aligns with its US$5.5 billion New York casino licence bid, with a decision expected by Dec 1 and licences by Dec 31.
KL:4715.KL:Genting Malaysia Bhd
Genting Malaysia is the takeover target in Genting Bhd’s RM2.35-per-share buyout proposal at a 10% premium to its last close, positioning the unit for group-led funding flexibility as it pursues expansion in the U.S.
KL:5014.KL:Malaysia Airports Holdings Bhd
Genting’s proposed deal ranks as the largest since Malaysia Airports’ RM12 billion privatisation concluded in February, underscoring the resurgence of landmark Malaysian takeovers this year.
KL:5264.KL:Malakoff Corp Bhd
Malakoff signed a reservation agreement with Mitsubishi Power for two M701JAC gas turbines to anchor a planned 1,400MW gas-fired plant in southern Peninsular Malaysia, securing manufacturing and delivery slots while EPCC commercial terms are finalised.
KL:5028.KL:HeiTech Padu Bhd
HeiTech Padu accepted a revised RM1.05 billion National Integrated Immigration System (NIISe) contract—up from RM892.2 million—requiring either a RM10.52 million performance bond or a RM1.6 million top-up.
KL:9741.KL:Rohas Tecnic Bhd
Rohas Tecnic won a RM28.67 million contract for 275kV bulk supply works in Johor via its 86.8%-owned HG Power Transmission, with the eight-month job expected to lift current and next-year earnings.
KL:5347.KL:Tenaga Nasional Bhd
Tenaga Nasional awarded the Johor 275kV bulk supply project to Rohas Tecnic’s unit HG Power Transmission, supporting new data centre power needs in the state.
KL:3611.KL:Paragon Globe Bhd
Paragon Globe is buying 11.84 hectares of Johor land for RM11.48 million from major shareholders through Common Development (M) Sdn Bhd to develop affordable housing under PKPJ guidelines.
KL:9008.KL:Omesti Bhd
Omesti, via 49%-owned Formis Network Services, secured a RM30.31 million, 36-month contract from the Home Ministry to maintain LAN and ICT security systems at Immigration Department HQ and branches—its third award this year.
KL:7245.KL:Citaglobal Bhd
Citaglobal launched D’Marina Bayu Phase 2B in Kuantan: 120 solar-ready double-storey homes with smart systems and fibre-to-home, part of the Residensi D’Marina township co-developed with PR1MA; completion is slated for December 2026.
AI Supercharge: Broadcom’s OpenAI Pact Ignites Chip Rally as Trade Tensions, Metals Spike and Earnings Jitters Shape the Tape
US:AVGO:Broadcom Inc
Forged a blockbuster pact to supply custom AI chips and networking components to OpenAI, with deployments slated to start in 2H 2026 and roll through 2029; shares jumped 9.9% on optimism the deal deepens Broadcom’s access to booming AI spend.
US:NVDA:Nvidia Corp
Remains OpenAI’s dominant GPU supplier and separately outlined plans to invest as much as US$100 billion to support OpenAI infrastructure, targeting at least 10 GW of capacity.
US:AMD:Advanced Micro Devices Inc
Announced a multi-year pact last week to deploy 6 GW of processors for OpenAI, adding another leg to the startup’s AI compute build-out.
US:GOOGL:Alphabet Inc
Google’s precedent of building its own chips with Broadcom technology—lowering costs versus peers—was cited by analysts as a model OpenAI may emulate to drive efficiency.
US:META:Meta Platforms Inc
Referenced as a peer facing higher costs than Google’s Broadcom-aided designs, underscoring pressure on AI infrastructure economics.
US:MRVL:Marvell Technology Inc
Named among alternative suppliers as analysts noted OpenAI’s selection of Broadcom for custom silicon over other networking and chip vendors.
US:QCOM:Qualcomm Inc
Cited in China’s antitrust probe update tied to its Autotalks acquisition, adding to a tense backdrop as the US and China joust over tech controls.
US:ORCL:Oracle Corp
Hosts a four-day AI World in Las Vegas to defend a US$370 billion YTD rally; investors look for clarity on cloud margins, capex, and the economics of large AI workloads, including its OpenAI cloud deal.
US:MSFT:Microsoft Corp
Referenced as demand for its cloud remains strong—part of the bull case that AI infrastructure spending stays elevated even as profitability questions linger across the stack.
US:DELL:Dell Technologies Inc
Highlighted for raising multi-year revenue and profit growth forecasts on AI demand, reinforcing broad expectations for continued enterprise AI build-outs.
US:TSM:Taiwan Semiconductor Manufacturing Co
Cited after robust September sales, a datapoint supporting sustained AI-hardware momentum through foundry pipelines.
US:JPM:JPMorgan Chase & Co
Kicks off earnings season this week, with investors watching for guidance amid elevated valuations and flatlining US earnings-revisions breadth.
US:C:Citigroup Inc
Also reporting this week; a Citi index shows US earnings revisions turning flat for the first time since August, implying choppier single-stock reactions.
US:LEVI:Levi Strauss & Co
Shares plunged 13% after guidance failed to satisfy lofty expectations despite a strong YTD rally—an example of volatile earnings reactions.
US:TSLA:Tesla Inc
Stock slipped despite record Q3 deliveries ahead of Oct 22 results, underscoring that even strong prints can disappoint in a high-bar tape.
US:BABA:Alibaba Group Holding Ltd
Part of a cohort fueling China tech enthusiasm this year; plans to ramp AI spending helped draw global money back to Chinese equities.
HK:1347.HK:Hua Hong Semiconductor Ltd
Named among domestic chipmakers rallying as investors grew more sanguine about China’s AI progress despite tariff headlines.
US:SSNLF:Samsung Electronics Co Ltd
Lifted by Korea’s shareholder-friendly shift and AI chip leadership, contributing to the Kospi’s strong performance this year.
US:SFTBY:SoftBank Group Corp
A 142% surge helped power Japan’s Nikkei 225 to records, emblematic of non-US markets outpacing the S&P 500 in 2025.
US:JPSWY:Japan Steel Works Ltd
Cited alongside defense-tilted Japanese names as beneficiaries of anticipated pro-stimulus policy support.
US:MHVYF:Mitsubishi Heavy Industries Ltd
Highlighted as a defense equipment beneficiary amid expectations of increased government spending in Japan.
US:SAN:Banco Santander SA
Nearly doubled in Spain this year, an example of European financials’ resurgence as global markets outpace the US benchmark.
US:KO:The Coca-Cola Co
Named as a marquee S&P 500 constituent while the index nevertheless lags many global peers in 2025 performance tables.
US:MCD:McDonald’s Corp
Referenced among US blue chips as investors rotate toward non-US markets seeking valuation discounts.
US:DIS:The Walt Disney Co
Listed as a heavyweight within a US market that, despite gains, trails numerous international indexes this year.
US:UBS:UBS Group AG
Strategists noted staff-level US-China talks and the likelihood of continued volatility, while investors “bottom-fish” on quick de-escalations.
US:NMR:Nomura Holdings Inc
Analysts said both the US and China have incentives to keep a leaders’ meeting on track, tempering worst-case tariff fears.
US:RY:Royal Bank of Canada
RBC strategists warned the pace of earnings beats may slow as tariffs bite, reinforcing a more selective stance into results.
US:BNPQY:BNP Paribas SA
BNP Paribas Asset Management highlighted Asia as a diversification lever and fertile ground for AI-linked alpha.
US:GS:Goldman Sachs Group Inc
Analysts cautioned that silver’s less-liquid market amplifies price moves after a historic short squeeze pushed prices to records.
SGX:RE4.SI:Geo Energy Resources Ltd
Surfaced in related coverage as it moved to acquire stakes in two shipping companies for US$127.5 million, reflecting ongoing deal activity in resources and logistics.
US:KWEB:KraneShares CSI China Internet ETF
US-listed China internet ETF rebounded 3.8% pre-market after a tariff-driven slide, signaling dip-buying appetite in China tech.
US:MNGPF:Man Group plc
Man Group’s strategist urged reallocating from US equities toward Europe, Asia and EMs, citing valuation gaps and narrowing earnings differentials.
Legal Jolt, Lease Lifeline, and a Mega Buyout: Singapore–Malaysia Corporate Moves You Need to Know
SGX:BN4.SI:Keppel Ltd
Keppel opened lower after subsidiary M1 was taken to Singapore’s High Court by Liberty Wireless, which alleges M1 refused “good faith negotiations” to vary a 2019 wholesale mobile services contract tied to IMDA’s 2020 framework; M1 has instructed counsel and will “vigorously defend,” while Keppel says the proposed sale of M1 to Simba Telecom is unlikely to be affected.
SGX:595.SI:GKE Corp Ltd
GKE extended the JTC lease for 7 Kwong Min Road by 20 years—requiring at least S$1.65 million in new plant and machinery—after raising S$8.53 million via a placement to investors including ICH Capital, Asdew Acquisitions and Astral Value Fund VCC to grow its warehousing and logistics business.
KL:3182.KL:Genting Bhd
Genting launched a RM6.7 billion cash offer at RM2.35 per share to privatise Genting Malaysia, conditional on lifting its stake above 50% from 49.36%, in a move aligned with its US$5.5 billion New York casino licence bid.
KL:4715.KL:Genting Malaysia Bhd
Genting Malaysia, suspended before the announcement, received the RM2.35-per-share offer—nearly a 10% premium to its last RM2.14 close—potentially ending its Bursa Malaysia listing after decades amid lingering concerns from the Empire Resorts acquisition.
KL:1818.KL:Bursa Malaysia Bhd
The Genting Malaysia privatisation would be the country’s largest acquisition in over four years, marking another headline deal for Malaysia’s market following recent big-ticket transactions.
Genting’s Bold Take-Private Caps a Tumultuous Year of Shake-Ups and Sliding Stocks
Singapore/Kuala Lumpur — Genting Group has moved to take Genting Malaysia Bhd private in a RM6.74 billion (S$2.1 billion) buyout, a decisive step in the conglomerate’s long history of consolidation. Announced on Oct 13, the offer follows leadership changes and earnings disappointments that have dented investor confidence across the group.
Shares in all four listed arms have fallen this year: Genting Singapore is down over 7%, holding company Genting Berhad has slumped 26% on Bursa Malaysia, Genting Plantations is off 16%, and Genting Malaysia has slipped nearly 5%.
Leadership has been in flux. Executive chairman Lim Kok Thay became acting CEO of Genting Singapore on Jun 1 after the surprise retirement of long-serving chief Tan Hee Teck in May, centralising decision-making under Lim. Resorts World Sentosa (RW Sentosa) president Lee Shi Ruh will step in as the property’s CEO. In March 2025, the group marked a milestone by naming non-family executive Tan Kong Han as CEO of Genting Berhad, though the Lim family remains influential across boards and key roles, including at Genting Plantations and Genting Malaysia.
From a single hilltop casino in Pahang, Genting Group has grown into a regional powerhouse spanning gaming, hospitality, plantations, power and biotech. Its listed trio—Genting Malaysia, Genting Plantations and Genting Singapore—anchor distinct businesses and markets, while unlisted units such as Genting Energy and Resorts World (RW) Las Vegas extend its reach. The group’s former cruise arm, Genting Hong Kong, collapsed in 2022.
Beyond core leisure and hospitality, the group has placed bets in life sciences via investments in Celularity, CorTechs Labs, DNAe Group and Human Longevity. Its venture arm, Genting Ventures, targets early-stage plays aligned to gaming, entertainment, hospitality, agriculture and energy. The Lim family’s private vehicle, Kien Huat Realty, remains a key shareholder across affiliated businesses.
Succession is in focus. Lim Kok Thay’s son, Lim Keong Hui—deputy CEO and executive director at both Genting Berhad and Genting Malaysia, and since March CEO of Genting Plantations—is widely viewed as heir apparent. Operationally, group earnings still hinge on leisure and hospitality, with ongoing challenges in the UK and US—particularly from loss-making Empire Resorts—weighing on performance.
Looking ahead, analysts are watching capital allocation and execution: the potential for value unlocking at Genting Energy, dividend sustainability at Genting Singapore and Genting Malaysia, and capex-heavy plans including a Sentosa revamp and US expansion. Commodity swings remain a factor for Genting Plantations, while legal overhangs persist—Genting Malaysia faces a US$600 million suit from a former Bahamian partner. A key catalyst sits in life sciences: regulatory approval for an Alzheimer’s drug from 20%-owned TauRx Pharmaceuticals.
ASL Secures \$132 Million Term Loan
Net Profit: Soared to S\$14.7 million, a substantial 291% increase over FY2024, attributed to better margins despite higher administrative and operating expenses. The Board has proposed a dividend of 0.2 Singapore cents per share for FY2025
Q & M Dental Group (Singapore) Limited has given a binding undertaking to fully subscribe to its pro rata entitlement in the renounceable rights issue by subsidiary Aoxin Q & M Dental Group Limited. The issue price is set at S\$0.030 per Rights Share, while the market price preceding the announcement was S\$0.058, indicating a substantial discount and potential upside for subscribers.
Hong Kong Market Movers: Policy Push, Profit Alerts, and AI Tie-Ups Steer the Tape
HK:0388.HK:HKEX
The SFC launched a new “REIT Channel” to speed up public-offer authorisations for real estate investment trusts, a move seen as supportive of Hong Kong’s primary market pipeline and listing ecosystem.
HK:02007.HK:Country Garden Holdings
September contracted sales attributable to shareholders fell 28.7% YoY to RMB2.58 billion, with contracted GFA at ~320,000 sq m, underscoring continued pressure on developers.
HK:01336.HK:New China Life Insurance (NCI)
Guided 1–3Q25 net profit attributable to shareholders up 45%–65% YoY to RMB29.99–34.12 billion, signalling robust insurance earnings momentum.
HK:09866.HK:NIO
Adopted Amap’s corporate car AI solution to optimise routes and usage; the automaker expects a ~15% reduction in employee car costs from the integration.
HK:09988.HK:Alibaba Group
Amap (AutoNavi), part of Alibaba’s ecosystem, powered NIO’s corporate mobility upgrade with AI-driven capacity recommendations, ETA predictions and route planning.
HongKong:3115.HK:Hangseng Index
HSI closed down ~400 points amid heavy turnover, though chip names and gold miners advanced as traders rotated within defensives and AI supply-chain plays.
HK:01810.HK:Xiaomi
Shares fell more than 5% during the session, weighing on the HSTECH complex as investors trimmed exposure to high-beta hardware names.
HK:03969.HK:China Railway Signal & Communication
Hit new highs intraday even as broader benchmarks slipped, reflecting demand for select infrastructure-tech beneficiaries.
HK:02618.HK:JD Logistics
Began using large civilian drones in Sichuan to ship hairy crabs, cutting delivery times by over 50% versus road transport.
US:MS:Morgan Stanley
Outlined four scenario paths for US–China economic and trade relations, framing market risk cases that investors are tracking into Q4.
HK:00005.HK:HSBC Holdings
House research raised Tencent game-revenue growth forecasts and lifted its target price to HK$780, citing stronger pipeline and monetisation.
HK:00700.HK:Tencent Holdings
Benefited from upgraded game-revenue assumptions and a higher target from HSBC Research, keeping focus on core content and ecosystem synergies.
HK:00354.HK:Chinasoft International
Flagged as a preferred pick by CLSA amid expectations that the US–China tariff dispute impact is not immediately reflected in China software fundamentals.
HK:00268.HK:Kingdee International
Also preferred by CLSA on resilient enterprise software demand, with limited near-term operational drag from tariff headlines.
HK:03908.HK:China International Capital Corporation
Named joint sponsor for an upcoming Hong Kong listing tied to the NEV supply chain, underscoring continued deal activity despite market volatility.
HK:06881.HK:China Galaxy Securities
Acting as joint sponsor alongside CICC on the same prospective HK listing, reinforcing its role in cross-border ECM execution.
HK:06066.HK:Soochow Securities
Published the top 10 net buys/sells of H-shares by Southbound funds over the past two weeks, offering a window into mainland investor flows.
AI, Downgrades & Drones: Hong Kong Tape Turns Choppy as Big Caps Face Research Heat
HK:09988.HK:Alibaba Group
Daiwa maintained “Buy” and forecast a sharply narrower 3QFY26 EBITA loss, while Macquarie said market assumptions underestimate Alibaba Cloud’s contribution and revised its target price to HK$228.2.
US:JPM:JPMorgan Chase & Co
JPMorgan downgraded PICC Property & Casualty and PICC Group to Neutral, citing a likely peak in China’s non-life insurance cycle.
HK:02328.HK:PICC Property & Casualty
Cut to Neutral by JPMorgan on expectations the non-life cycle has peaked, tempering near-term upside.
HK:01339.HK:PICC Group
Also downgraded to Neutral by JPMorgan alongside its P&C unit on cycle concerns.
US:C:Citigroup Inc
Citi said “expense rationalization” in non-auto insurance should benefit PICC P&C and Ping An; separately noted Xiaomi’s Beijing R&D building acceptance issue is unrelated to EV production.
HK:02318.HK:Ping An Insurance
Flagged by Citi as a beneficiary of cost discipline in China’s non-auto insurance segment.
HK:09888.HK:Baidu
Upgraded by Macquarie to “Outperform” with a target price of US$171 (ADR basis), pointing to improving fundamentals.
HongKong:3115.HK:Hangseng Index
HSI’s loss narrowed to under 600 points intraday as A-shares stabilised; heavyweights in financials, tech and hardware—plus WuXi names—dragged, while Xiaomi fell sharply.
HK:01810.HK:Xiaomi
Dropped over 7% amid reports of an SU7 accident in Chengdu; Citi added that a Beijing R&D building acceptance issue does not affect EV production.
HK:02269.HK:WuXi Biologics
Part of the “WuXi series” weighing on the market as investors trimmed exposure to contract research and manufacturing names.
HK:02359.HK:WuXi AppTec
Soft alongside sector peers, contributing to weakness in healthcare outsourcing plays.
HK:01428.HK:Bright Smart Securities
Spiked as much as 30% intraday on talk that the SFC approved Ant’s acquisition, igniting speculative flows.
HK:00005.HK:HSBC Holdings
Barclays voiced optimism that a potential privatisation of Hang Seng Bank could lift HSBC’s EPS.
HK:00011.HK:Hang Seng Bank
In focus after Barclays highlighted EPS accretion potential if HSBC proceeds with a privatisation move.
HK:09868.HK:XPeng
Began exporting XPeng MONA models to the Middle East and Africa, expanding its overseas footprint.
HK:0665.HK:Haitong International
Projected H-shares to rattle on intensified US-China tensions but said short-term volatility won’t derail the broader uptrend.
US:BCS:Barclays
Turned constructive on HSBC’s potential Hang Seng Bank privatisation, flagging EPS upside scenarios.
HK:06066.HK:Soochow Securities
Published the top 10 net buys and sells of H-shares by Southbound funds over the past two weeks, offering a window into mainland flows.
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