AI-Fueled Rally Pauses as Earnings Wave Hits: Apple’s New High, Crown’s Surge, and Banks Rebound

US:DGT:Dow Jones Industrial Average
Dow futures rose by about 33–44 points (≈0.1%) in early trading as investors awaited a heavy earnings slate after Monday’s broad rally.

SGX:S27.SI:S&P 500
S&P 500 futures hovered just above flat after the index climbed Monday, aided by strength in Big Tech and optimism around a potential end to the U.S. government shutdown.

US:QQQ:Nasdaq Composite
Nasdaq-100 futures edged higher by less than 0.1% after Monday’s tech-led advance.

US:ZION:Zions Bancorporation
Shares gained 3%–4.7% after-hours as Q3 profit rose to $221 million ($1.48 per share) on revenue of $861 million, topping estimates, despite last week’s $60 million loan-loss disclosure that sparked a broader sell-off.

US:CCK:Crown Holdings
Stock jumped over 8% after the can-maker beat Q3 expectations (EPS $2.24; revenue $3.2B) and raised its full-year EPS outlook to $7.70–$7.80, citing strong European beverage volume.

US:AAPL:Apple
Shares hit a new 2025 high, up 4% on the day and 33% in six months, as iPhone 17 sales outpaced recent versions, lifting the broader market.

US:NFLX:Netflix
Reports Tuesday after the bell; shares are up ~2.4% over three months and ~40% year to date, with investors watching content performance and subscriber momentum.

US:KO:Coca-Cola
On deck for earnings Tuesday; shares are ~2% below the prior report and ~8% off April highs.

US:TSLA:Tesla
Due Wednesday; recent social-media noise had limited stock impact as focus turns to margins and delivery trends.

US:MMM:3M
Earnings Tuesday; shares are up ~1% in three months and ~6% below the July high.

US:GM:General Motors
Reports Tuesday; shares have risen ~9% since the last print and sit ~7% below last month’s high.

US:GE:GE Aerospace
Near late-September highs with ~15% three-month gain ahead of results highlighted on Tuesday’s programming.

US:NDAQ:Nasdaq
Flat over three months and ~9% off April highs; slated among Tuesday morning results to watch.

US:BAC:Bank of America
Said about three-quarters of S&P 500 reporters have beaten estimates so far, underpinning the rally amid limited economic data during the shutdown.

US:FDS:FactSet
Data cited showed the “Magnificent 7” are tracking ~14.9% y/y earnings growth versus ~6.7% for the other 493 S&P names, reinforcing AI-led profit concentration.

US:AMP:Ameriprise Financial
Chief market strategist Anthony Saglimbene said Big Tech’s elevated expectations could steer market direction into year-end if results meet AI-driven hopes.

US:ALIZY:Allianz
Chief economic advisor Mohamed El-Erian called the AI surge a “rational bubble,” noting only a handful of long-term winners despite strong productivity potential.

US:WMT:Walmart
Named by Trivariate as a diversifier with low correlation to AI semis; shares up ~18% YTD as the retailer expands AI-enabled shopping, including purchases via ChatGPT.

US:NEE:NextEra Energy
Flagged as a lower-beta diversifier; stock up ~18% YTD within utilities in Trivariate’s screen.

US:ABBV:AbbVie
Highlighted among large caps less tied to AI semis; shares up ~30% YTD within health care.

US:WELL:Welltower
REIT up ~40% YTD; senior housing demand and tight supply support outlook, with margins for the group seen expanding ahead of Street estimates.

US:VTR:Ventas
Included in BofA’s senior-housing margin forecast cohort expected to reach record levels by 2028.

US:SBRA:Sabra Health Care REIT
Part of the senior-housing REIT set projected to see margin expansion above current expectations.

US:AHR:American Healthcare REIT
Cited among peers in forecasts for record-high margins into 2028 as industry fundamentals improve.

US:NHI:National Health Investors
Also listed in the senior-housing REIT group anticipated to exceed Street margin assumptions over the medium term.

AI-Era Headlines: Takeovers, Power Deals, and Compliance Shocks Ignite Asia’s Corporate Beat

SGX:504.SI:HS Optimus Holdings
Secured planning permission for a 14-storey Melbourne student accommodation venture.

SGX:S08.SI:Singapore Post
Launched a residential posting box trial (SingPost@MyBlock), extending service touchpoints to over 2,500 locations.

SGX:J36.SI:Jardine Matheson Holdings
Moved to privatise Mandarin Oriental with an offer of US$3.35 per share.

SGX:M04.SI:Mandarin Oriental International
Targeted for privatisation by Jardine Matheson at US$3.35 per share.

SGX:S63.SI:ST Engineering
Awarded a second floating power plant contract in the Dominican Republic alongside Siemens Energy.

US:SMNEY:Siemens Energy
Won a second Dominican Republic floating power plant contract in partnership with ST Engineering.

SGX:M04.SI:Mandarin Oriental International
Agreed to sell 13 floors of One Causeway Bay for US$925 million.

HK:09988.HK:Alibaba Group Holding
Buying 13 floors of One Causeway Bay from Mandarin Oriental in a US$925 million deal.

US:KO:Coca-Cola
Weighing a potential US$1 billion IPO of its Indian bottling unit.

SGX:F34.SI:Wilmar International
Representatives of subsidiaries charged over alleged unlawful acts tied to raw sugar imports in 2016.

AI Lens on Asia Markets: HSI Pops, Big Tech & Retail Moves, UBS Calls, and Gold Debate

Hong Kong Observatory (HKO)
Issued Strong Wind Signal No. 3; expected to remain in force until at least 6 p.m. tomorrow.

US:UBS:UBS Group
Expects China’s property market to bottom out in mid- to late-2026; high-end homes seen staying in demand.

US:UBS:UBS Group
Projects the US Federal Reserve to cut rates by another 75 bps this year; sets HSI target at 25,300.

Bridgewater Associates
Warned gold above US$4,000 may face demand shortfall without retail participation; sees central banks underpinning US$3,000–US$3,500.

Hong Kong Census and Statistics Department
Unemployment rate rose to 3.9% (Jul–Sep 2025), above forecast; underemployment stayed at 1.6%.

HK:07799.HK:XL2CSOPMSTR
Closed at HK$48, up 22.2%.

HK:09799.HK:XL2CSOPMSTR-U
Closed at US$6.135, up 20.5%.

HK:07711.HK:XL2CSOPCOIN
Closed at HK$172.35, up 20.5%.

HK:09711.HK:XL2CSOPCOIN-U
Closed at US$22.04, up 18.6%.

HK:07709.HK:XL2CSOPHYNIX
Closed at HK$11, up 15.8%.

HK:3115.HK:Hangseng Index
Closed up 611 points; market turnover rose.

HK:09988.HK:Alibaba Group Holding
Rose over 4% as tech and casino names lifted the market.

HK:00700.HK:Tencent Holdings
Gained over 3% alongside broader tech strength.

HK:01088.HK:China Shenhua Energy
Hit a new high during the session.

HK:00670.HK:China Eastern Airlines
Reached a new high amid market rally.

HK:01138.HK:COSCO Shipping Energy Transportation
Logged a new high as energy shipping names advanced.

HK:01055.HK:China Southern Airlines
Marked a new high alongside peers.

HK:00753.HK:Air China
Touched a new high during upbeat trading.

HK:02331.HK:Li Ning
Officially joined Meituan’s Instashopping platform.

HK:03690.HK:Meituan
Expanded Instashopping offerings with Li Ning on board.

HK:00005.HK:HSBC Holdings
Brokers forecast 3Q pre-tax profit to drop over 5%; focus on operational strategy and shareholder returns; ratings and target prices updated.

HK:01810.HK:Xiaomi
Appointed Wei Siqi as General Manager of the China Market Department.

US:JPM:JPMorgan Chase
Said Alibaba’s and Ant Group’s One Causeway Bay purchase helps stabilize Hong Kong office cap rates.

Ant Group
Cited alongside Alibaba in the One Causeway Bay purchase; not publicly listed.

US:C:Citigroup
Raised Zijin Mining’s target price to HK$39 and lifted earnings forecasts.

HK:02899.HK:Zijin Mining Group
Received higher target price and upgraded earnings outlook from Citigroup.

Ministry of Foreign Affairs of the People’s Republic of China
Reiterated that tariff and trade wars do not benefit either side; stance on Sino-US economic and trade issues remains clear.

AI-Crafted Market Brief: Research Upgrades, Tech Price Cuts, and Index Surge Dominate Hong Kong Headlines

US:MS:Morgan Stanley
Favors China IP industry; lifts DAMAI Entertainment target price to HKD1.20 with an Overweight rating.

US:GS:Goldman Sachs
CEO said to attend Hong Kong’s Global Financial Leaders’ Investment Summit in November.

US:MS:Morgan Stanley
CEO also said to attend Hong Kong’s Global Financial Leaders’ Investment Summit in November.

US:AAPL:Apple
China iPhone 17 to see first price cuts, with Pro series reduced by RMB300.

Zhipu
Says product and R&D departments are operating normally; organizational adjustment involves 10+ people.

US:JPM:JPMorgan Chase
Notes short-term impact from potential privatization of Hang Seng Bank reflected in HSBC Holdings’ share price.

HK:00011.HK:Hang Seng Bank
Privatization talk seen as a short-term factor influencing parent-related trading dynamics.

HK:00005.HK:HSBC Holdings
Share price movement viewed as reflecting short-term effects from Hang Seng Bank privatization speculation.

HK:09885.HK:UBTECH Robotics
Surged over 8% after winning a RMB126 million procurement order.

US:GS:Goldman Sachs
Lowers Xtep International target price to HKD6.8; rating maintained Buy.

HK:01368.HK:Xtep International
Target price cut to HKD6.8 while Buy rating retained.

US:MS:Morgan Stanley
Lists predictions on recent positioning changes among active long-only EM and China managers in major HK stocks.

US:MS:Morgan Stanley
Releases latest Focus List for H-shares.

US:C:Citigroup
Estimates China Life’s 3Q net profit to grow 75%–106% year on year.

HK:02628.HK:China Life Insurance
Positive 3Q profit outlook flagged by Citigroup and rated Overweight by JPMorgan.

HK:3115.HK:Hangseng Index
Surged 607 points at midday as Alibaba jumped ~5% and gold-related names lagged.

HK:07799.HK:XL2CSOPMSTR
Led midday ETF gainers; surged about 19.9%.

HK:09988.HK:Alibaba Group Holding
Climbed roughly 5% at midday, helping power the HSI advance.

HK:00700.HK:Tencent Holdings
Rose over 3% at midday; later had its target price lifted by HTSC to HKD759.47, with 3Q adjusted NP expected to rise 9%.

HK:00670.HK:China Eastern Airlines
Hit a new high during the midday rally.

HK:01138.HK:COSCO Shipping Energy Transportation
Marked a new high in session.

HK:00753.HK:Air China
Reached a new high alongside sector peers.

HK:01055.HK:China Southern Airlines
Printed a new high during upbeat trading.

HK:02356.HK:Dah Sing Banking Group
Touched a new high amid broad market strength.

US:C:Citigroup
Opens 30-day positive catalyst watch on China Resources Gas.

HK:01193.HK:China Resources Gas
Placed on Citigroup’s 30-day positive catalyst watch.

HK:06886.HK:Huatai Securities (HTSC)
Keeps GCL Tech at Buy with HKD2.22 target and hikes Tencent’s target to HKD759.47.

HK:00002.HK:CLP Holdings
Logged a 1.8% YoY fall in 9M25 electricity sales; third interim DPS kept at HKD0.63.

US:UBS:UBS Group
Trims China Tower target price to HKD13.5 and cuts earnings forecast.

HK:00788.HK:China Tower
Target price lowered to HKD13.5; earnings outlook reduced.

US:GS:Goldman Sachs
Says China 3Q GDP largely in line; calls for further easing next year for stable growth and employment.

HK:01929.HK:Chow Tai Fook Jewellery
Plans to raise retail prices of gold products by 12%–18% by end-October.

HK:03800.HK:GCL Tech
Rating and target price maintained at Buy/HKD2.22 by HTSC.

US:NVDA:NVIDIA
Jensen Huang to attend the APEC CEO Summit.

US:GS:Goldman Sachs
Maintains cautiously optimistic view on China banks; prefers China Merchants Bank.

HK:03968.HK:China Merchants Bank
Preferred pick among China banks in Goldman Sachs’ sector view.

SGX:D05.SI:DBS Group
Upgrades Wharf REIC to Buy and raises its target price to HKD29.

HK:01997.HK:Wharf REIC
Upgraded to Buy by DBS; target price lifted to HKD29.

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