AI-fueled rebound: Wall Street shrugs off turbulence as mega-cap momentum returns
SGX:S27.SI:S&P 500
The S&P 500 rebounded to the top of its two-week range, just shy of a record, as dip-buyers resurfaced and upbeat earnings offset a two-day shakeout in speculative names.
US:SPHB:Invesco S&P 500 High Beta ETF
Risk appetite snapped back: the high-beta SPHB ETF rose about twice the S&P 500’s move on Thursday and week-to-date, signaling traders rushed back into momentum winners.
US:UCO:Oil
Crude prices jumped ~5% on sanctions headlines, yet the 10-year Treasury yield hovered near 4%, keeping broader financial conditions benign.
US:DGT:Dow Jones Industrial Average
Dow futures slipped ~0.04% after the cash session’s ~0.3% gain (+144 pts), as traders eyed Friday’s CPI for the last read before next week’s Fed meeting.
SGX:S27.SI:S&P 500
S&P 500 futures edged up ~0.06% following a cash gain of ~0.6%, with breadth and volumes healthy and the VIX easing toward 17.
US:QQQ:Nasdaq Composite
Nasdaq 100 futures added ~0.2% after the tech-led cash rally (+0.9%), powered by AI-linked heavyweights.
US:NVDA:Nvidia
AI optimism helped lift the tech complex ahead of Big Tech earnings, with Nvidia among Thursday’s notable leaders.
US:ORCL:Oracle
Oracle participated in the AI-driven bid as traders rotated back into mega-cap and software names.
US:GOOGL:Alphabet
Alphabet shares ticked ~1% higher after Google and Anthropic unveiled a cloud partnership worth “tens of billions,” granting Anthropic access to up to one million Google TPUs and over a gigawatt of AI compute by 2026; Anthropic cited a ~$7B revenue run rate.
US:F:Ford Motor
Ford jumped ~4% after Q3 results beat estimates (adj. EPS $0.45; revenue $47.19B) even as full-year guidance was trimmed due to an aluminum-supplier fire.
US:TGT:Target
Target rose slightly after announcing an 8% cut to corporate staff (~1,800 roles), its first major layoff in a decade.
US:INTC:Intel
Intel surged ~7% post-market as Q3 revenue of $13.65B and adj. EPS of $0.23 topped forecasts, stoking hopes for a PC-chip demand recovery.
US:NEM:Newmont
Newmont slipped ~2% despite beating on Q3 (EPS ex-items $1.71 vs. $1.44 est.; revenue $5.52B vs. $5.19B).
US:DECK:Deckers Brands
Deckers fell ~12% after guiding FY revenue to ~$5.35B (below ~$5.45B est.), though Q3 beat on EPS ($1.82 vs. $1.58 est.) and revenue ($1.43B vs. $1.42B).
US:BYD:Boyd Gaming
Boyd dipped ~2% even as Q3 topped expectations (EPS ex-items $1.72 vs. $1.62 est.; revenue ~$1.0B vs. ~$875M), citing healthy gaming growth across segments.
US:AMAT:Applied Materials
Applied Materials fell >1% after saying it will record a ~$160M–$180M charge tied to a ~4% workforce reduction amid automation and geographic shifts.
US:RIVN:Rivian
Rivian joined the layoff headlines alongside other names in after-hours updates, contributing to a mixed tone across growth stocks.
US:JPM:JP Morgan Chase
Market “froth/crowding” gauges from JPMorgan underscored that the most speculative pockets have not fully unwound, even after the week’s turbulence.
US:MS:Morgan Stanley
Morgan Stanley Investment Management’s Vishal Khanduja said the data vacuum keeps the Fed and investors cautious; Friday’s CPI could clarify whether tariffs are feeding inflation.
US:FDS:FactSet
FactSet was cited as a source for several earnings comparisons during the session’s after-hours scorecard.
US:LDNXF:London Stock Exchange Group
LSEG (via LSEG data) was referenced for consensus estimates on select companies reporting after the bell.
HK:3115.HK:Hangseng Index
Regional context remained secondary as Wall Street focused on U.S. CPI and Fed expectations; year-end seasonal tailwinds typically firm up by November.
AI Market Wrap: REITs Rebound, Big Contracts Landed, and Pop Mart’s Price Target Jumps
SGX:T82U.SI:Suntec REIT
Suntec REIT reported a 3QFY2025 DPU of 1.778 cents, up 12.5% y-o-y.
SGX:S63.SI:ST Engineering
ST Engineering secured $4.9 billion of new contracts in 3QFY2025, bringing 9MFY2025 wins to $14 billion.
SGX:AJBU.SI:Keppel DC REIT
Keppel DC REIT’s 9MFY2025 distributable income rose 55.5% and net property income increased 42.2%.
SGX:TS0U.SI:OUE REIT
OUE REIT’s 3QFY2025 net property income fell 5.6% y-o-y to $57 million following the Lippo Plaza Shanghai divestment.
HK:9992.HK:Pop Mart
Morningstar raised Pop Mart’s target price by 17% after 3QFY2025 revenue surged 250% y-o-y.
US:MORN:Morningstar, Inc.
Morningstar lifted its target price on Pop Mart by 17%, citing the company’s 3QFY2025 revenue jump of 250% y-o-y.
SGX:J69U.SI:Frasers Centrepoint Trust
FCT posted a 2HFY2025 DPU of 6.059 cents, up 0.6% y-o-y.
AI Market Flash: Malaysia Deal-Making, REIT Momentum, and Rights Issues Drive Headlines
KL:5211.KL:Sunway Bhd
Sunway secured up to S$600 million in term loans to fund its purchase of Hongkong Land (MCL) Holdings Ltd, lifting gross borrowings to RM12.78 billion and net borrowings to RM8.45 billion; lenders are United Overseas Bank Ltd (SGX:U11.SI:United Overseas Bank), Oversea-Chinese Banking Corporation Ltd (SGX:O39.SI:OCBC), and DBS Bank (SGX:D05.SI:DBS Group), while seller is parent Hongkong Land Holdings (SGX:H78.SI:Hongkong Land).
KL:1198.KL:MAA Group Bhd
Bursa Malaysia Securities (KL:1818.KL:Bursa Malaysia) warned major shareholder MAA Group not to proceed with a vote on selling KNM’s stake in Deutsche KNM GmbH without fulfilling listing requirements; KNM Group (KL:7164.KL:KNM Group) is the company whose German unit is involved.
KL:0097.KL:ViTrox Corporation Bhd
ViTrox posted a 54.63% y-o-y jump in 3QFY2025 net profit to RM34.72 million on 55.8% higher revenue of RM228.57 million; no dividend was declared.
KL:5106.KL:Axis Real Estate Investment Trust
Axis REIT’s 3QFY2025 net property income rose 15.7% to RM80.23 million on new assets and rental growth, with revenue up 15.6% to RM92.77 million and a third interim DPU of 2.65 sen declared.
KL:7617.KL:Magna Prima Bhd
The takeover offer by largest shareholders Datuk Seri Wong Sze Chien and managing director Seah Ley Hong turned unconditional after their stake exceeded 50%, with the offer extended to Nov 6.
KL:5243.KL:Velesto Energy Bhd
Velesto signed an agreement with Australia’s Icon Engineering Pty Ltd to deliver rig-installed wellhead platforms for shallow-water and marginal fields in Malaysia.
KL:6203.KL:Khee San Bhd
Khee San’s auditor issued a qualified opinion with material uncertainty over the group’s ability to continue as a going concern due to delays in its PN17 regularisation plan.
KL:0186.KL:Perak Transit Bhd
Managing director and largest shareholder Datuk Seri Cheong Kong Fitt actively traded the company’s shares this week, selling four million and buying 4.025 million shares in the open market amid a steep share-price drop.
KL:0320.KL:Steel Hawk Bhd
Steel Hawk secured eight subcontracts worth RM61 million for low-voltage power cable system works involving installation, testing, commissioning, jointing and termination up to 415 volts.
KL:5085.KL:Mudajaya Group Bhd
Mudajaya obtained properties promised as payment for work on a Kuala Lumpur mixed-use project along Jalan Sultan Ismail, comprising residential, commercial, office and parking units valued at RM152.36 million as at end-2024.
KL:0329.KL:Metro Healthcare Bhd
Metro Healthcare proposed acquiring RMC Specialist Sdn Bhd from its executive vice-chairman and major shareholder Dr Tay Swi Peng @ Tee Swi Peng for RM320,000 to diversify into a multi-disciplinary hospital segment.
KL:4324.KL:Hengyuan Refining Company Bhd
Hengyuan raised RM234 million via an oversubscribed rights issue (122.88%), involving up to 300 million new shares and up to 150 million free detachable warrants.
KL:0094.KL:Zen Tech International Bhd
Zen Tech was sued by Yang Xiaowen, a shareholder of former associate Galactic Maritime (M) Sdn Bhd, over an alleged unlawful reduction in her stake; she is seeking pre-trial discovery with no damages claimed yet.
KL:5281.KL:Advancecon Holdings Bhd
Advancecon won two contracts worth RM25.14 million from a unit of Sime Darby Property (KL:5288.KL:Sime Darby Property) for earthworks and related works at Bandar Bukit Raja 2, Klang, with a 20-month tenure from Nov 6, 2025 to July 5, 2027.
AI Market Flash: Oil Spikes on Sanctions, China Signals Support, and Hong Kong Tech Movers Split
US:UCO:Oil
International oil prices jumped more than 5% after the U.S. sanctioned two major Russian oil firms, with Brent and NYMEX crude surging in electronic trade.
China’s Fourth Plenary Session pledged to resolutely achieve annual economic and social goals, with macro policies to continue and be strengthened as needed.
The same communique emphasized expanding domestic demand and vigorously boosting consumption to build a strong internal market.
China also called for accelerating high-level technological self-reliance to drive “new quality productive forces.”
Main objectives proposed for the “15th Five-Year Plan” include lifting GDP per capita to a medium-developed-country level by 2035.
HK:0175.HK:Geely Automobile Holdings
Geely said Volvo Cars’ 3Q operating profit rose 11% and the stock once surged 40% during the session.
The Fourth Plenary Session of the 20th CPC Central Committee approved the proposal for the “15th Five-Year Plan.”
DEEPEXI TECH’s IPO was reportedly oversubscribed by 7,590 times, the second highest in Hong Kong history.
HK:9618.HK:JD.com
JD-SW’s Hong Kong branch obtained an insurance license.
Hong Kong’s September overall consumer prices rose 1.1% year on year, with underlying inflation easing to 1.0%.
HK:3115.HK:Hangseng Index
The HSI closed up 186 points, while sector moves diverged across major constituents.
HK:3690.HK:Meituan
Meituan-W jumped more than 4% during the session.
HK:9992.HK:Pop Mart
Pop Mart fell 9% on the day.
Among ETFs, XI2CSOPTSLA led full-day gainers with a 9.6% rise.
AI Market Flash: HSI Climbs as Tech Splits, Banks & Oil Majors Hit Highs, and Brokers Flag HK Winners
HK:3115.HK:Hangseng Index
HSI closed at 25,967, up 186 points, with turnover rising; the Hang Seng TECH Index also advanced.
HK:3690.HK:Meituan
Meituan-W jumped over 4%, leading gains among major tech constituents.
HK:1288.HK:Agricultural Bank of China
ABC printed a new high amid strength in Chinese financials.
HK:0857.HK:PetroChina
PetroChina also hit a new high as energy shares outperformed.
US:GS:Goldman Sachs Group
Goldman Sachs highlighted Hong Kong stocks poised to benefit from a weaker USD in its latest research.
US:MS:Morgan Stanley
Morgan Stanley kept an Overweight on HKEX and projected a 59% profit rise in 3Q, with a target price of HK$508.
HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX)
HKEX was in focus after Morgan Stanley’s upbeat profit outlook and rating reaffirmation.
US:JPM:JPMorgan Chase & Co.
JPMorgan released its top Hong Kong stock picks for 4Q25.
HK:9618.HK:JD.com
JD-SW unveiled its “National Good Car” Aion UT super, featuring CATL’s Choco-Swap battery technology.
HK:1024.HK:Kuaishou Technology
Kuaishou-W’s StreamLake launched a suite of AI programming products.
HK:9988.HK:Alibaba Group Holding
Alibaba’s BABA-W began presales of Quark AI Glasses at RMB4,699.
HK:9992.HK:Pop Mart
Pop Mart slumped about 9% during the session.
HK:JD’s Insurance Arm
JD-SW’s Hong Kong branch secured an insurance license, expanding its financial services footprint.
AI Market Flash: HSBC in Focus, Tech & Oil Names Move on Research Calls and Discoveries
HK:3115.HK:Hangseng Index
HSI ended the day at 25,967, up 186 points, while the Hang Seng TECH Index also rose as market turnover increased.
HK:0005.HK:HSBC Holdings
Brokers forecast a 5%+ drop in 3Q pre-tax profit, with investor focus on operational strategy and shareholder-return guidance.
HK:0005.HK:HSBC Holdings
Updated research compiled ratings and target prices on HSBC.
HK:0005.HK:HSBC Holdings
HSBC Research issued sector updates on China developers, highlighting preferred names.
HK:1109.HK:China Resources Land
HSBC Research expects major China developers to return to profit next year and listed China Resources Land among favored picks.
HK:1908.HK:C&D International Group
HSBC Research also cited C&D International Group as a preferred developer in its outlook.
HK:9992.HK:Pop Mart
Pop Mart dropped over 9% at midday amid mixed performance across Hong Kong stocks.
HK:0857.HK:PetroChina
PetroChina hit a new high during midday trading.
HK:1475.HK:Nissin Foods
Nissin Foods also touched a new high at midday.
US:JPM:JPMorgan Chase & Co.
JPMorgan trimmed Innovent Biologics’ target price to HK$110 and said licensing cooperation should aid its U.S. market development.
HK:1801.HK:Innovent Biologics
Multiple brokers updated views on Innovent, reflecting progress on partnerships and pipeline.
US:BAC:Bank of America
Bank of America Securities raised Innovent Biologics’ target price to HK$113, calling its cooperation with Takeda a major step toward multinational pharma status.
US:TAK:Takeda Pharmaceutical
Takeda’s collaboration with Innovent underpinned broker upgrades tied to product development milestones.
HK:0386.HK:Sinopec
Sinopec announced discovery of a 100-million-ton shale oil reserve in the Sichuan Basin.
US:UBS:UBS Group
UBS estimated China’s 3Q total mobile-game revenue fell 4% year on year but said Tencent and NetEase outperformed the market.
HK:0700.HK:Tencent
CLSA said Tencent’s 3Q mobile-game growth remained steady versus the sector.
HK:9999.HK:NetEase
CLSA noted NetEase’s mobile-game revenue decline narrowed, indicating relative resilience.
US:MS:Morgan Stanley
Morgan Stanley kept Overweight on Dongfeng Motor Group and set a target price of HK$11.24.
HK:0489.HK:Dongfeng Motor Group
Shares were in focus after Morgan Stanley’s positive rating and target price update.
US:JPM:JPMorgan Chase & Co.
JPMorgan maintained Overweight on China Telecom, saying slower communication-service revenue was in line with expectations.
HK:0728.HK:China Telecom
China Telecom drew supportive calls following in-line revenue trends.
HK:0388.HK:HKEX
Morgan Stanley projected HKEX’s 3Q profit to rise 59%, reaffirming an Overweight rating with a HK$508 target price.
HK:1024.HK:Kuaishou Technology
Kuaishou’s StreamLake unit launched a suite of AI programming products.
AI Market Flash: HSBC in Spotlight, Tech & Energy Calls Drive HK Moves, Commodities Outlook Turns Bold
HK:0005.HK:HSBC Holdings
Brokers projected a 5%+ y/y drop in 3Q pre-tax profit and flagged focus on operational strategy and shareholder-return guidance.
HK:0005.HK:HSBC Holdings
Updated research compiled ratings and target prices on the stock, while separate notes said China internet valuations are not yet overstretched.
HK:0700.HK:Tencent
HSBC Research named Tencent among the internet names most likely to benefit from AI-led growth.
HK:9988.HK:Alibaba Group Holding
HSBC Research also highlighted Alibaba as a key AI beneficiary; its Amap unit upgraded the “GD-HK-MO integrated travel” service.
US:BAC:Bank of America
BofA Securities initiated coverage on CGN Power with Underperform, citing misaligned valuation versus fundamentals.
HK:1816.HK:CGN Power
CGN Power was the subject of the new Underperform initiation by BofA Securities.
US:C:Citigroup
Citi said China Unicom’s 3Q results missed but kept a Buy rating; it also turned constructive on copper over 6–12 months and projected Brent averaging ~US$60 in 1Q26.
HK:0762.HK:China Unicom
UBS trimmed its target price while maintaining Buy; Citi separately reiterated Buy after the 3Q miss.
US:UBS:UBS Group
UBS kept Buy on China Unicom with a lower TP and said Tencent and NetEase are outpacing a softer China mobile-gaming market.
HK:9999.HK:NetEase
UBS/CLSA research indicated relative resilience as mobile-game revenue decline narrowed versus the market.
HK:0700.HK:Tencent
CLSA reported steady 3Q mobile-game growth, aligning with broker views of outperformance vs. peers.
HK:1928.HK:Sands China
CLSA rated Outperform with a 3Q adjusted property EBITDA beat, while Morgan Stanley said the quarter was broadly in line.
US:MS:Morgan Stanley
Morgan Stanley reaffirmed views on Sands China and added Dongfeng Motor Group with an Overweight and HK$11.24 TP.
HK:0489.HK:Dongfeng Motor Group
The automaker drew attention after Morgan Stanley’s Overweight call and updated target price.
US:JPM:JPMorgan Chase & Co.
JPM expects capital to keep flowing into Hong Kong, naming HKEX, Techtronic Industries, MTR Corporation and Henderson Land as top picks; it also kept Overweight on China Telecom.
HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX)
Featured on JPM’s Hong Kong top-picks list for continued capital inflows.
HK:0669.HK:Techtronic Industries
Included in JPM’s preferred Hong Kong names for 4Q25.
HK:0066.HK:MTR Corporation
Named by JPM among top Hong Kong picks on expected capital inflows.
HK:0012.HK:Henderson Land
Highlighted by JPM as a top Hong Kong pick alongside other blue chips.
HK:0728.HK:China Telecom
JPM maintained Overweight, noting slower communication-service revenue was in line.
HK:0386.HK:Sinopec
Announced discovery of a 100-million-ton shale-oil reserve in the Sichuan Basin.
US:GS:Goldman Sachs Group
Goldman expects the market to focus on income and dividend guidance of China insurers, keeping Buy on Ping An, CPIC and PICC P&C.
HK:2318.HK:Ping An Insurance
Remained a Buy in Goldman’s sector outlook emphasizing dividends and income guidance.
HK:2601.HK:China Pacific Insurance (CPIC)
Also kept at Buy by Goldman in its China insurers coverage.
HK:2328.HK:PICC Property & Casualty
Goldman reaffirmed Buy as investors eye dividend/income signals.
HK:1208.HK:MMG
BOCI raised its target price to HK$8.63 and reiterated Buy.
HK:1801.HK:Innovent Biologics
Citi cut TP to HK$110 expecting U.S. development benefits from licensing; BofA Securities lifted TP to HK$113, and CLSA raised TP to HK$120.1 on progress with Takeda.
US:TAK:Takeda Pharmaceutical
Partnership with Innovent underpinned multiple broker target-price upgrades.
HK:2367.HK:Giant Biogene
Shares spiked over 8% after the controlling shareholder increased its stake.
HK:9992.HK:Pop Mart
Slumped to a four-month low amid concerns over slowing revenue growth; CMSI raised profit forecasts and kept Overweight.
HK:6099.HK:China Merchants Securities
Its international arm (CMSI) lifted profit forecasts for Pop Mart and kept an Overweight rating.
HK:3115.HK:Hangseng Index
Midday snapshot showed HSI down 22 points while the Hang Seng TECH Index fell 47 points; PetroChina and Nissin Foods hit new highs.
HK:0857.HK:PetroChina
Rose to a new high during the midday session.
HK:1475.HK:Nissin Foods
Also touched a new high at midday.
US:COPS:Copper
Citi forecast copper could reach US$12,000 per ton by 2Q26, signaling optimism over the 6–12 month horizon.
US:UCO:Oil
Citi projected Brent crude to average around US$60 in 1Q26.
Thank you
