US:S27.SI:S&P 500 | US:QQQ:Nasdaq Composite | US:DGT:Dow Jones Industrial Average

Stocks fell sharply on Tuesday as investors turned cautious on soaring valuations, especially among AI leaders. The S&P 500 dropped 1.17% to 6,771.55, the Nasdaq Composite fell 2.04% to 23,348.64, and the Dow Jones Industrial Average lost 251.44 points, or 0.53%, to close at 47,085.24.

US:PLTR:Palantir Technologies

Palantir plunged 8% despite topping Wall Street’s third-quarter estimates and issuing upbeat guidance driven by AI demand. The stock, up over 150% this year, trades at more than 200x forward earnings — sparking valuation fears across AI names.

US:ORCL:Oracle | US:AMD:Advanced Micro Devices | US:NVDA:Nvidia | US:AMZN:Amazon

Oracle slid nearly 4%, AMD dropped 4%, while Nvidia and Amazon also declined as AI enthusiasm cooled. Analysts warn valuations are stretched, with the S&P 500’s P/E near its highest since 2000.

US:GS:Goldman Sachs | US:MS:Morgan Stanley

Goldman Sachs CEO David Solomon and Morgan Stanley’s Ted Pick warned of potential 10–20% equity drawdowns ahead, amplifying investor unease.

US:PLTR:Palantir Technologies | US:NVDA:Nvidia

Louis Navellier of Navellier & Associates maintained his bullish stance on Palantir and Nvidia, noting, “If an AI correction comes, it will sweep the rest of the market too.”

US:WMT:Walmart | US:DG:Dollar General | US:FIVE:Five Below | US:TGT:Target

Bernstein projected a “bleak” holiday season amid weakening consumer sentiment. It favored Walmart and Dollar General as resilient plays, while flagging Target as likely to miss expectations.

US:PZZA:Papa John’s International | US:APO:Apollo Global Management

Papa John’s plunged 12% after Reuters reported Apollo Global withdrew its $64-per-share privatization bid, citing soft consumer spending. The pizza chain will report earnings on November 6.

US:RSP:Invesco S&P 500 Equal Weight ETF

The equal-weighted S&P 500 fell 0.7%, outperforming the market-cap-weighted version’s 1% drop as tech dragged broader indices.

US:BRK.A:Berkshire Hathaway

Berkshire Hathaway jumped 2.6% as investors sought safety. The conglomerate recently posted a 34% jump in operating profit, powered by a surge in insurance income.

US:BAC:Bank of America

Bank of America warned that delayed SNAP benefits could dent November consumer spending by 0.5 percentage points due to payment disruptions from the U.S. government shutdown.

US:AMD:Advanced Micro Devices | US:AMZN:Amazon

AMD dipped 1% after Amazon disclosed selling its stake, though AMD beat earnings forecasts with $9.25 billion in revenue.

US:PINS:Pinterest

Pinterest plunged 18% after posting weaker-than-expected earnings, reporting $1.05 billion in revenue.

US:SMCI:Super Micro Computer

Super Micro tumbled 10% after missing estimates and issuing a soft outlook for the next quarter.

US:AMGN:Amgen

Amgen gained slightly after beating earnings expectations with adjusted EPS of $5.64 on $9.56 billion revenue.

US:RIVN:Rivian Automotive

Rivian rose 4% after stronger-than-expected quarterly results, posting a smaller loss per share than analysts forecast.

US:TOST:Toast

Toast rallied 7% after lifting its full-year earnings outlook on solid quarterly results.

US:ALAB:Astera Labs

Astera Labs fell over 9% despite beating expectations with earnings of $0.49 per share on $230.6 million in revenue.

US:CAVA:Cava Group

Cava sank 6% after missing revenue projections and cutting its annual sales forecast.

US:ANET:Arista Networks

Arista Networks dropped 10% following weaker-than-expected guidance for the current quarter.

US:LYV:Live Nation

Live Nation declined 5% after third-quarter revenue missed estimates at $8.50 billion.

US:AXON:Axon Enterprise

Axon Enterprise plunged 21% after posting weaker-than-expected profits despite beating revenue forecasts.

US:MCD:McDonald’s

Investors now await earnings from McDonald’s and other major firms, as earnings season shows 82% of S&P 500 companies beating expectations so far.

SGX:BX9.SI:Yongmao Holdings

Yongmao Holdings has guided for a net loss in the first half of FY2026, signaling challenges ahead for the crane manufacturer amid a softer construction environment and cost pressures.

SGX:1D0.SI:Kimly

Coffee shop operator Kimly’s subsidiary will acquire a coffee shop at 12 Haig Road for $11.8 million, strengthening its foothold in Singapore’s heartland food & beverage market.

SGX:S59.SI:SIA Engineering Company

SIA Engineering Company reported a 21.1% year-on-year rise in net profit to $83.3 million for 1HFY2026. The firm declared an interim dividend of 2.5 cents per share, supported by continued aviation recovery.

SGX:E3B.SI:Wee Hur Holdings

Wee Hur Holdings issued $175 million in fixed-rate notes due 2030, carrying a 4.80% coupon, marking another milestone in its capital management strategy.

JP:JPY:Japanese Yen

Japan’s Finance Minister Satsuki Katayama issued a fresh verbal warning on currency movements, highlighting “a strong sense of urgency” as the yen weakened to near 154.50 per dollar before recovering to 153.81. Market watchers view potential government intervention as increasingly possible, recalling Japan’s last action when the yen hit 160.
Meanwhile, Bank of Japan Governor Kazuo Ueda hinted at a possible rate hike, though markets remain skeptical.

US:S27.SI:S&P 500 | US:NVDA:Nvidia | US:PLTR:Palantir Technologies | US:AMD:Advanced Micro Devices | US:GS:Goldman Sachs | US:MS:Morgan Stanley | US:BTC:Bitcoin

Risk assets tumbled as concerns over lofty AI valuations resurfaced. Palantir plunged 8% after hedge fund manager Michael Burry revealed bearish bets on it and Nvidia. The S&P 500 fell 1.2%, tech megacaps dropped 2.3%, and Bitcoin sank 6%.
Executives from Capital Group, Goldman Sachs, and Morgan Stanley warned that a pullback could be healthy after months of market exuberance. Analysts from Miller Tabak and BMO Capital Markets flagged stretched valuations, noting the rally’s narrow leadership dominated by AI giants.

US:SHOP:Shopify

Shopify’s third-quarter revenue beat analyst forecasts, yet shares fell as investors took profits amid overall tech weakness.

US:BAC:Bank of America | US:WFC:Wells Fargo | US:PIPR:Piper Sandler | US:BBH:Brown Brothers Harriman | US:NYL:New York Life Investments

Market strategists from major financial institutions — including Bank of America, Wells Fargo, and New York Life — cautioned that the market remains vulnerable to short-term corrections after a strong six-month bull run. Analysts said near-term risks in AI and consumer spending may trigger volatility, though longer-term fundamentals remain intact.

SGX:40F.SI:GS Holdings

GS Holdings expanded its beverage segment by acquiring Dyspatchr for $1.52 million, enhancing its alcohol distribution network across Singapore’s F&B industry.

SGX:VLU.SI:Elite UK REIT

Elite UK REIT announced a 9.4% year-on-year increase in 9MFY2025 distribution per unit (DPU) to 2.33 pence, backed by stable occupancy and resilient UK property income.

SGX:42T.SI:Trendlines Group

While most listed companies in Singapore focus on steady dividends and recurring income, Israel-based Trendlines Group stands apart. The agrifood and medical technology investor, listed on the Singapore Exchange (SGX) about a decade ago, plays a long game — pouring capital into start-ups and waiting for exits through IPOs or trade sales. With early-stage ventures, returns can be unpredictable, and some investments may eventually be written off.

Trendlines has invested in around 60 portfolio companies, exiting 10 so far. Its financial results fluctuate due to fair-value adjustments of these holdings. Over the past five years, its share price hovered near 10 cents before sliding in 2023 amid Middle East tensions. Since a low of 3 cents in October, the stock has doubled to 6 cents as of Oct 28, valuing the firm at about $84 million.

CEO Haim Brosh, who took over in 2023, sees his priority as closing the gap between Trendlines’ market value and its intrinsic worth. Under IFRS, the group’s book value as of Dec 31, 2024, was US$67.3 million ($87 million). A non-IFRS valuation, however, puts it at US$120.4 million — reflecting the true potential of its start-ups, says Brosh.

🌱 Betting on Agrifood and Medical Breakthroughs

Brosh highlighted Phytolon, a company developing natural food dyes using fermentation technology. With artificial colorants being phased out in the US, Brosh believes Phytolon — where Trendlines owns a 20% stake — could dominate a global market worth US$5 billion.

Another star performer is Celleste-Bio, a sustainable cocoa innovator producing chocolate-grade cocoa butter via plant cell culture. Trendlines holds over 20% of the company, whose strategic partner and shareholder is US:MDLZ:Mondelez International — maker of Cadbury, Oreo, and Toblerone. Brosh says an exit is not imminent, with commercial production still years away.

On the medical front, PregnanTech is tackling preterm birth — one of the costliest medical challenges. Brosh says its simple, scalable solution has vast potential, and Trendlines maintains a major stake.

🕊️ Weathering War and Eyeing Peace

Despite the ongoing conflict in Gaza, Brosh says operations remain largely stable. “A few employees were recalled to service, but business continuity was maintained,” he notes. Investor appetite has been resilient, with portfolio companies still raising funds successfully. He expects a ceasefire to bolster Israel’s start-up ecosystem, supported by government initiatives.

💰 Preparing for Exits and Expansion

Investors are naturally keen on Trendlines’ next exits. Brosh reveals three to four portfolio firms are well-positioned but prefers to keep details under wraps. Investor relations head Shira Zimmerman adds that potential exits can emerge suddenly, as breakthroughs or acquisition offers materialize unexpectedly. Over the decade since its SGX listing, many portfolio firms have matured, improving exit prospects.

Zimmerman also notes that unlike fast-scaling software start-ups, Trendlines’ medical and agrifood companies face regulatory hurdles such as US FDA approval, extending their time to commercialization and exit.

📈 Funding the Future

To sustain investment momentum, Trendlines recently raised nearly $8 million through a rights issue and private placement priced at 2.85 and 3 cents, respectively. Brosh says the capital will be used to maintain or increase stakes in promising portfolio companies. “If I had more money, I’d invest more. This is our business’s heartbeat,” he says.

📊 Closing the Valuation Gap

Brosh acknowledges the wide gap between Trendlines’ market capitalization and portfolio value but is optimistic that strong exits will convince investors of its worth. The firm has intensified global investor outreach across Singapore, the US, and Europe.

Responding to shareholder feedback, Trendlines has trimmed operating costs by 60% from 2022 to 2025. “Listening to our investors builds trust — and trust builds value,” says Brosh.

KL:WPRTS.KL:Westports Holdings

Westports Holdings reported a 16% year-on-year jump in net profit for 3QFY2025 to RM271.11 million, driven by higher container revenue and stronger margins. Quarterly revenue rose 31% to RM751.99 million, though no dividend was declared. The group warned of lingering uncertainties ahead despite the solid quarter.

KL:IOICORP.KL:IOI Corp

IOI Corp has redesignated Tan Sri Abdul Wahid Omar as independent non-executive chairman, succeeding Tan Sri Peter Chin Fah Kui, who retired after nearly a decade of service. Abdul Wahid also chairs Cypark Resources Bhd and previously helmed Bursa Malaysia.

KL:IOICORP.KL:IOI Corp

Separately, IOI Corp is exploring large-scale solar power projects with a potential capacity of up to 300MW, identifying several Johor estates ideal for renewable energy generation due to high solar exposure and proximity to power substations.

KL:BNASTRA.KL:Binastra Corp

Binastra Corp secured a RM188.5 million contract for mechanical and electrical fit-out works at a Cyberjaya data centre. The scope includes auxiliary facilities and is scheduled for completion within four months after site possession.

KL:TECHBND.KL:Techbond Group

Techbond Group is acquiring three industrial land parcels in Eco Business Park 7, Negeri Sembilan, for RM27.76 million. The plots are sold by Eco Business Park 7 Sdn Bhd — a joint venture of Eco World Development Group (55%), SD Guthrie Land Ventures (30%), and NS Corp (15%) — offering long-term investment and expansion flexibility.

KL:ECOWLD.KL:Eco World Development Group | KL:SDG.KL:SD Guthrie

The land purchase highlights Eco World’s and SD Guthrie’s continued property development activities through joint ventures aimed at industrial park expansion in Negeri Sembilan.

KL:UUE.KL:UUE Holdings

UUE Holdings clinched its largest-ever overseas contract worth S$20.9 million (RM67.3 million) in Singapore for the supply and installation of 230kV power and auxiliary cables under the NDC409 Route A1 & A2 project commissioned by SP PowerAssets and main contractor LS Cable & System Singapore. The project runs until December 2027 and boosts UUE’s order book to RM522 million.

KL:FEYTECH.KL:Feytech Holdings

Feytech Holdings inked an MoU with DAS Corp Korea to provide engineering and technical support for Hyundai’s Staria model development in Malaysia, covering product design, technology transfer, and supply chain coordination.

KL:NEXG.KL:NexG

NexG, formerly Datasonic Group, received an Unusual Market Activity (UMA) query from Bursa Securities after its shares hit a six-month low amid heavy trading. The company has yet to clarify if any undisclosed developments triggered the price drop.

KL:PJBUMI.KL:PJBumi

Engineering firm PJBumi denied knowledge of any corporate developments behind its near-30% share price plunge to RM1.77, marking its steepest one-day fall in over two years. The group said it was unaware of any rumours or factors driving the decline.

KL:VELOCITY.KL:Velocity Capital Partners

Velocity Capital Partners announced the resignation of chairman Azman Mat Ali and independent director Datuk Chong Mun Phing, both stepping down to pursue other interests. The company appointed two new independent non-executive directors — Fong Chuk Kuen and Tan Cheng Shiz — to the board.

HK:2331.HK:Li Ning

Li Ning, Executive Chairman and Joint CEO of Li Ning, raised his stake in the company to 14.07% after purchasing about 25.7 million shares across two days for roughly US$430 million. The shares were acquired at prices between HK$16.67 and HK$16.77 each, underscoring management’s confidence in the sportswear brand.

HK:2007.HK:Country Garden

Country Garden’s contracted sales attributable to shareholders plunged 33% year-on-year in October 2025 to RMB2.9 billion, with gross floor area sold down 13.3% to about 390,000 square meters, reflecting China’s continued property slowdown.

HK:02888.HK:Standard Chartered Hong Kong

Standard Chartered Hong Kong plans to launch custody services for digital assets — including Bitcoin and Ether — in January 2026. CEO Mary Huen announced the initiative during Hong Kong FinTech Week, marking the bank’s expansion into institutional crypto infrastructure.

HK:1113.HK:CK Asset Holdings

CK Asset confirmed that police are handling an incident after a man splashed red paint on the Cheung Kong Center in Central. The suspect, a mainland Chinese national, was arrested on suspicion of criminal damage.

HK:00011.HK:Hang Seng Bank | HK:6688.HK:Ant Bank | HK:6881.HK:Ant Digital Technologies

Ant International announced partnerships with over 35 financial institutions — including Hang Seng Bank, Ant Bank, and YAS — to enhance Hong Kong’s digital finance landscape. Its AlipayHK platform now serves over one million users through expanded open banking and wealth management services.

HK:3115.HK:Hang Seng Index

The Hang Seng Index dropped 205 points to 25,952 as gold prices retreated. Shares of Zijin Mining slid over 5%, while SHK Properties, CK Asset, Minth Group, Sinotruk, and Kinetic Development hit new highs, reflecting mixed sentiment across the market.

US:GOOG:Goldman Sachs | US:MS:Morgan Stanley

Goldman Sachs and Morgan Stanley reiterated warnings of a potential 10–20% correction in global equity markets, citing overstretched valuations and narrow market leadership.

HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX)

Analysts expect HKEX’s 3Q profit to surge over 53%, supported by higher trading volumes and a strong IPO pipeline. Broker research maintained bullish ratings, noting improved turnover and renewed listing momentum.

JP:7974:Nintendo

Nintendo reported stronger-than-expected second-quarter operating profit and raised its full-year guidance to JPY370 billion, buoyed by steady demand for its game titles and hardware sales.

US:SBUX:Starbucks | CN:Boyu Capital

Boyu Capital is reportedly seeking a US$1.4 billion loan to support its planned acquisition of equity in Starbucks’ China operations, expanding its presence in the country’s fast-growing coffee sector.

HK:6088.HK:FIT Hon Teng

Morgan Stanley initiated coverage on FIT Hon Teng with an “Outperform” rating, highlighting significant potential for AI-related revenue growth as the company deepens its presence in smart manufacturing.

HK:1211.HK:BYD Company

Goldman Sachs raised BYD Company’s target price to HK$141, citing strong overseas market expansion and resilient domestic demand for electric vehicles.

HK:2858.HK:BYD Electronic

CCB International cut its target price for BYD Electronic to HK$47 but maintained a “Buy” rating, viewing the recent pullback as an accumulation opportunity amid stable long-term fundamentals.

HK:00205.HK:Zijin Mining

Zijin Mining shares fell more than 5% as gold prices softened, pressuring Hong Kong-listed gold miners across the board.

US:ARAMCO:Saudi Aramco

Saudi Aramco’s adjusted third-quarter profit rose about 1% year-on-year, surpassing expectations despite volatility in crude oil prices and ongoing global energy market uncertainty.

HK:00270.HK:CCBI | HK:00233.HK:Sanhua Intelligent Controls

CCB International raised Sanhua Intelligent Controls’ target price to HK$49 with an “Outperform” rating, citing robust performance in energy-efficient technologies.

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