Reserve Clarity Grows as Fed’s Hawkish Voices Mount
Federal Reserve Bank of Minneapolis President Neel Kashkari underscores tilt toward a pause
The Dow Jones Industrial Average dropped 797.60 points, or 1.65%, to close at 47,457.22, retreating sharply from the record highs reached in the prior session. The S&P 500 fell 1.66% to end at 6,737.49, with significant weakness in the information technology and communication services sectors. Disney was a major drag, sliding nearly 8% after delivering mixed fiscal fourth-quarter results. The Nasdaq Composite declined 2.29% to finish at 22,870.36. All three major indexes—and the small-cap Russell 2000—logged their worst performance since October 10.
US Kashkari announced he did not support the latest rate cut by the Federal Reserve, citing unexpectedly resilient economic activity and signalling that for the December 9-10 meeting he could either back a cut or opt to hold. He joins a wave of Fed officials like Mary Daly and Susan Collins who are increasingly cautious on further rate easing. Markets have responded: odds of a December cut have dropped to roughly 50%, from near certainty prior to the October meeting.
Kashkari emphasised that while certain labour-market pockets remain weak, corporate earnings remain robust and economic indicators continue to surprise to the upside. He noted that since September’s cut, he believes the case for “more of the same” in data has grown, thus supporting a pause. Although he doesn’t vote this year, his views carry weight in the deliberations of the Federal Open Market Committee.
BBR Holdings (S) Ltd (SGX:2292.SI) moves to monetise idle asset
Singapore–Malaysia BBR Holdings, via its subsidiary BBR Construction Systems, has entered a conditional sale & purchase agreement to dispose of a freehold property and factory building in Senai, Johor Bahru for RM 25.3 million (≈ US$7.98 million). The property spans ~15,800 sqm and was under-utilised, prompting the group to realise value, repay associated loans and redirect proceeds into working capital. The disposal is expected to lift NAV/share to 39.55 cents and EPS to 7.19 cents. The move comes as business conditions have shifted and the asset had secured financing in 2023 yet continues to cost the group.
SATS Ltd (SGX:S58.SI) rides cargo strength to earnings growth
SATS reported 2Q FY2026 earnings of US$78.9 million, up 13.3% y-o-y, and 1H earnings of US$149.8 million (+11.2%). Revenue for 2Q was US$1.57 billion (+8.4%) and for 1H US$3.08 billion (+9.1%). Gateway services grew 10.7% to US$1.22 billion thanks to strong cargo volumes, while food-solutions rose 1% to US$356.5 million. Total equity stands at US$2.9 billion, assets at US$8.89 billion and liabilities at US$5.99 billion. The board declared an interim dividend of 2 cents/share. Highlights include new e-commerce and freight-forwarder handling at Copenhagen and contract renewal with Air China Cargo in Liège.
Centurion Corporation Limited (SGX:OU8.SI) sees steady rental momentum in lodging real-estate
Centurion produced a 3Q FY2025 revenue of US$67.5 million (+9% y-o-y) and 9M revenue of US$208.3 million (+12%). The worker-accommodation (PBWA) segment drove the growth: 9M revenue rose 13% to US$162.7 million, with Singapore PBWA revenue up 14% and occupancy at 99%. Malaysia contributed via acquisition of Harum Megah adding 7,197 beds (+25%). However, financial occupancy for the 9M slipped to 90% due to weaker occupancy in Australia (student visa constraints) and Hong Kong assets which improved but remain early in ramp-up. Student-accommodation (PBSA) revenue grew 3% to US$43.5 million; a built-to-rent asset reached 92% occupancy by Sept 30.
Keppel Infrastructure Trust (SGX:A7RU.SI) unitholders urged to scrutinise large subsea-cable acquisition
Keppel Infrastructure Trust (KIT) is facing questions ahead of its Nov 11 extraordinary general meeting where it asked unitholders to approve:
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acquisition of a 46.7% stake in Global Marine Group (GMG) for US$119.2 million and an equity commitment of US$68.4 million; and
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raising US$130 million over five years to support GMG’s growth. Critics like governance specialist Corporate Monitor argue the GMG fleet is technically obsolete and requires US$1 billion in refresh-capex. KIT’s trustee-manager counters that GMG maintains significant scale (450,000 km of maintained subsea cable length, ~31% global share) and its vessels (average age 29 yrs) remain class-compliant. Financial adviser PrimePartners assessed the valuation as within peer multiples (EV/EBITDA 6.7×; P/E 9.8× vs peer mean 7.3×/13.8×). Funding for the GMG investment will come from internal sources and proceeds from other divestments.
Seatrium Ltd (SGX:5E2.SI) reports strong order-book, but legacy contract risk lingers
Seatrium announced at its 3Q FY2025 briefing that its net order book stands at US$16.6 billion across 24 projects extending to 2031, with strong momentum in oil & gas, offshore wind and energy-retrofit segments; the group remains comfortable with its 2028 targets of US$10–12 billion revenue, US$1 billion EBITDA, ROE >8% and net debt/EBITDA 2–3×. CEO Chris Ong acknowledged supply-chain complexity and a US$475 million contract dispute with Maersk (99% complete) but emphasised completion remains priority.
Sasseur REIT (SGX:SASS.SI) logs moderate growth, refinances with RMB green loan
Sasseur REIT’s entrusted-management-agreement (EMA) income in 3Q FY2025 rose 4.9% y-o-y to RMB 166.3 million, while SGD denominated income rose 2.6% to S$30 million. The variable component increased 9.7% to RMB 47.5 million and fixed income 3% to RMB 118.7 million. Outlet sales rose 10.8% y-o-y to RMB 1,062.3 million, partially offset by stronger SGD currency. Aggregate leverage inched up to 25.5% from 24.8% at end-Dec 2024, debt maturity extended to 4.5 years and weighted average cost of debt fell to 4.6%. Sasseur secured a 10-year green loan of RMB 308 million from OCBC China, converting 100% of borrowing into RMB for a natural hedge.
China’s consumption-led pivot after 4th Plenum
China’s 3Q FY2025 GDP grew 4.8% y-o-y and retail sales rose 3.0% in September, reflecting ongoing softness in consumer spending amid property-sector drag. The government, ending its 4th Plenum on Oct 23, reiterated consumption growth and domestic demand as strategic priorities under the 15th Five-Year Plan (2026–2030). Fiscal and credit support will tilt toward jobs, incomes and household consumption, as Beijing aims to boost the share of consumption in GDP.
AI Market Pulse: Hotels, Palm Oil, Robotics & Tech Shift as Earnings Diverge
US:ACRO:Acrophyte Hospitality Trust
Acrophyte Hospitality Trust reported weaker 9MFY2025 performance as gross revenue fell 6.3% y-o-y to US$121.2 million due to two hotel disposals and ongoing brand-mandated renovations. The trust now owns 32 hotels with 4,188 rooms. Occupancy rose to 73.7% but ADR and RevPAR slipped. CEO Lee Jin Yong cited weaker US lodging demand, slower corporate travel and renovation disruptions. Cash reserves stand at US$32.5 million, and RevPAR in the US is forecast at US$101–103 for 2025–2026.
SGX:E5H.SI:Golden-Agri Resources
Golden-Agri Resources posted 9MFY2025 net profit of US$284 million, up 29% y-o-y, on record US$9.53 billion revenue helped by higher CPO prices and stronger plantation output. Upstream production rose 6% to 1.99 million MT, while downstream volume edged higher. EBITDA reached US$882 million despite deeper forex losses. Fruit yield improved as replanting efforts continued, lifting total output to 6.7 million tonnes.
SGX:1B2.SI:AJJ Medtech Holdings
SGX:AUTG.SI:Autagco
AJJ Medtech and Autagco signed a 36-month MOU to develop and deploy humanoid elderly-care robots in Autagco’s assisted living facilities across Singapore. The partnership begins with six AJJ-HT-X1 robots for clinical trials in rehabilitation assistance, monitoring and cognitive interaction. AJJ Medtech CEO Alice Zhao Xin and Autagco CEO Ng Boon Hui highlighted the collaboration as a step toward AI-powered intelligent care environments.
SGX:G20.SI:GP Industries
HK:0400.HK:Gold Peak Technology Group
GP Industries announced a shift of production to Malaysia, Vietnam and Thailand to counter rising US tariffs and geopolitical pressures. The move has improved margins, with battery gross margin rising to 25%. Parent Gold Peak is planning a major investment in Johor to build next-generation batteries, supported by a letter of intent from UOB. Chairman Victor Lo said the company remains resilient after 30 years and sees strong scale potential in Johor.
SGX:V03.SI:Venture Corporation
Venture Corporation’s 3QFY2025 net profit fell 8.3% y-o-y to $55.6 million as revenue softened 9.1% to $627.2 million due to weaker lifestyle consumer tech demand. New wins in test & measurement and semiconductor equipment helped offset the decline. The company maintains a net cash position above $1 billion and is expanding activities in hyperscale data centres and advanced life-science instruments.
SGX:C6L.SI:Singapore Airlines
Singapore Airlines’ 2QFY2025/26 earnings plunged 82.1% y-o-y to $52 million due to losses from Air India, which it now equity-accounts. Group revenue rose 1.9% in 1H to $9.7 billion as passenger traffic grew 8%. Despite stronger operating profit of $803 million, yields fell amid competition. The group maintains access to $3.3 billion liquidity and declared total interim dividends of 8 cents per share. SIA and Scoot will expand routes through 2026 as fleet size reaches 208 aircraft.
SGX:ER0.SI:KSH Holdings
KSH Holdings reversed into a 1HFY2026 profit of $5.3 million, supported by a 19.7% rise in construction revenue from progressing projects. Cash balances exceeded $114.5 million with gearing improved to 0.22×. The group also secured a new construction contract via Kim Seng Heng Engineering Construction, lifting its Singapore order book above $500 million. An interim dividend of 0.5 cents per share was proposed.
SGX:P8Z.SI:Bumitama Agri
Bumitama Agri reported 3QFY2025 net profit of IDR602.9 billion, up 1% y-o-y, with 9M profit surging 28.5% to IDR1.87 trillion. Production recovered as FFB volumes rose despite heavy rain, and CPO output climbed 18% on higher third-party supply. Palm oil futures remained in the MYR3,500–4,500 range. The group expects 4Q to remain the peak crop cycle of the year.
US:BTC:Bitcoin
Bitcoin slid below US$100,000 to US$97,956 amid renewed global risk aversion and tech-stock weakness. Analysts at 10x Research warned the crypto market has entered a confirmed bear regime with weakening ETF inflows and rising protective put demand. Corporate and long-term holders have reduced buying, pushing Bitcoin more than 20% off its 2025 highs.
AI Jitters, Fed Worries and Shutdown Fallout Leave Wall Street Shaken
US:DGT:Dow Jones Industrial Average
U.S. stock futures were little changed Thursday night after Wall Street suffered its worst drop in more than a month. Dow futures rose about 0.1% after the index tumbled roughly 800 points, or 1.7%, on Thursday, erasing the prior session’s brief climb above the 48,000 level. The S&P 500 and Nasdaq 100 futures ticked up less than 0.1%.
SGX:S27.SI:S&P 500
The S&P 500 ended Thursday with its steepest one-day loss since Oct. 10 and is up only 0.1% week-to-date as investor sentiment reset sharply amid rising uncertainty around the Federal Reserve’s December rate decision.
US:QQQ:Nasdaq Composite
The tech-heavy Nasdaq Composite is on pace to break its seven-week winning streak, pressured by broad declines across major technology names and growing skepticism over stretched AI-driven valuations. The index is down nearly 0.6% for the week.
US:NVDA:Nvidia
Nvidia shares slid 3.6% on Thursday as tech giants came under heavy selling pressure. Concerns have risen that the AI trade may be entering a cooling phase, with analysts warning of parallels to the sharp resets seen in 2021.
US:AVGO:Broadcom
Broadcom fell 4.3% during the market’s sharp downturn, contributing to the sector-wide pullback triggered by valuation fears and shifting expectations around AI-related capital expenditure.
US:GOOG:Alphabet
Alphabet declined 2.8% as technology stocks broadly weakened, with traders reassessing rich valuations and factoring in the risk of delayed economic data following the end of the prolonged government shutdown.
US:ORCL:Oracle
Oracle’s recent wipeout continued to weigh on sentiment. The stock’s reliance on its cloud partnership with OpenAI and thinner cash position relative to hyperscalers added to broader concerns about high AI-driven spending and debt financing.
US:DGT:Dow Jones Industrial Average
Mounting uncertainty around the Federal Reserve’s December meeting added to Thursday’s selloff. Markets are now pricing in a 52% chance of a quarter-point rate cut — sharply lower than the 63% probability a day earlier and 95% a month ago, according to CME’s FedWatch Tool.
US:DGT:Dow Jones Industrial Average
The record-long U.S. government shutdown ended Wednesday night, but the aftermath has raised new concerns. The White House signaled that some delayed economic data may never be released, adding another layer of uncertainty to the Fed’s decision-making process and investor expectations.
SGX:S27.SI:S&P 500
Shortly after 6 p.m. ET, futures tied to the S&P 500 and Nasdaq-100 edged up 0.1%, while Dow futures added about 60 points. Markets remain cautious heading into Friday as investors weigh AI-linked volatility, Fed expectations and the impact of missing economic data.
AI-Powered Market Brief: Malaysia’s Corporate Deals, Earnings Swings and Takeover Battles Heat Up
KL:GENTING:Genting Bhd
KL:GENM:Genting Malaysia
Genting Bhd extended its voluntary takeover offer for Genting Malaysia to Dec 1 after the bid turned unconditional with a 57% stake secured. Meanwhile, an independent adviser urged Genting Malaysia shareholders to reject the RM2.35 per share privatisation offer.
KL:OCK:OCK Group
KL:AXIATA:Axiata Group
OCK Group is acquiring Edotco’s telecom tower assets in Laos and plans to construct 30 new towers there. Axiata Group, Edotco’s 63% owner, has not issued a filing on the deal.
KL:CITAGLB:Citaglobal
Citaglobal secured a RM628 million contract from Jabatan Bekalan Air Malaysia for a 48-month raw water and flood-mitigation project in Selangor, involving a new weir, pumping station, pipelines and pond upgrades.
KL:PHARMA:Pharmaniaga
Pharmaniaga’s 3QFY2025 net profit plunged 92.8% to RM7.28 million as air and sea transport costs for new products weighed on margins. Quarterly revenue eased 2.19% to RM1 billion and no dividend was declared.
KL:DPHARMA:Duopharma Biotech
Duopharma Biotech delivered a 44.7% jump in 3QFY2025 net profit to RM22.57 million, with revenue up 6.6% on a stronger product mix and a firmer ringgit. No dividend was declared.
KL:CARLSBG:Carlsberg Brewery Malaysia
Carlsberg Malaysia warned that higher excise duties may dampen demand and potentially spur illicit alcohol consumption. Still, 3QFY2025 net profit rose to RM103.03 million and the brewer declared a 25-sen third interim dividend.
KL:DLADY:Dutch Lady Milk Industries
Dutch Lady’s 3QFY2025 net profit surged 86.1% to RM32.06 million, supported by strong liquid milk sales, new products and the Sara cash aid programme. A 25-sen second interim dividend was declared.
KL:SPSETIA:S P Setia
S P Setia posted a 32% fall in 3QFY2025 net profit to RM68.03 million as land sales dropped by RM234 million and Australian project earnings tapered after earlier handovers. Revenue fell 30.7% and no dividend was declared.
KL:GUOCO:GuocoLand Malaysia
GuocoLand Malaysia’s 1Q net profit more than doubled to RM6.1 million on stronger property sales, progressive billings from the Emerald 9 project, improved hotel operations and firmer CPO prices. No dividend was declared.
KL:HUMEIND:Hume Cement Industries
Hume Cement reported a 29.1% rise in 1QFY2025 net profit to RM61.21 million as lower input and production costs combined with stronger cement volumes. The group declared a six-sen interim dividend.
KL:MI:Mi Technovation
Mi Technovation achieved record 3QFY2025 net profit of RM35.95 million with revenue jumping 67.4% on stronger semiconductor equipment and materials sales. A two-sen interim dividend was declared.
KL:SAMAIDEN:Samaiden Group
Samaiden’s 1QFY2025 net profit soared 85.6% to RM6.20 million as utility-scale solar project execution accelerated. Revenue climbed 78.4% and a 1.4-sen interim dividend was announced.
KL:KEYFIELD:Keyfield International
Keyfield’s 3QFY2025 net profit fell 49% to RM41.34 million as monsoon-season disruptions reduced vessel utilisation. Revenue declined 39% and the group declared a two-sen third interim dividend.
KL:AWC:AWC
AWC secured a one-year, RM63.7 million extension from the Ministry of Works to continue facilities management services for federal buildings in the southern and Sarawak zones through its subsidiary Ambang Wira.
KL:MEDIA:Media Prima
Media Prima’s REV Media Group completed the full acquisition of The Vocket, purchasing the remaining 48% stake to fully consolidate the Malay-language lifestyle platform. Financial terms were not disclosed.
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