Wall Street Slumps as Tech Drags Ahead of Critical Nvidia Earnings
US:WMT:Walmart
Wall Street is turning its focus to Walmart’s Thursday earnings for signals on consumer resilience and spending patterns entering the holiday season.
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
After six straight months of gains, the S&P 500 is now down over 2% in November, while the Nasdaq has dropped more than 5% from its recent record as tech valuations come under pressure.
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
The Dow and S&P 500 recorded a third consecutive day of losses Monday, as the Dow fell 557 points and the broad market continued to retreat.
US:MU:Micron Technology
Rosenblatt raised its price target on Micron Technology to $300 and reiterated a buy rating, citing rising DRAM prices and increasing demand from AI accelerators.
US:AXON:Axon Enterprise
RBC initiated Axon Enterprise at outperform with an $860 price target, citing its strong software-hardware ecosystem and long-term recurring revenue visibility.
US:NVDA:Nvidia
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
U.S. futures opened little changed Monday night as investors await Nvidia’s results and key economic data including payrolls and Fed minutes. Concerns persist over weakening AI market breadth and elevated valuations.
Asian Markets Brace for Turbulence as Nvidia Earnings and U.S. Jobs Data Loom
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq 100
Asian stocks were set to fall Tuesday as Japan, Australia and Hong Kong futures pointed lower after the S&P 500 dropped 0.9% and the Nasdaq 100 slipped 0.8%. U.S.-listed Chinese stocks fell 1.2% and Bitcoin hovered near the lowest since April. Investors stayed cautious ahead of Nvidia’s earnings and the delayed U.S. September jobs report.
US:NVDA:Nvidia
Uncertainty heightened after a filing showed Peter Thiel’s hedge fund exited its Nvidia stake last quarter, adding pressure to already stretched AI valuations.
US:NVDA:Nvidia
US:ARM:Arm Holdings
Arm Holdings will integrate Nvidia’s NVLink technology in its Neoverse chips for AI data centers, strengthening ties between the two semiconductor leaders. The move expands connectivity between Nvidia accelerators and Arm designs used by Amazon AWS and Microsoft, and follows a separate NVLink deal between Nvidia and Intel.
Federal Reserve Officials
Fed Vice Chair Philip Jefferson warned of downside labor risks while Governor Christopher Waller backed a December rate cut. Strategists at Goldman Sachs, Barclays and Bank of America expect delayed economic data from the U.S. shutdown to support easing later this year.
US:BTC:Bitcoin
Bitcoin traded near US$92,000 as its earlier decline accelerated, wiping out its year-to-date gains. Smaller digital assets also hit their lowest levels since 2020.
US:AMZN:Amazon
Amazon priced a US$15 billion bond sale — its first in three years — to fund acquisitions, repay debt and support AI infrastructure. Capital expenditures are projected to reach US$147 billion next year.
SGX:AJBU.SI:Keppel DC REIT
Keppel DC REIT’s unit KDCR Tokyo 2 TMK secured JPY11 billion in term loans, a JPY7.48 billion tax loan, and issued JPY44 billion in bonds under its green framework. The loans are guaranteed by Perpetual (Asia).
US:NVDA:Nvidia
SGX:S27.SI:S&P 500
U.S. traders avoided risk as the S&P 500 slipped nearly 1%, breaking below its 50-day moving average for the first time in 138 sessions. Nvidia’s upcoming earnings and the delayed jobs report are set to steer market direction.
US:GOOGL:Alphabet
US:BRK.B:Berkshire Hathaway
Alphabet shares climbed after Berkshire Hathaway disclosed a US$4.9 billion stake, contrasting a slide in Nvidia after Thiel Macro LLC exited its position.
US:AMZN:Amazon
Amazon prepared another multi-part US$12 billion debt issue, joining Alphabet, Meta and Oracle in a wave of record tech bond issuance to fund AI infrastructure expansion. Goldman Sachs, JPMorgan and Morgan Stanley are managing the offering.
SGX:YN7.SI:Yangzijiang Maritime
Yangzijiang Maritime signed US$180 million in contracts to sell four medium-range tankers and added LOIs for eight more vessels under new joint ventures, part of a strategy to optimize its maritime investment portfolio.
SGX:N/A:Coliwoo Holdings
Coliwoo Holdings announced its first new project, Coliwoo Midtown, launching in 1Q2026 after its Mainboard listing. The mixed-use development expands its footprint across Singapore’s CBD and city-fringe areas.
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq 100
U.S. markets opened mixed Monday as Nvidia slipped 1% ahead of earnings. Alphabet rose 4.5% on Berkshire’s new stake. Quantum Computing surged on improved results, Aramark fell on weak earnings, EW Scripps soared after Sinclair took a stake, Gap was steady after an upgrade, and Zymeworks and partner Jazz Pharmaceuticals rallied on positive drug trial data. Investors await the long-delayed U.S. jobs report and upcoming results from Walmart and Target.
CDL Property Sales Ease as Market Watchers Shift Focus to Upcoming Launches
SGX:C09.SI:City Developments Limited (CDL)
CDL sold 88 units worth $313.2 million in 3QFY2025, down from 321 units a year ago due to the absence of new launches. For 9MFY2025, the group sold 990 units totaling $2.5 billion, supported by strong sales at The Orie, which moved 730 of 777 units.
SGX:C09.SI:City Developments Limited (CDL)
JP:8801: Mitsui Fudosan (JV Partner)
CDL acquired a Jurong GLS site and two EC sites this year. Its new luxury project, Zyon Grand, a JV with Mitsui Fudosan, sold 84% of 706 units on launch weekend at an average $3,050 psf.
SGX:C09.SI:City Developments Limited (CDL)
In Australia, Brickworks Park’s first phase is complete and fully sold, while phase two finishes in 1Q2026. In China, CDL and its associates sold 120 residential, office and retail units worth RMB263.8 million. Its Suzhou and Shanghai mixed-use developments are scheduled for launches beginning 2026.
SGX:C09.SI:City Developments Limited (CDL)
CDL’s Singapore office portfolio achieved 97.3% occupancy, above the national average. Retail occupancy hit 96.9%, with City Square Mall at 98%. UK offices improved, led by 125 Old Broad Street and Aldgate House. Phuket’s Jungceylon Shopping Center maintained 92% occupancy.
SGX:C09.SI:City Developments Limited (CDL)
CDL’s UK student housing portfolio achieved 82% occupancy for 2025/2026, while its Japan PRS portfolio remained above 95%. Leasing began at its Birmingham PRS project, and The Junction in Leeds reached 90% occupancy.
SGX:C09.SI:City Developments Limited (CDL)
Hotel RevPAR dipped 0.3% for 9MFY2025 due to weaker Asia performance, though Europe rose 10.7% after acquiring Hilton Paris Opéra. Singapore hotels saw lower RevPAR due to event timing shifts, while Australasia and U.S. hotels posted growth.
SGX:C09.SI:City Developments Limited (CDL)
As of Sept 30, CDL reported 69% net gearing after completing its 51% acquisition of a Shanghai mixed-development site, with $2.5 billion in cash and $4.3 billion in liquidity. It launched Piccadilly Galleria and began divesting Quayside Isle.
China Government data
China’s fiscal spending fell 19% y-o-y in October, the sharpest decline since 2021, as reduced government support weighed on investment and economic momentum. Authorities expect fresh stimulus to take time to filter through the economy.
SGX:BS6.SI:Yangzijiang Shipbuilding
Yangzijiang Shipbuilding secured US$2.17 billion in new orders for 9MFY2025, quadrupling 1H levels and lifting its order book to US$22.83 billion. Green vessels made up over 70% of value, with 46 vessels delivered year-to-date.
SGX:D05.SI:DBS Group Holdings
KL:2488.KL:Alliance Bank Malaysia
SGX:N/A:Temasek Holdings
DBS is pursuing government-level talks to acquire a 29.06% stake in Alliance Bank after earlier progress stalled at the regulatory level. The deal faces pushback from Malaysian banks as foreign ownership limits remain a consideration.
US:BTC:Bitcoin
US:ETH:Ethereum
SGX will introduce Bitcoin and Ethereum perpetual futures on Nov 24, offering institutions regulated access to highly traded crypto derivatives aligned with iEdge CoinDesk benchmarks.
AI Market Brief: Earnings Lift, Policy Shifts & Oil Volatility
SGX:E28.SI:Frencken Group
Frencken Group Posts Higher Earnings but Flags Cautious Outlook
Frencken Group reported a 7.5% y-o-y rise in 3QFY2025 earnings to $9.9 million, supported by stronger mechatronics and semiconductor division sales. Revenue grew 6.5% to $211.5 million. For 9MFY2025, earnings reached $29.8 million (+9.1%) and revenue climbed 12.5% to $642.8 million.
However, its analytical life sciences business weakened as reduced government funding hit demand. Frencken warned that geopolitical tensions, supply chain risks, and currency volatility may temper near-term performance. The group expects 2HFY2025 revenue to be “marginally lower” than 1HFY2025 but still sees full-year growth over FY2024.
US:MSCI:MSCI Inc
Indonesia Plans Higher Free-Float Requirements to Boost Market Liquidity
Indonesia intends to raise the minimum free-float threshold for listed companies from the current 7.5%–10% to stages of 10%, 15%, and eventually 25%. The Financial Services Authority (OJK) is reviewing the proposal amid concerns over low liquidity in the region’s largest stock market.
The discussion intensified after MSCI Inc sought feedback on how it calculates public float. The Indonesia Stock Exchange also proposed calculating free float using market value and easing rights-issue rules to encourage higher free-float levels.
US:UCO:Oil
Oil Slips as Russian Port Resumes Activity
Oil prices fell after operations resumed at Russia’s Novorossiysk port, which had been disrupted by a Ukrainian strike. Brent retreated below US$64, while WTI moved toward US$59.
Earlier geopolitical tensions—including Iran’s tanker seizure near the Strait of Hormuz—had added a risk premium, but oversupply from Opec+ and other producers continues to cap price gains. Refinery margins worldwide remain elevated due to outages and reduced capacity across several regions.
NIS AD (unlisted within SGX/US/HK/KL conventions)
Serbia Offers Premium to Regain Control of Oil Refiner NIS AD
Serbia signaled willingness to pay a premium to take back control of NIS AD as it seeks to detach the refiner from US sanctions. The company’s current owners are in talks with potential buyers from Asia and Europe who may acquire the asset.
Malaysia Corporate Flash: Quarterly Results and Strategic Moves
KL:1295.KL:Public Bank Bhd
Public Bank Bhd posted a 3.65% year-on-year drop in 3QFY2025 net profit to RM1.84 billion, attributing the decline to lower interest-based income following a 25-basis-point cut in the overnight policy rate. Revenue for the quarter rose 8.96% to RM7.42 billion from RM6.81 billion a year ago. For the nine-month period, net profit was broadly unchanged at RM5.35 billion, while revenue increased 9.62% to RM22.08 billion from RM20.15 billion.
KL:99SMART.KL:99 Speed Mart Retail Holdings Bhd
99 Speed Mart Retail Holdings Bhd achieved a record 3QFY2025 net profit of RM160.65 million, up 50% from RM107.16 million a year earlier, with revenue rising 19% to RM3.04 billion. Average basket size edged up to RM21.40 and the group declared a total dividend of 4.50 sen per share year-to-date, markedly higher than the prior year. For the nine-month period the group recorded earnings of RM457.04 million (+25%) and revenue rose ~13% to RM8.36 billion from RM7.40 billion. The company operated 2,966 outlets at end-September.
KL:CDB.KL:CelcomDigi Bhd
CelcomDigi Bhd saw its 3QFY2025 net profit fall 22% to RM341.23 million (from RM436.98 million a year ago) amid higher costs and increased provisions; revenue dipped slightly to RM3.12 billion from RM3.13 billion. For the nine-month period, net profit was RM1.16 billion (down from RM1.22 billion) while cumulative revenue rose modestly to RM9.51 billion from RM9.40 billion. The group declared a third interim dividend of 3.6 sen per share payable on 23 December.
KL:MNRB.KL:MNRB Holdings Bhd
MNRB Holdings Bhd reported a 21.1% rise in net profit for 2QFY2026 to RM112.27 million (from RM92.74 million) driven by stronger investment returns and lower unrealised foreign-exchange losses. Revenue rose 5.5% to RM927.58 million (from RM878.82 million). For H1 FY2026, net profit jumped 51.8% to RM280.69 million and revenue climbed 9.5% to RM1.90 billion (from RM1.74 billion).
KL:SAM.KL:SAM Engineering & Equipment (M) Bhd
SAM Engineering & Equipment (M) Bhd saw its 2QFY2026 net profit plunge 55.53% to RM11.07 million (from RM24.90 million) as both its equipment and aerospace segments were hit by forex headwinds, lower capacity utilisation and higher start-up/relocation costs. Quarterly revenue dropped 1.94% to RM363.00 million (from RM370.18 million). No dividend was declared.
KL:THPLANT.KL:TH Plantations Bhd
TH Plantations Bhd posted a 46.7% increase in 3QFY2025 net profit to RM31.6 million (from RM21.55 million) driven by higher average selling prices and lower unrealised forex losses. Revenue rose 3% to RM259.57 million (from RM251.99 million). The company appointed industry veteran Datuk Borhan Bachi (age 59) as its new Chief Executive Officer.
KL:PTT.KL:PTT Synergy Group Bhd
PTT Synergy Group Bhd proposed a private placement of up to 43.22 million new shares to raise as much as RM56.2 million, with the proceeds earmarked primarily for working capital to support its construction and property development projects.
KL:INFOM.KL:Infomina Bhd
Infomina Bhd secured a RM66.13 million 36-month contract from the Home Ministry to provide technology infrastructure operations, maintenance and support services for the National Registration Department (JPN). As at end-August, the company’s order book stood at RM291 million, aided by a growing portfolio of AI-driven products.
KL:AWC.KL:AWC Bhd
AWC Bhd clinched a S$4.65 million (RM14.75 million) contract from the Housing & Development Board (HDB) in Singapore to design, build and operate a pneumatic waste-conveyance system. This marks its second major contract from HDB this year, following an earlier S$3.9 million award in September.
KL:AAX.KL:AirAsia X Bhd
AirAsia X Bhd, which recently resumed direct flights to Istanbul from Kuala Lumpur, plans to launch additional long-haul routes to Europe next year via Istanbul as part of its broader expansion beyond Asia.
AI Market Pulse: Big Southbound Flows, Analyst Upgrades & Key Rating Actions Shake Up Hong Kong Markets
HK:02800.HK:TRACKER FUND
Southbound investors poured HKD3.7 billion into TRACKER FUND, marking the largest net inflow of the day.
HK:09988.HK:BABA-W
BABA-W saw HKD2.1 billion in Southbound net inflows as buying momentum strengthened.
HK:01810.HK:XIAOMI-W
Xiaomi-W recorded HKD280.4 million in Southbound net inflows.
HK:01772.HK:GANFENGLITHIUM
GANFENGLITHIUM faced HKD83.5 million in Southbound net outflows.
HK:00981.HK:SMIC
SMIC saw HKD73.3 million in Southbound net outflows.
HK:00179.HK:JOHNSON ELECTRIC
Guotai Haitong Securities raised Johnson Electric’s target price to HKD52.8, citing strong prospects in humanoid robotics and liquid-cooling solutions.
HK:00551.HK:YUE YUEN INDUSTRIAL
Goldman Sachs lifted Yue Yuen’s target price to HKD16.9 after better-than-expected 3Q25 margins pushed shares higher.
HK:00960.HK:LONGFOR GROUP
S&P Global Ratings cut Longfor Group’s credit rating to BB- following weakening contracted sales and pressure on margins.
HK:03899.HK:CIMC ENRIC
CIMC Enric announced a share buyback of up to 30.44 million shares capped at HKD200 million.
HK:01815.HK:POU SHENG INTERNATIONAL
Goldman Sachs trimmed Pou Sheng’s target price to HKD0.55 while maintaining a Buy call.
HK:09868.HK:XPENG-W
XPENG-W narrowed its 3Q non-GAAP net loss to RMB152 million.
HK:02618.HK:JD LOGISTICS
UBS reduced JD Logistics’ target price to HKD16.3 but kept its Buy rating.
HK – CN BANKS (6 KEY SOEs)
Goldman Sachs said major Chinese SOE banks’ 3Q results were within expectations and raised their target prices by about 1% on average.
HK:01772.HK:GANFENGLITHIUM
GANFENGLITHIUM’s chairman projected lithium carbonate demand may rise over 30% next year, potentially pushing prices above RMB150,000 per ton.
HK:06618.HK:JD HEALTH
UBS raised JD Health’s target price to HKD85, citing strong revenue momentum and improving margins.
HK – CN BANKS (GOLDMAN SACHS TABLE)
Goldman Sachs released updated ratings and target prices for key Chinese banks, noting mostly stable performance trends.
HK:09875.HK:HESAI-W
Goldman Sachs cut Hesai-W’s target price to HKD265 while maintaining a Buy rating.
HK:3115.HK:HANG SENG INDEX
The HSI closed down 188 points, with BIDU-SW slipping ~3% and commodity stocks weakening.
HK:XL2CSOPHYNIX (ETF)**
XL2CSOPHYNIX led ETF gains, surging 14.8% to top the chart.
HK – SECURITIES STAMP DUTY (CHINA)
China’s October 2025 securities transaction stamp duty revenue jumped 88.1% year-on-year.
HK:3115.HK:HANG SENG INDEX
The HSI finished at 26,384 (-188 pts), HSTI at 5,756 (-55 pts), while Lenovo fell over 3%; CLP, GANFENGLITHIUM, COSCO Ship Energy, Crystal International and Guangdong Investment hit new highs.
HK:00323.HK:MAANSHAN IRON
UBS downgraded Maanshan Iron to Sell due to a weaker 4Q outlook.
HK:09618.HK:JD-SW
Goldman Sachs trimmed JD-SW’s target price to HKD169 but kept a Buy rating.
HK:09618.HK:JD-SW
UBS also cut JD-SW’s target price to HKD187 amid expectations of a higher 4Q comparison base.
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AI Market Watch: Lithium Downgrades, Gaming Boosts & Tech Momentum Shake HK Market
HK:09696.HK:TIANQI LITHIUM
Daiwa projected global lithium supply to improve and downgraded Tianqi Lithium to Sell.
HK:09626.HK:BILIBILI-W
Goldman Sachs raised Bilibili-W’s target price to HKD240, expecting its new product pipeline to lift gaming growth next year.
HK:01772.HK:GANFENGLITHIUM
Daiwa maintained Underperform on Ganfeng Lithium but raised its target price to HKD53.
HK:02018.HK:AAC TECH
Goldman Sachs lifted AAC Technologies’ target price to HKD68.6 and kept its Buy rating.
HK:00823.HK:LINK REIT
Morgan Stanley rated Link REIT Overweight on speculation it may acquire stakes in three Australian shopping malls.
Multiple Handset Makers
Several smartphone makers halted memory-chip procurement this quarter, with some inventories falling below three weeks.
US–CN Trade (Fitch)
Fitch said the US–China tariff pause temporarily eased pressure on ports and trade volumes.
HK:00291.HK:CHINA RES BEER
Daiwa cut China Resources Beer’s target price to HKD36 but reiterated its Buy call.
Prosus (Global)
Prosus said gains in Tencent’s share price may help its 1HFY2026 core profit rise more than 20%.
HK:01772.HK:GANFENGLITHIUM
Ganfeng Lithium surged over 8% as China’s lithium carbonate futures signaled further upside.
HK:01910.HK:SAMSONITE
Goldman Sachs raised Samsonite’s target price to HKD22 and kept its Buy rating.
HK:01910.HK:SAMSONITE
UBS upgraded Samsonite to Buy as revenue regained traction.
HK:00551.HK:YUE YUEN IND
UBS raised Yue Yuen Industrial’s target price to HKD18 on a stronger 4Q retail outlook.
HK – IPO: Xiao Noodles
Xiao Noodles passed its HK listing hearing, posting a 1.3× rise in adjusted interim net profit.
HK:00700.HK:TENCENT
JPMorgan lifted Tencent’s target price to HKD750, highlighting long-term growth potential from agentic AI.
SenseCare (Private)
SenseCare secured a new strategic financing round worth hundreds of millions of yuan.
China–US Diplomacy
China’s ambassador to the US said the Busan meeting marks a new beginning rather than an end.
HK:00981.HK:SMIC
BOCI raised SMIC’s target price to HKD83.6, expecting favorable market dynamics.
HK:09999.HK:NTES-S
NetEase’s new game “Where Winds Meet” surpassed 2 million overseas players on launch day.
HK:09988.HK:ALIBABA
Alibaba’s Qianwen AI crashed on its first public test day due to overwhelming traffic, but operations remained normal.
China Telecom / UBTECH Robotics
The first delivery of Wukong, an AI robot co-developed by China Telecom and UBTECH Robotics, has begun.
Morgan Stanley – Asia Pacific List
Morgan Stanley released its high-conviction thematic opportunities list for Asia Pacific.
China SAMR (Regulator)
China’s market regulator sought views on anti-trust guidelines for internet platforms, covering eight scenarios including “pick one out of two”.
US:YUMC:Yum China
Yum China aims to “recreate another Pizza Hut in five years” as Pizza Hut targets doubling operating profit by 2029.
Thank you
