Wall Street Climbs as Inflation Cools and Earnings Spark Sector Rallies
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
The major U.S. indices closed higher on Friday as investors digested softer inflation data that strengthened expectations of a Federal Reserve rate cut next week. The S&P 500 inched up 0.19% to 6,870.40, the Nasdaq Composite rose 0.31% to 23,578.13, and the Dow Jones Industrial Average added 104.05 points, or 0.22%, to finish at 47,954.99.
Core PCE inflation for September came in below estimates, reinforcing market conviction of an imminent quarter-point rate cut. Traders are now pricing in an 87% probability of a cut. Despite concerns about a cooling labor market, analysts say equities still appear positioned for further gains.
US:NFLX:Netflix
US:WBD:Warner Bros. Discovery
Netflix shares swung throughout the session after announcing a $72 billion agreement to acquire Warner Bros. Discovery’s film and streaming assets, with the transaction expected to close in 12–18 months. Netflix fell nearly 3%, while Warner Bros. Discovery jumped more than 6%. A senior U.S. official later said the administration views the deal with “heavy skepticism.”
US:CRM:Salesforce
Salesforce surged 5% Friday following stronger-than-expected third-quarter earnings, though revenue slightly missed forecasts. The stock has climbed 13% over the past five days, putting it on track for its best weekly performance since 2023.
US:XLK:SPDR S&P Information Technology Fund
US:SNDK:SanDisk
US:CRM:Salesforce
US:ADBE:Adobe
US:MU:Micron Technology
US:INTC:Intel
US:MCHP:Microchip Technology
US:NXPI:NXP Semiconductors
US:APP:AppLovin
US:SNPS:Synopsys
The SPDR S&P Information Technology Fund (XLK) gained for a 10th straight session, its longest rally since 2020. Several tech names led Friday’s advance, including SanDisk, Salesforce, Adobe, Micron Technology and Intel—each up more than 4%. For the week, Microchip Technology, NXP Semiconductors, AppLovin, Salesforce and Synopsys outperformed.
US:U:Unity Software
Unity Software rose over 3% after Wells Fargo upgraded the stock to overweight and raised its price target to $51. The bank expects Unity to benefit from strong user acquisition trends and a shift in mobile app payment structures.
US:ALB:Albemarle
UBS upgraded Albemarle to buy, forecasting more than 50% upside amid expectations that lithium markets will enter a deficit by 2026. Analysts raised the price target to $185, citing tightening supply and rising energy storage demand.
US:BP:BP
Bank of America downgraded BP to underperform, warning that recent share price gains were driven by sentiment rather than fundamentals. The bank cut its price target to $30, noting concerns about the company’s ability to deliver value from its strategic initiatives.
ValueMax Group Issues 20,000 New Shares Through Warrant Exercise at S$0.36 Each
Nordic Group Secures S$70.3 Million in New Contracts Across Multiple Divisions for 2025-2028
Aspial Corporation Limited has proposed, together with JK Global Investment Pte. Ltd. (KWMCo), to acquire all the issued ordinary shares of AF Global Limited (AFGL) not already held by the consortium, via a scheme of arrangement. The deal values the remaining shares at S\$0.11 per share, and the Independent Financial Adviser (IFA), Evolve Capital Advisory, has delivered its opinion on the transaction for the benefit of independent directors and shareholders.
Nam Lee Pressed Metal FY2025 Results: Profit Doubles, Revenue Hits S$208.6m, Final Dividend of 3.0 Cents Proposed
PNE Industries Ltd FY25 Full Year Results: 16.6% Revenue Growth and 2.0 Cents Final Dividend Proposed
Hong Kong Market Climbs Ahead of Index Reshuffle
HK:3115.HK:Hang Seng Index
HK:HSCEI.HK:HSCEI
HK:HSTECH.HK:HSTECH
The Hong Kong market closed higher on Thursday, with the Hang Seng Index (HSI) gaining 149 points, or 0.6%, to finish at 26,085. The HSCEI advanced 1% to 9,198, while the HSTECH climbed 0.8% to 5,662. Total market turnover reached HKD210.47 billion as investors positioned ahead of upcoming index adjustments.
HK:1801.HK:INNOVENT BIO
Innovent Bio, set to join the Hang Seng Index next week, slipped 1.7% despite its upgrade to a blue-chip constituent.
HK:9863.HK:LEAPMOTOR
Leapmotor, which will be added to the HSTECH index, edged up 0.8% as traders positioned ahead of the inclusion.
HK:0522.HK:ASMPT
ASMPT, slated for removal from the HSTECH next week, still managed to close 0.7% higher.
HK:9987.HK:YUM CHINA
Yum China, set to enter the HSCEI next week, fell 1.6% as investors reassessed the stock ahead of the reshuffle.
HK:09888.HK:BIDU-SW (Baidu)
HK:0388.HK:HKEX
Baidu’s AI chip unit Kunlunxin is preparing for a Hong Kong IPO after completing a financing round valuing the firm at RMB21 billion. BIDU-SW surged as much as 7% intraday before closing 4.84% higher at HKD121.4. Kunlunxin aims to submit its HKEX listing application as early as 1Q26 and targets breakeven this year with revenue expected to exceed RMB3.5 billion.
Oil Rises to Two-Week High as Baidu’s Chip Unit Eyes Hong Kong IPO
US:UCO:Oil
Oil prices climbed nearly 1% to a two-week high as expectations of a US Federal Reserve rate cut and geopolitical risks supported demand. Brent settled at US$63.75 per barrel, while WTI ended at US$60.08, marking the strongest closes since Nov 18 and a second straight weekly gain.
Legal Battles, Major Contracts and Corporate Moves Drive Malaysia’s Market Headlines
KL:MISC.ML:MISC Bhd
US:SHEL:Sabah Shell Petroleum Company Ltd
The Court of Appeal reduced the arbitral award against a wholly-owned unit of MISC Bhd in its dispute with Sabah Shell Petroleum Company Ltd over the Gumusut-Kakap semi-floating production system. The award payable to SSPC was cut to US$200 million from US$330.17 million, excluding costs and interest.
KL:BINTAI.KL:Bintai Kinden Corporation Bhd
Bintai Kinden Corporation Bhd proceeded with legal action to recover RM9.1 million from the vendor of its 2021 acquisition of Johnson Medical International Sdn Bhd, filing the suit in the Melaka High Court over a profit-guarantee dispute.
KL:JSB.KL:Jentayu Sustainables Bhd
Jentayu Sustainables Bhd was served an originating summons and injunction application by shareholder Andy Lai Wee Young, who is contesting the postponement of its extraordinary general meeting and seeking to invalidate the resolutions passed on Dec 4.
KL:GEOHAN.KL:Geohan Corp Bhd
KL:GAMUDA.KL:Gamuda Bhd
Newly listed Geohan Corp Bhd secured two SRS LRT Sdn Bhd contracts worth a total of RM59 million for the Gamuda Bhd-led Penang LRT Mutiara Line project. The works include bored piling and related construction for sub-packages BP01 and BP02.
KL:GENTING.KL:Genting Bhd
KL:GENM.KL:Genting Malaysia Bhd
Genting Bhd launched a new RM5 billion medium-term notes programme, with its first issuance partly funding the takeover offer for Genting Malaysia Bhd. Its subsidiary Genting RMTN Bhd also issued a RM1.35 billion tranche under a separate RM10 billion programme.
KL:SUNWAY.KL:Sunway Bhd
The Securities Commission Malaysia approved the proposed Main Market listing of Sunway Healthcare Holdings Bhd, an 84%-owned joint-venture unit of Sunway City Sdn Bhd under Sunway Bhd, with the remaining 16% held by Singapore’s Greenwood Capital Pte Ltd.
KL:NGGB.KL:Nextgreen Global Bhd
KL:IOICORP.KL:IOI Corp Bhd
A company majority-owned by Nextgreen Global Bhd and IOI Corp Bhd is acquiring 32.794 hectares of industrial land in Pekan, Pahang for RM70.4 million to build an empty-fruit-bunch pulp production facility through Neuwhite Paper Pulp Sdn Bhd.
KL:ANCOMNY.KL:Ancom Nylex Bhd
Ancom Nylex Bhd agreed to sell up to a 50% stake in a new chemical-unit subsidiary to Thailand’s TOPNEXT International Company Ltd for nearly RM77 million, beginning with an initial 25% sale worth RM38.3 million.
KL:QUALITY.KL:Quality Concrete Holdings Bhd
Quality Concrete Holdings Bhd won a RM294.59 million contract from the Sarawak Rural Water Supply Department to construct and upgrade the Mukah division’s water infrastructure under a 30-month project starting January 2026.
KL:HKB.KL:Hartanah Kenyalang Bhd
Hartanah Kenyalang Bhd secured a RM42.79 million contract from Jaya GC Sdn Bhd to build an immigration post and staff quarters in Serikin, Bau, Sarawak, with the 24-month job beginning this month.
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