• • Dow Jones rose +270 points (+0.55%) to 49,266, and the S&P 500 edged up +0.01% to 6,921.

  • Nasdaq fell –0.44% to 23,480 as investors rotated out of technology stocks.

• Sector Moves:

  • Technology was the weakest sector (down over 1%).

  • Nvidia fell more than 2%, Oracle nearly 2%, and Apple logged its 7th straight loss.

  • Defense stocks surged after President Trump proposed a $1.5 trillion defense budget for 2027: Lockheed Martin +4%, Northrop Grumman +2%, RTX +1%, Kratos Defense +14%.

• Market Themes:

  • Investors shifted from growth/tech into value stocks (Value ETF +1%, Growth ETF –1%).

  • Strategist Rob Haworth expects AI to remain important long term, with early benefits showing in health care, robotics, insurance, and diagnostics, and broader strength needed from industrials and financials to sustain the rally.

• Energy:

  • Oil prices rebounded more than 4% after falling earlier in the week on concerns about increased supply from Venezuela.

• Notable Stock News:

  • Nurix Therapeutics: Upgraded by Morgan Stanley; price target implies ~95% upside.

  • Auto stocks: Ford (+5%) and GM (+3%) rose after a new tax deduction for interest on U.S.-built vehicle loans.

  • Generac: Upgraded to Buy by Citi.

  • Walmart: Oppenheimer raised price target; sees continued upside.

  • Tyson Foods: Upgraded by BMO on improving beef margins.

  • Nike: Downgraded to Hold due to China weakness.

  • GM: Shares dipped after announcing $7.1B in special charges tied to EV pullback and China restructuring.

  • Intel: Shares rose after positive comments from President Trump.

  • Tilray: Jumped nearly 8% on record quarterly revenue.

  • WD-40: Fell nearly 10% after earnings showed lower net income.

Tesco Plc said profit for this financial year will likely be at the upper end of its forecast after strong sales during the crucial Christmas period.

China to approve Nvidia H200 chip purchases as soon as 1Q — Bloomberg

The Venezuelan incident has triggered a global market rally, driven by expectations that falling crude oil prices could ease inflation and allow interest rates to decline, supporting equity valuations. Investors are increasingly focused on whether U.S. interest rates can fall toward President Trump’s stated goal of a 1% federal funds rate, especially as he is expected to appoint a new Federal Reserve chair in May, raising concerns about Fed independence. Lower interest rates typically boost stock prices by reducing the cost of capital, encouraging borrowing and investment, and supporting growth, although the long-term impact varies by company depending on balance sheets and business strategy. Highly leveraged companies and property-related stocks tend to benefit more from falling rates, while cash-rich firms see less operational impact. REITs, particularly those with U.S.-dollar assets and floating-rate debt, stand to gain through lower financing costs and higher unit prices, though property valuations often lag interest-rate cycles. Still, there is uncertainty over whether risk-free rates will meaningfully decline, as U.S. Treasury yields remain elevated and central banks may shift toward a more hawkish stance. Analysts caution that if the Fed’s independence weakens, rates could fall sharply but may also trigger higher inflation expectations, making the current rate-driven market rally potentially fragile, even as near-term optimism continues to support equities and U.S.-focused REITs.

Investors are increasingly focused on whether heavy spending on artificial intelligence is translating into real revenue growth, with Trivariate highlighting that more high-quality growth companies are now citing AI-driven revenue and cost efficiencies than lower-quality or value stocks. The firms showing the strongest outlook are those directly monetising AI through products such as models, chips, data, software and AI-enabled services, including companies like Shopify, Alphabet, Meta, Adobe and ServiceNow. Shopify stands out with forecast revenue growth of about 33%, supported by AI tools such as its Sidekick commerce assistant, Universal Cart and partnerships with OpenAI, helping lift its shares more than 50% over the past year. ServiceNow, despite a sharp share price decline, is also seen as a strong AI beneficiary, forecasting nearly 24% revenue growth as its agentic AI boosts productivity and cost savings across its operations.

Beyond software, Hightower’s Stephanie Link views oilfield services giant SLB as a hidden AI winner, benefiting from rising power demand linked to data centres and grid upgrades, stronger international activity, digital and AI-driven solutions, improving margins, acquisition synergies and shareholder returns, with the stock already up about 14% this year.

Separately, Bank of America upgraded Coinbase on expectations it can evolve into an “everything exchange” through expansion into stock trading, prediction markets, blockchain infrastructure and asset tokenisation, while UBS upgraded Gap on improving brand momentum and growth in beauty and accessories. Cantor Fitzgerald also upgraded Alphabet, citing accelerating revenue growth and strong competitive advantages in AI through its Gemini platform, reinforcing confidence that AI-driven monetisation remains a key driver of equity performance.

The Trendlines Group enters proposed private placement to raise $5.6 mil

Reducing stamp duty for foreigners, lowering the en bloc consent threshold and raising the income ceiling for executive condominiums (ECs) — ahead of Prime Minister Lawrence Wong’s Budget 2026 speech on Feb 12, real estate agency PropNex has unveiled six policy recommendations for the Singapore housing market.

Thailand’s stock exchange is considering allowing alcohol beverage companies to list — a long-standing taboo in the predominantly Buddhist country — as part of efforts to revive its struggling equity market and attract more IPOs. Stock Exchange of Thailand chairman Kitipong Urapeepatanapong said the move is necessary to prevent local companies from listing overseas and could make the domestic market more competitive, with potential candidates including Thai Beverage, Boon Rawd Brewery’s alcohol businesses, and Carabao Group.

China Aviation Oil (CAO) said its parent company, China National Aviation Fuel (CNAF), will proceed with a merger with Chinese state-owned energy giant Sinopec, following approval by China’s State-owned Assets Supervision and Administration Council, although the deal is still subject to further regulatory clearances. If completed, Sinopec is expected to absorb all of CNAF’s assets and operations, including its 51% stake in CAO. Sinopec is China’s largest oil and petrochemical supplier with significant operations in Singapore, while CAO is the largest physical buyer of jet fuel in the Asia-Pacific and a key importer into China. The merger, first reported in November 2025, comes as China’s aviation market rebounds strongly, with jet fuel consumption expected to exceed 40 million tonnes this year, valued at about US$30 billion. CAO’s share price has been volatile on merger news, reflecting investor uncertainty over the potential impact of the restructuring.

Mapletree Investments is accelerating strategic acquisitions and development activity under its Fourth Five-Year Plan as it targets higher, sustainable returns and continued global expansion. The Temasek-owned group has grown assets under management from S$2.3 billion in 2003 to a record S$80.3 billion as at March 2025, generating an average 10.9% return on invested equity over the past decade and building a diversified portfolio of more than 930 assets across 13 markets. It is targeting 9%–12% average returns by FY2028/29, supported by rising recurring fee income, a rebound to profitability in FY2025, and reduced property revaluation losses. While market speculation continues over a potential merger with CapitaLand Investment, Mapletree is doubling down on its core sectors — logistics, office, data centres and student housing — with a focus on value-accretive development projects, including a major redevelopment of Harbourfront Centre, logistics developments in the US and Asia, expansion into Australian and European student housing, and deeper investments in data centres in Tier-1 and high-growth secondary European markets. The group is also actively recycling capital through asset divestments while building new funds in Europe and expanding in India, Vietnam and China, positioning itself to capture long-term demand trends in e-commerce, supply chain reshoring, digital infrastructure and student accommodation.

Geo Energy Resources completes acquisition of 51% of shares in two companies

Fortress Minerals earnings surge to US$4.49 mil for 3QFY2026

OUE REIT confirms talks with Mitsubishi Estate Asia on acquisition of partial stake in Salesforce Tower, Sydney

CapitaLand Investment takes minority stake in Ally Logistic Property

UI Boustead REIT seeks $900 mil IPO in March, Bloomberg reports

Proposed Privatization for HANG SENG BANK Approved; Delisting on Jan 27

HK & CHINA GAS-backed EcoCeres Said to Appoint Investment Banks for HK IPO, Aiming to Raise Max. US$1B

ALI HEALTH Partners with Merson Pharmaceutical to Launch World’s 1st New Topical Medication for Infantile Hemangioma

Memory Prices Leap 50% Last Qtr, Expected to Keep Rising This Qtr; LENOVO GROUP Sags 5%; SK Hynix Hits New High

HKEX Records ~2.3x YoY Surge in IPO Fundraising to HKD285.8B Last Yr

Wheelock Properties Plans to Launch Phase 6 of Wong Chuk Hang Station Project This Qtr

SINO LAND: Successful Bid for Site at Choi Hing Rd, Jordan Valley, Demonstrates Group’s Confidence in HK Development Prospects

CHINA VANKE Approved by CN Banks to Delay Interest Payments to Avoid Default.

Sunway unit plans RM10b sukuk wakalah to fund working capital, debt refinancing

Thank you