Global markets weakened after reports that Iran fired missiles at Israel, raising concerns that a fragile ceasefire could break down and adding to volatility following last week’s sharp tech selloff. Stock futures fell on Sunday night, with Dow futures down about 150 points (-0.2%), S&P 500 futures down 0.4%, and Nasdaq 100 futures down 0.6%. Asian markets also dropped sharply at the open, led by South Korea’s Kospi, which plunged 8.4%, while Japan’s Nikkei 225 fell between 2% and 3.4%, and Hong Kong futures also traded lower.

The weakness came after a turbulent week in US markets, where the Nasdaq Composite fell 4.18% on Friday to 25,709.43, marking its worst daily decline since April 2025 and a weekly loss of 4.7%. The S&P 500 dropped 2.64% to 7,383.74, while the Dow Jones Industrial Average lost 695 points to close at 50,866.78, finishing the week slightly lower overall. The selloff was driven in part by a stronger-than-expected US jobs report, which pushed Treasury yields higher and increased concerns that rising borrowing costs could weigh on AI and growth-focused companies.

Investor sentiment remains fragile as markets balance escalating geopolitical risks, persistent inflation concerns, and stretched valuations in technology stocks. Looking ahead, attention will turn to US inflation data, with the CPI released on Wednesday and PPI on Thursday, as well as the upcoming public market debut of SpaceX, which is expected to be a major test of appetite for high-growth and AI-related assets.

US President Donald Trump criticized expectations that the Federal Reserve may raise interest rates following a strong May jobs report, arguing instead that rates should be lowered to support economic growth.

The employment data showed stronger-than-expected job gains, reinforcing market expectations of a potential rate hike later this year. Bond yields rose and traders increasingly priced in tighter monetary policy to address inflation, which remains above target.

Trump, however, said higher rates would be unnecessary given the strong economy and urged caution ahead of the upcoming Federal Open Market Committee meeting chaired by Kevin Warsh, while also emphasizing his desire for lower borrowing costs to support growth and fiscal priorities.

Key takeaway: Markets and policymakers are leaning toward tighter monetary policy due to strong labour data and inflation pressures, while Trump continues to advocate for lower interest rates.

The Nasdaq-100 has surged more than 40% over the past year, reaching a new record high above 30,700 after recovering strongly from its March 2026 sell-off triggered by US-Iran tensions.

A key bullish signal was the breakout above the former resistance zone of 26,030–26,180, which has now become a major support level. The index remains in a strong uptrend and is trading well above its key moving averages.

However, momentum indicators suggest the rally may be becoming stretched. The RSI is in overbought territory and showing bearish divergence, indicating that upside momentum is slowing even as prices continue to rise.

Key takeaway: The Nasdaq-100 remains bullish, with 30,000 acting as an important near-term support level. While a short-term pullback is possible, the broader uptrend remains intact as long as the index stays above the key support zone around 26,030–26,180.

SpaceX is reportedly seeking to raise US$75 billion in what would become the largest initial public offering (IPO) in history. The company plans to sell approximately 555.6 million shares at a fixed price of US$135 per share, valuing SpaceX at roughly US$1.8 trillion. If successful, the offering would eclipse the previous IPO record set by Saudi Aramco, which raised US$29.4 billion in 2019. At this valuation, SpaceX would rank among the world’s most valuable listed companies, larger than Tesla and surpassed in market value by only a small number of S&P 500 constituents.

The proposed listing also features an unusual structure. Unlike most large U.S. IPOs, which typically market shares within a preliminary price range before final pricing, SpaceX intends to offer shares at a fixed price from the outset. Marketing is expected to begin immediately, with pricing scheduled for June 11 and trading on Nasdaq under the ticker “SPCX” shortly thereafter.

SpaceX’s investment proposition extends well beyond its existing businesses of reusable rockets, satellite launches, and Starlink broadband services. The company is positioning itself as a future leader across multiple high-growth sectors, including AI computing infrastructure, direct-to-cell satellite communications, AI semiconductor manufacturing in partnership with Tesla, lunar development projects, and the long-term goal of establishing a self-sustaining colony on Mars. Management estimates its total addressable market at approximately US$28.5 trillion, underscoring the scale of its ambitions.

Financially, the company continues to prioritize growth over near-term profitability. Revenue increased from US$14.0 billion in 2024 to US$18.7 billion in 2025. However, after generating a net profit of US$791 million in 2024, SpaceX swung to a net loss of US$4.94 billion in 2025 as investment spending accelerated to support its expansion plans.

A significant component of the growth strategy is AI infrastructure. SpaceX disclosed a major agreement with Anthropic under which the AI company is expected to pay approximately US$1.25 billion per month for computing services. The contract could help offset the substantial capital expenditures required to build large-scale AI infrastructure, although either party retains the right to terminate the agreement with 90 days’ notice.

Despite becoming a publicly listed company, Elon Musk is expected to retain effective control. Through a dual-class share structure, Musk would hold approximately 84% of voting power, with Class B shares carrying ten votes each. This governance arrangement gives him substantial influence over board appointments and corporate strategy. Some shareholder advocates have criticized the structure, arguing that it concentrates decision-making authority while limiting minority shareholder protections.

At the proposed valuation, Musk’s personal wealth could rise to approximately US$988 billion, bringing him close to becoming the world’s first trillionaire should SpaceX shares appreciate after listing. Proceeds from the IPO are expected to be used to expand AI infrastructure, increase rocket launch capacity, build additional satellite networks, and partially repay a US$20 billion bridge loan used to refinance debt linked to Musk’s broader business interests.

Despite the closure of the Strait of Hormuz and the Iran conflict, oil prices have risen far less than many analysts expected. Brent crude was trading around US$96 per barrel in early June, well below predictions of US$200 when the war began.

Three factors explain the market’s resilience. First, the world entered the conflict with an oil surplus, with Brent crude trading near US$66 per barrel before the war and many shipments already en route. Second, the International Energy Agency (IEA) quickly coordinated the release of 400 million barrels from strategic petroleum reserves, helping offset supply disruptions caused by the loss of roughly 13 million barrels per day through Hormuz. Third, higher prices encouraged a surge in production from the United States, Canada, Brazil, and Guyana, particularly from US shale producers, whose exports reached record levels in April.

However, Gulf oil remains difficult to replace. Countries such as India, Pakistan, Bangladesh, Japan, South Korea, and much of Southeast Asia are geographically advantaged to import Middle Eastern crude, and many of their refineries are specifically designed to process heavier Gulf crude rich in diesel and jet fuel components. Lighter US shale oil is not a direct substitute.

Another key factor has been China. Despite concerns that Beijing would be severely affected by the Strait of Hormuz disruption, China appears to have managed the situation effectively, likely drawing on substantial oil stockpiles. As a result, China’s reduced presence in the global spot market has eased demand pressures and helped stabilize prices.

Overall, the global oil market has avoided a major supply shock due to strategic reserve releases, increased non-Gulf production, and resilient demand management by major consumers such as China. Nevertheless, the current balance remains fragile, and oil prices could become volatile again if the conflict escalates or supply disruptions persist.

OpenAI is reportedly planning a major overhaul of ChatGPT to transform it into a “superapp” that integrates coding tools, AI agents, and partner services like Canva and Booking.com, with the goal of boosting revenue ahead of a potential IPO.

The redesign will give more prominence to its coding product Codex and push users toward higher-value enterprise and productivity use cases. This reflects a broader strategic shift toward enterprise customers, which already account for a significant and growing share of revenue.

The move comes as OpenAI faces increasing competition from rivals such as Anthropic and prepares for possible public listing plans, although timing remains uncertain.

Key takeaway: OpenAI is repositioning ChatGPT from a consumer chatbot into a multi-functional AI platform focused on coding, enterprise tools, and revenue growth ahead of a potential IPO.

The cryptocurrency market experienced another sharp sell-off, with Bitcoin and Ethereum leading the decline as investor sentiment weakened amid persistent ETF outflows and increasing competition from AI-driven technology stocks. Ethereum fell more than 8% to approximately US$1,625, marking its lowest level since April 2025, while Bitcoin dropped nearly 4% to just above US$61,000 before recovering some of its losses. Smaller cryptocurrencies fared even worse, particularly privacy-focused tokens.

Among the hardest hit were Zcash and Monero. Zcash plunged more than 50% within 24 hours, its steepest decline since 2021, while Monero fell as much as 17%. The sell-off was triggered by reports of a potential security vulnerability in Zcash that could theoretically have allowed attackers to create unlimited new tokens. However, the Zcash Foundation stated that it had found no evidence of any unauthorized token creation.

Several factors are contributing to the weakness across digital asset markets. Continued outflows from US spot cryptocurrency ETFs, Bitcoin’s longest losing streak since August, and a reduced correlation with surging AI-related technology stocks have all weighed on sentiment. Investors have increasingly shifted capital toward high-growth AI and large-cap technology companies, while uncertainty surrounding upcoming US employment data and the next Federal Reserve policy meeting has further dampened risk appetite.

Market participants are closely watching the US$60,000 level, which many analysts view as a critical psychological support threshold for Bitcoin. A sustained break below this level could trigger additional selling pressure and further weaken market confidence. At the same time, some observers argue that if investors begin to question the lofty valuations of technology stocks, capital could eventually rotate back into cryptocurrencies and other digital assets.

Overall, the cryptocurrency market remains under significant pressure. Ethereum has fallen to a one-year low, privacy coins have suffered particularly severe losses, and ETF outflows continue to reflect weak investor demand. For now, concerns over macroeconomic conditions and the attractiveness of AI-driven equity investments are outweighing support for digital assets. The next major test for the market will be whether Bitcoin can successfully maintain support above the US$60,000 level.

Wee Hur enters Hong Kong PBSA market with 246-bed Starvia by Y Suites on Fortress Hill

Aspial Lifestyle chairman acquires more shares in open market

UMS plans to set up JV in Vietnam to complement existing facilities in Singapore and Malaysia

Mermaid Maritime enters JV to reactivate vessel

Fund manager Amova raises stake in Frencken to above 6%

Singtel gets funding boost from government to strengthen AI push, create high-value roles. Singtel will partner Digital Industry Singapore (DISG) to strengthen its capabilities in AI-enabled operations, digital infrastructure and customer platforms, and create new AI-related roles.

Civmec order book hits record S$1.5 billion on new resources, infrastructure projects

SIA Engineering, France’s Safran in US$118 million JV for aircraft engine maintenance in Singapore

Silver: In the late 1970s, Polaroid film relied heavily on silver, with about 350 million film packs sold annually, consuming roughly 350 tonnes of silver per year, making photography about one-third of global silver demand. This helped drive silver prices from around US$1.50 in 1974 to US$50 in 1980, before collapsing after regulatory action and the decline of instant photography.

Silver is now entering a potentially similar cycle. Unlike gold, silver has strong industrial demand, especially from solar panels and electronics, with each gigawatt of solar capacity using about 1 million ounces of silver. Demand from AI data centres is also rising, while supply remains tight: the Silver Institute reports six consecutive years of deficits, with 762 million ounces drawn from stockpiles since 2021 (about 64% of annual demand).

IX Biopharma:

Major Breakthrough: US Department of War Contract

iX Biopharma achieved a major milestone in February 2025 when it secured a US$41 million contract from the US Department of War to fund Phase 3 clinical trials and regulatory activities for Wafermine. The military views Wafermine as a promising battlefield pain management solution, with the potential to be included in standard military medical kits. Importantly, the funding is largely non-dilutive and supports the company’s efforts to obtain Emergency Use Authorization (EUA), secure FDA approval, and pursue eventual adoption by both military and veterans’ healthcare systems.

US Expansion and New Business Model

Building on this momentum, iX Biopharma signed a term sheet with Orion Specialty Labs to establish manufacturing and commercialization capabilities in the United States. Orion is expected to invest US$10 million in manufacturing infrastructure. In parallel, the company plans to launch a direct-to-consumer telehealth business in the US by early 2027. Its consumer healthcare assets are also being consolidated into a new entity, Ligo Pharma, which could potentially be spun off or separately listed on either the SGX or Nasdaq in the future.

Share Price Recovery

The Department of War contract significantly improved investor confidence and transformed market sentiment toward the company. Over the past year, iX Biopharma’s share price has surged approximately 1,700%, rising from around 2 cents to 36 cents by June 2026. Strong investor demand enabled the company to complete two successful fundraising exercises, raising more than S$21 million in total. Market interest was further boosted after analyst Paul Chew of PhillipCapital initiated coverage with a “Buy” recommendation and a target price of S$1.00 per share.

Future Plans

Management believes the company has moved beyond its most challenging period and is now entering a phase of accelerated growth. Key priorities for 2026 include securing Emergency Use Authorization for Wafermine, commencing revenue generation from US military supply contracts by early 2027, finalizing the Orion joint venture and broader US expansion strategy, and preparing for a potential Nasdaq dual listing within the next 12 to 18 months.

Financial Position

For the nine months ended March 2026, iX Biopharma reported continued financial improvement. Gross margin increased from 24% to 30%, while net losses narrowed by 65% to S$2.97 million. Management expects the company to achieve profitability once military-related sales begin contributing meaningfully to revenue.

Key Takeaway

After nearly two decades of navigating the challenges typical of biotechnology development, iX Biopharma’s prospects changed dramatically following the US military’s endorsement and funding of Wafermine. The contract provided not only substantial financial support but also strong validation of the product’s potential. With commercialization efforts underway, a growing US presence, and the possibility of a future Nasdaq listing, management believes the company has entered the strongest phase in its history.

Singapore REITs (S-REITs) appear to be entering their first meaningful distribution per unit (DPU) growth cycle in nearly a decade, supported by a combination of declining financing costs and continued rental growth across key property sectors. As interest rates ease and the three-month SORA stabilizes around 1.0%, REITs are expected to benefit from lower borrowing costs, which should translate into improved earnings and distributions. At the same time, rental reversions remain positive across office, retail, and data centre assets, with some properties achieving double-digit rental increases.

Stronger DPU growth could encourage investors to re-rate the sector, resulting in lower dividend yields and higher capital values, thereby enhancing total returns. This potential recovery comes after a prolonged period of underperformance. Since 2023, the FTSE ST REIT Index has declined by approximately 7%, while the Straits Times Index (STI) has gained around 58%. The significant performance gap suggests that S-REITs may have substantial room to catch up if the anticipated DPU growth materialises.

Overall, the sector appears to be transitioning from a period of stagnant distributions into a more sustainable growth phase. Among the various S-REITs, CapitaLand Ascendas REIT is widely viewed as one of the most attractive opportunities, given its strong portfolio, positive rental outlook, and potential to benefit from the improving operating environment.

CSE: The resignation of Tan Chian Khong from the board of CSE Global has attracted significant attention, as it may signal underlying tensions related to the company’s ongoing strategic review. Tan, who served as Lead Independent Director for seven years, stepped down on June 2. Unlike the typical SGX announcement that cites “personal reasons” for a director’s departure, CSE Global’s filing explicitly stated that his resignation was due to “differences of views with regard to working with controlling shareholders” and referred to “unresolved differences”—an unusually candid disclosure for a listed company.

The timing is noteworthy because CSE Global is currently conducting a strategic review that was launched in March 2026 at the request of its controlling shareholder, with Jefferies Singapore appointed as financial adviser. While no outcome has been announced, possible options could include a stake sale, privatization, a spin-off, or asset divestments.

The company’s largest shareholder, Heliconia Capital Management, owns 23.79% of CSE Global and has benefited substantially from the company’s strong share price performance since acquiring its stake in 2020. With shares having risen more than 280% over the past year, driven by exposure to the data-centre sector, a significant partnership with Amazon, and investor enthusiasm for AI-related infrastructure plays, Heliconia may be in a favourable position to monetise its investment.

Although the exact nature of Tan’s disagreement remains unknown, some investors have speculated that it could be linked to the strategic review process. One hypothetical scenario is that independent directors may have favoured a transaction structure that treated all shareholders equally, such as a full privatization offer, rather than a deal primarily benefiting major shareholders. There is no evidence that such a situation occurred, but it illustrates the type of governance issue that could give rise to differing views.

Ultimately, the explicit reference to disagreements with controlling shareholders raises important questions about governance, board alignment, and the protection of minority shareholder interests. While the details remain undisclosed, investors are likely to view the resignation as a development worth monitoring closely as the strategic review progresses.

Marco Polo Marine has attracted renewed investor interest following its proposed S$139 million reverse takeover (RTO) involving Fuji Offset Plates Manufacturing, strong earnings growth, and expanding exposure to the rapidly growing offshore wind energy sector. Traditionally known as a marine logistics and offshore vessel operator with relatively limited market visibility, the company has moved into the spotlight after announcing plans to inject its shipyard operations into Fuji Offset through the RTO. Investor enthusiasm was reflected in record trading volume of approximately 160 million shares following the announcement and the release of strong financial results. Adding to the positive sentiment, boutique fund manager AGT Partners recently emerged as a substantial shareholder with a stake exceeding 5%.

Under the proposed transaction, Marco Polo Marine intends to inject Marco Polo Shipyard and MP Marine into Fuji Offset. The objective is to separate the capital-intensive shipbuilding business from the vessel chartering business, enabling each segment to pursue growth opportunities and raise capital more efficiently. The transaction would also create a dedicated listed platform focused on marine engineering and shipbuilding. According to CEO Sean Lee, the company is approaching an “inflection point” where significant growth opportunities require additional working capital, while increasingly cautious bank lending has made access to capital markets more important. If approved, Fuji Offset’s printing business will eventually be divested, and the company will be renamed MPSE, with a primary focus on marine engineering and shipbuilding.

The strategic move comes against a backdrop of strong financial performance. Marco Polo Marine’s net profit rose from S$22.6 million in FY2023 and S$21.7 million in FY2024 to S$58.5 million in FY2025, representing year-on-year growth of 169%. The improvement reflects stronger market demand, higher vessel utilization, and larger project wins.

A key differentiator for Marco Polo Marine is its focus on specialised offshore vessels rather than mass-market shipbuilding. Unlike larger players such as Yangzijiang Shipbuilding, the company concentrates on niche vessels including anchor handling vessels, platform supply vessels, wind farm support vessels, service operation vessels, and commissioning vessels. These specialised vessels are typically built in smaller numbers and require significant technical expertise, creating higher barriers to entry and reducing competitive pressure.

The company’s long-term growth story is closely linked to offshore wind energy. Marco Polo Marine has successfully established a strong presence in Taiwan, one of Asia’s most active offshore wind markets. Initially, the company repurposed offshore oil-and-gas vessels to support wind farm projects, but it is now looking to expand its offshore wind business into Japan, South Korea, the Philippines, Vietnam, and Australia. Management believes demand for offshore wind infrastructure will continue to grow as countries prioritise energy security and renewable energy development.

Taiwan remains a cornerstone of the company’s strategy. Offshore wind construction activity continues to expand, while electricity demand is being supported by semiconductor manufacturing, AI infrastructure, and data-centre growth. Marco Polo Marine has successfully navigated Taiwan’s localisation requirements through local partnerships, Taiwanese-flagged vessels, and the training of local offshore crews. The company also intends to use Taiwan as a training hub for personnel who can support future expansion into markets such as Japan and South Korea.

Further strengthening its outlook, Marco Polo Marine’s shipbuilding division recently secured a S$198 million contract to build a 4,000-tonne oceanographic research vessel for Taiwan’s National Academy of Marine Research. The contract highlights the group’s growing technical capabilities and provides additional visibility over its future order book.

Overall, Marco Polo Marine is transforming itself from a relatively overlooked marine logistics operator into a specialised offshore vessel and shipbuilding company positioned to benefit from several long-term structural trends, including offshore wind development, energy security initiatives, AI-driven power demand, and the expansion of data-centre infrastructure. The proposed Fuji Offset reverse takeover is designed to unlock shareholder value, create a more efficient fundraising platform, and support the company’s next phase of growth as demand for specialised offshore vessels accelerates across Asia.

Jumbo Group is expanding regionally while restructuring its business in Singapore to support long-term growth and diversification.

The group has invested S$10 million in a new 90,000 sq ft headquarters in Tai Seng, consolidating its office and central kitchen to boost efficiency, production capacity, and scalability. This has temporarily increased costs and contributed to a 22% drop in half-year profit, despite revenue growth.

Jumbo is pushing overseas expansion, focusing its China strategy on Shanghai while opening new outlets in Indonesia and potentially Vietnam, alongside existing operations across Asia. It is also adjusting menus to suit weaker consumer spending in China.

Domestically, the company is diversifying beyond its flagship seafood business into institutional catering, premium dining, and food halls to reduce reliance on tourism-driven demand. Its flagship East Coast outlet will close in September due to lease expiry, but Jumbo plans to expand into heartland locations and may return if redevelopment allows.

Key takeaway: Jumbo is investing heavily in infrastructure and diversification to build a more resilient, multi-format F&B business, even as short-term profits come under

Jardine Matheson is undergoing a major strategic shift from a traditional conglomerate to a return-focused investment company. To fund this transition, it has been selling or exploring the sale of non-core assets, including property, automotive dealerships, and restaurant businesses, while cutting costs and simplifying its structure.

The group is redeploying capital into higher-growth sectors and developed markets, highlighted by its A$3.4 billion acquisition of I-MED Radiology Network, which also provides exposure to healthcare AI through Harrison.ai.

Despite these efforts, investors remain cautious. The stock has underperformed the Straits Times Index this year and trades at a 34% discount to book value. Management argues the transformation is necessary to drive long-term value, but must convince investors it can successfully execute the pivot.