The market rallied sharply on optimism surrounding a U.S.–Iran peace agreement, with the Dow Jones Industrial Average gaining 468.77 points (+0.92%) to a record close, while the S&P 500 rose 1.65% and the Nasdaq surged 3.07%. The announcement also helped drive oil prices down nearly 5% as the reopening of the Strait of Hormuz reduced concerns about global energy supply disruptions. Despite the strong session, overnight sentiment was cautious, with Dow futures down 24 points (<0.1%), S&P 500 futures slipping 0.1%, and Nasdaq 100 futures falling 0.2%. Sector performance was led by Information Technology (+3.39%), followed by Communication Services (+2.42%) and Consumer Discretionary (+1.91%), while Energy (-3.58%) was the worst performer due to falling oil prices.

Separately, Dave & Buster’s shares plunged nearly 12% after reporting $559.2 million in revenue versus $580.6 million expected, and GAAP EPS of $0.16, well below the $0.60 analyst consensus and $0.62 reported a year earlier. Investors are now focused on upcoming U.S. housing starts and import/export price data for further economic signals.

NVIDIA is seeking to raise at least US$20 billion through its first corporate bond offering since 2021, highlighting the enormous capital requirements of the artificial intelligence boom. The chipmaker is issuing bonds across seven maturities ranging from two to 30 years, with proceeds earmarked for general corporate purposes, including refinancing and repaying existing debt. The offering reflects a broader trend among major AI-driven technology companies, such as Alphabet and Amazon, which have collectively raised hundreds of billions of dollars to expand data centres and computing infrastructure needed to support rapid AI growth. Strong investor demand for high-quality corporate debt has enabled these firms to access funding on attractive terms. For Nvidia, the bond sale underscores both its dominant position in the AI ecosystem and the significant investments required to sustain future expansion.

Oil prices fell to their lowest level in three months after the US and Iran reached an initial agreement to end the conflict and reopen the Strait of Hormuz, easing fears of prolonged disruptions to global energy supplies. Brent crude and US crude both dropped more than 5% as investors anticipated the return of oil exports and shipping traffic through the key waterway, which normally handles about one-fifth of the world’s oil and LNG trade. However, analysts caution that a full recovery in oil flows will take months, not weeks, due to damaged infrastructure, reduced production, and the gradual return of shipping activity. While the deal has improved market sentiment and reduced immediate supply concerns, significant uncertainties remain, including negotiations over Iran’s nuclear programme, the durability of the ceasefire, and ongoing regional tensions involving Israel. As a result, experts expect oil prices to remain above pre-war levels despite the recent decline, with meaningful normalisation of energy markets likely extending into 2027.

Foundation Healthcare is preparing to file its IPO prospectus in Singapore within days, with the listing potentially taking place in Q3 2026. The healthcare group, backed by SeaTown Holdings, is targeting to raise up to S$500 million, which could value the company at more than US$1 billion (about S$1.28 billion). The plans are still under discussion and may change. SeaTown invested S$150 million in Foundation Healthcare in 2023, and other shareholders include Blue7, Citrine Capital, the family of property tycoon Kuik Ah Han, and Rizal Gozali.

While size helps REITs succeed, a distinct investment story matters more. Singapore’s largest REIT, CapitaLand Integrated Commercial Trust (CICT), benefits from its S$27+ billion asset base, strong liquidity, ability to raise capital (including a S$750 million placement), and a unit price of S$2.34, above its S$2.14 NAV, enabling growth through acquisitions such as Paragon. However, the contrasting performance of newer REITs shows that differentiation is more important than scale alone. Centurion Accommodation REIT has performed strongly, trading at S$1.09, or 24% above its IPO price of S$0.88, while UI Boustead REIT trades at S$0.815, more than 7% below its IPO price despite having a similar asset size (~S$2 billion).

CAReit’s advantage is its unique exposure to purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA). About 72% of its NPI comes from Singapore worker dormitories, benefiting from strong demand driven by construction activity and a growing foreign workforce. Singapore had 482,600 Work Permit holders in construction, marine, and process sectors in 2025, up 55% from 2020. Investors increasingly reward REITs with unique, defensible themes rather than simply large portfolios. Future successful SGX REIT listings are likely to be those with differentiated assets and clear growth narratives, not just scale.

The massive IPO of SpaceX could reshape global capital flows because major index providers are accelerating the inclusion of large newly listed companies into their benchmarks. SpaceX raised US$75 billion, was reportedly 4x oversubscribed, debuted at US$160.95 (up 19.2% from its US$135 IPO price), and reached a market value of US$2.1 trillion. Fast-track index rules from MSCI, FTSE Russell, and Nasdaq may force passive funds to buy billions of dollars worth of SpaceX shares shortly after listing. The growing power of index providers, citing Indonesia, where MSCI’s concerns over market investability contributed to a 30.5% decline in the Jakarta Composite Index and prompted regulatory reforms. Meanwhile, AI-driven markets have surged: Taiwan’s Taiex is up 52.5% year-to-date and South Korea’s Kospi has risen 92.8%, supported by booming semiconductor earnings.  IPOs from SpaceX, OpenAI, and Anthropic could unlock hundreds of billions of dollars in capital, some of which may eventually flow into Asian markets and Singapore equities. Singapore is positioned to benefit if it maintains strong governance and investability. Over the past 12 months, the Straits Times Index gained 35.3% and the iEdge Singapore Next 50 Index returned 31.6%, reflecting improving investor interest beyond traditional bank and REIT stocks.

The announcement of a US-Iran peace deal and the planned reopening of the Strait of Hormuz boosted investor sentiment across Asia, helping Singapore’s stock market rise as geopolitical tensions eased and oil prices fell sharply. Analysts expect the biggest beneficiaries to be aviation stocks, S-Reits, and property developers. Lower fuel costs are particularly positive for Singapore Airlines and aviation-related companies such as Sats, while S-Reits and property developers could benefit from lower inflation and reduced expectations of interest rate hikes. In contrast, offshore and marine companies, oil-linked stocks, and defence-related firms may see gains moderate as the war-driven premium and urgency for energy exploration and defence spending diminish. Singapore banks are expected to remain relatively neutral, with slightly weaker interest margin prospects offset by continued strength in wealth management businesses. Despite the market optimism, analysts caution that much of the positive news has already been priced in, and risks remain until the peace agreement is formally signed and practical issues such as restoring oil production, repairing infrastructure, and clearing shipping routes are resolved.

Hong Kong stocks ended higher, with the HSI rising 0.5% to 24,842 and the Hang Seng TECH Index gaining 1.3%, supported by strong performances in technology, AI-related, and selected financial stocks. Lenovo was the top blue-chip performer, surging 9.3%, while Sunny Optical, Geely Auto, and CATL posted gains of 4–7%. AI-related counters were particularly strong, with Knowledge Atlas soaring 32.8% after a target-price upgrade, while MiniMax and Xunce also advanced. However, major technology names were mixed, as Tencent and Alibaba slipped about 0.8%, while Meituan, Xiaomi, and Kuaishou recorded modest gains. Following the reported US-Iran peace deal, falling oil prices pressured energy stocks, with PetroChina and CNOOC declining nearly 3–4%. In contrast, gold mining stocks rallied sharply as gold prices climbed above US$4,300, led by Zijin Gold International (+15%), Zijin Mining, and Zhaojin Mining. Meanwhile, Chalco was the worst-performing blue chip, falling 8.5%, and ENN Energy dropped 6.6% after a broker downgrade.

Xiaohongshu said to ready Hong Kong IPO filing this month

Malaysian corporate news was mixed, with Astro Malaysia reporting a sharp 88% drop in quarterly profit as subscriber losses and declining subscription revenue continued to pressure its pay-TV business, prompting management to warn of another challenging year ahead. In contrast, Poh Kong delivered record quarterly earnings, benefiting from strong jewellery demand and elevated gold prices, while Vantris Energy (formerly Sapura Energy) remained profitable for a second consecutive quarter, strengthening its case for exiting PN17 status. Market sentiment also affected stocks, with PETRONAS Chemicals losing nearly RM7 billion in market value as lower oil prices triggered profit-taking, while Tanco’s shares continued to slide despite management insisting that its business fundamentals remain unchanged. On the corporate development front, IJM Land and MRT Corp announced a RM600 million transit-oriented development project in Cheras, while Kerjaya Prospek, Taghill, and Powerwell secured sizeable new contracts, boosting their order books. Meanwhile, Country Heights is searching for a new CEO following the unexpected resignation of its chief executive after less than two months in the role.

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