UOB Kay Hian Private Wealth Management
September 8, 2025

Global Markets Weekly: Key Moves, Company Insights, and Opportunities for Investors

Market Overview: Volatility, Rate Cuts, and Sector Trends Shape The Week

Global markets opened the week on a cautious note as S&P 500 futures swung between losses and gains. Investors digested a combination of macro headwinds—ranging from potential new US-EU sanctions on Russia and escalating tariffs, to weaker-than-expected US payrolls and anticipation of a Federal Reserve rate cut in September. Technology megacaps, especially Nvidia and Broadcom, dominated headlines, while sector rotation saw energy and financial stocks underperform as healthcare and staples provided a defensive lift.

Bond yields continued their slide, with US 2-year and 10-year yields posting notable declines, while precious metals like gold (+0.92% to $3,600.80/oz) and silver (+0.74% to $41.10/oz) extended their rally, reflecting risk-off sentiment and inflation hedging. The US dollar softened, and crude oil benchmarks Brent and WTI fell further year-to-date.

US Macroeconomic & Market Pulse: Jobs Data, Rate Cut Bets, and Index Movers

US nonfarm payrolls rose by just 22,000 in August, with unemployment climbing to 4.3%—the highest since 2021. June revisions revealed the first job losses since 2020.
Markets are fully pricing in a 25bps rate cut at the September FOMC, up from an 86.4% probability a week prior.
S&P 500 dipped 0.32% last Friday, as megacap declines (Nvidia -2.7%) offset gains in Broadcom (+9.41%). Energy and financials lagged, while healthcare and staples offered support.
Robinhood and Applovin shares surged after news of their upcoming inclusion in the S&P 500 index. Applovin is highlighted as a trading buy.

Company Highlights: Mega Caps, Tech, and Index Entrants

Nvidia (NVDA): AI Leadership Faces Regulatory Hurdles

– NVDA fell 2.7% after warning that the proposed AI GAIN Act would restrict global competition for advanced chips. The bill’s trade controls could limit US technological leadership and economic influence. – NVDA remains a core recommendation.

Broadcom (AVGO): Stellar Results and Guidance

– AVGO soared 9.41% on strong fiscal Q3 and Q4 guidance, beating across all metrics. – Included as a core recommendation.

Meta Platforms (META): AI Hardware Push and London Expansion

– META rose 0.51%. At a White House tech dinner, the company reported \$600 billion in US investments. Notably, Elon Musk was absent; OpenAI’s Sam Altman attended. – META is planning its first permanent physical store in London, aiming to boost adoption for its VR/AR products (Meta Quest, Ray-Ban smart glasses). – META is a core recommendation.

Alphabet (GOOGL): Regulatory Fines and Continued Investment

– GOOGL rose 1.16%. The company was hit with a \$3.45 billion EU antitrust fine over adtech practices, escalating US-EU trade tensions. – GOOGL committed \$250 billion annually in US investments.

Microsoft (MSFT): Continued Capital Deployment

– MSFT declined 2.55%, despite reporting \$80 billion annual US investments.

Apple (AAPL): New Product Launches and India Growth

– AAPL dipped 0.04%. The iPhone 17 Air, launching September 9, is touted as thin and light but may have limited appeal due to shorter battery life, fewer cameras, and premium pricing. – Annual sales in India hit a record \$9 billion (up 13% YoY), driven by strong iPhone demand and expanding local production.

Tesla (TSLA): CEO Compensation Tied to Ambitious Growth

– TSLA jumped 3.64% and led the M7 group. Elon Musk’s compensation plan could be worth up to \$1 trillion if Tesla’s market value grows nearly eightfold to \$8.5 trillion in the next decade.

Robinhood (HOOD) & Applovin (APP): S&P 500 Inclusion

– HOOD and APP shares rallied 6.0% and 6.5% respectively, following news of their S&P 500 inclusion, effective September 22. – APP is a trading buy.

Lululemon (LULU): Tepid Outlook Weighs Heavily

– LULU shares plummeted 18.58% after signaling a weak holiday season, citing lackluster demand and tariff headwinds. The removal of the US \$800 de minimis duty-free exemption is expected to impact profitability.

Qualcomm (QCOM) & BMW: Automotive Tech Collaboration

– QCOM (+0.08%) and BMW announced the Snapdragon Ride Pilot, debuting in the BMW iX3, enabling hands-free driving and advanced assistance features. QCOM targets \$8 billion in automotive chip revenue by FY2029.

Starbucks (SBUX): China Unit Attracts Bidders

– SBUX (-1.82%) China business is valued up to \$5 billion by prospective bidders, marking one of the most significant consumer-sector divestments in China in recent years.

Macro Events & Market Dates to Watch

– September 8-12: 14th NPCSC, 17th Session – September 8: French Confidence Vote, China August Exports, US Used Car Prices – September 9: Taiwan Exports, Non-Farm Payrolls Revision, Apple Product Launch, Oracle earnings – September 10-12: SEMICON Taiwan – September 10: Supreme Court Ruling on Trump’s semiconductor tariffs, China CPI/PPI, US PPI, TSMC sales – September 11: ECB Rate Decision, US CPI, US Jobless Claims, Piper Sandler Conference (Walmart), Adobe earnings

IPO Calendar: Hong Kong Listings

Greater China: Reserves, EVs, and Financials in Focus

Chinese Central Bank: Steady Bullion Accumulation

– China’s central bank extended bullion purchases for a 10th consecutive month in August, with gold reserves at 74.02 million ounces (\$253.84 billion), up from 73.96 million ounces in July.

CATL: European Expansion Delayed

– CATL (+2.9%) expects Hungarian EV battery production to commence by early 2026 (delayed from end-2025). The €7.3 billion investment cements CATL’s global market lead (38% global share in 2024, up from 36%).

BYD, Xpeng, Leapmotor: Chinese EVs Challenge German Giants

– At the Munich Auto Show (Sept 9–14), BYD (+1.05%), Xpeng (+1.1%), and Leapmotor (+2.2%) unveiled new models to compete with BMW and Mercedes in Europe.

HSBC: Major Restructuring and Cautious Outlook

– HSBC (HK +2.51%; LN +0.17%) reorganized into four new divisions and cut hundreds of jobs under CEO Georges Elhedery. Shares have surged 44% since his appointment, but analysts expect a flat year ahead due to rising expenses and credit costs. HSBC remains a core recommendation.

Solar Stocks: Recovery Signals

– GCL Technology (+12.21%), Trina Solar (+9.50%), and Tongwei (+6.18%) rallied after industry signals of a bottom in polysilicon demand and calls for regulatory support.

Asia ex-China: Dividend Plays, Oil & Gas, and Regional Developments

Singapore: Dividend Equities Favored Over Bonds

– With falling bond yields, dividend equities yielding 4–6% look attractive relative to the 10-year Singapore Government Bond. Top non-bank, non-REIT picks: BRC, BAL, CSSC, CIVMEC, CD, DFI, GENS, VALUE, VMS, WKS. – STI end-2025 target: 4,602 (approx. 8% upside).

Malaysia: Oil & Gas – Petronas Faces Headwinds

– Petronas’ 1H25 results show resilience is being tested by MLNG production issues, impacting 2Q25 LNG export volumes. Longer-term structural losses in Sarawak gas are anticipated. Market weight maintained. FPSO players Yinson and MISC highlighted.

Thailand: PTT Benefits from Cabinet Reshuffle

– PTT (-0.79%) is expected to benefit from government restructuring, with favorable changes in GSP costs and oil/retail expertise. The share price remains a laggard but offers an attractive dividend. Interim dividend expected at Bt0.75/share. Buy rating, target Bt37.00.

EMEA & Others: European Industrials, AI, and Autos

STOXX 600: Marginal Decline Pre-US Jobs Report

– STOXX 600 slipped 0.16% ahead of key US data.

Orsted: Profit Outlook Cut

– Orsted (-1.3%) cut its 2025 operating profit outlook due to lower-than-normal wind speeds.

ASML: Major AI Investment

– ASML (+1.95%) invested €1.3 billion in Mistral AI’s €1.7 billion Series C funding, becoming the largest shareholder as Mistral hit a €10 billion valuation.

BMW: Critique of EU Combustion Engine Ban

– CEO Oliver Zipse labeled the EU’s planned 2035 combustion engine phase-out as a “big mistake,” but affirmed BMW’s goal to sell >2.5 million vehicles in 2025, with current sales ahead of last year.

Airbus: Jet Deliveries and Order Book Update

– Airbus (-1.62%) reported deliveries down 3% YoY for January-August (434 jets). The annual target remains 820, up 7% from 2024. Net orders stand at 504 after cancellations.

Commodities & Currencies: Trends and Key Moves

Investor Takeaways

– The week ahead is packed with data releases, policy decisions, and key corporate events that could drive volatility. – Core recommendations: Nvidia, Broadcom, Meta, Microsoft, HSBC. – Trading buys: Applovin, Apple, select Singapore dividend equities, and Thailand’s PTT. – Watch for ongoing macro risks—rate moves, global trade tensions, and sector rotation—as well as opportunities in AI, automotive tech, and Asian dividend stocks.
Stay tuned for critical updates as markets digest a shifting global landscape and reposition for the next leg of growth.