🔥 Wall Street Rallies Amid Looming U.S. Government Shutdown and AI Momentum 🔥
US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
Stocks edged higher Monday as Wall Street regained confidence. The S&P 500 rose 0.26% to 6,661.21, Nasdaq Composite climbed 0.48% to 22,591.15, and the Dow Jones Industrial Average added 68.78 points, or 0.15%, to 46,316.07.
US:NVDA:Nvidia
US:AMD:Advanced Micro Devices
US:MU:Micron Technology
Nvidia rebounded with a 2% gain as AI enthusiasm resurfaced. Advanced Micro Devices rose over 1% while Micron Technology gained more than 4%, showing strength across AI-linked chipmakers.
US:EA:Electronic Arts
Electronic Arts shares surged 4.5% after announcing a $55 billion privatization deal. U.S. mergers and acquisitions have topped $1 trillion this year, up 29% year-over-year, according to Goldman Sachs.
US:TSLA:Tesla
Tesla extended its 32% rally over the past month, as Barclays analysts dubbed it the “OG meme stonk.” Retail enthusiasm and technical momentum drove its sharp outperformance.
US:ETSY:Etsy
US:SHOP:Shopify
Etsy jumped nearly 14%, hitting a fresh 52-week high, while Shopify gained 6%. The surge followed OpenAI’s announcement of an Instant Checkout feature that enables ChatGPT users to shop directly with Etsy and Shopify merchants.
US:OKLO:Oklo
US:SMR:NuScale Power
Barclays initiated coverage of nuclear energy startups Oklo and NuScale. Oklo rose nearly 6% after a recent selloff, with a price target of $146. NuScale was rated “equal weight” with a $45 target, highlighting nuclear’s long-term upside potential.
US:MTN:Vail Resorts
US:Progress:Progress Software
US:JEF:Jefferies Financial Group
Private:Firefly Aerospace
In after-hours trading, Vail Resorts fell 2% on weaker-than-expected earnings. Firefly Aerospace dropped 12% after a rocket booster explosion. Progress Software gained 3% after beating revenue and earnings estimates. Jefferies dipped 1.3% despite strong results in investment banking.
US:S27.SI:S&P 500
BTIG’s Jonathan Krinsky warned that the S&P 500 is overdue for a “shakeout” after 103 trading days above its 50-day moving average. Still, the primary trend remains bullish.
US:S27.SI:S&P 500
BMO strategist Brian Belski raised his year-end forecast to 7,000, predicting 8–10% earnings growth next year. He described the setup for 2026–2027 as a potential “Goldilocks” scenario for equities.
US:BTC:Bitcoin
US:UCO:Oil
US:COPS:Copper
Commodities traded steady with Bitcoin, oil, and copper holding near recent levels as traders balanced growth optimism with inflation concerns.
Politics Spotlight
President Donald Trump, Vice President JD Vance, Senate Minority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries clashed over funding as the U.S. government shutdown looms. Democrats demand extensions to Obamacare tax credits, while Republicans push for a “clean” stopgap resolution. Trump threatened mass federal worker layoffs if no deal is reached.
🚀 Big Moves: Geo Energy Secures Mega Loan, Asian Micro Sells Assets, MAS Boosts Family Offices, and Soon Hock Files for SGX IPO 🚀
SGX:RE4.SI:Geo Energy Resources
Geo Energy Resources secured US$275 million in term loan facilities from Bank Mandiri to refinance existing debt and fund acquisitions. This comes after a US$220 million facility in 2023 that supported its purchase of Golden Eagle Energy and Marga Bara Jaya. The new loan reduces interest costs from 8.25% to 6.7% annually, allocates US$55 million for expansion at its Triaryani coal mine, and US$20 million for strategic shipping acquisitions.
SGX:5HV.SI:Asian Micro Holdings
A 49%-owned subsidiary of Asian Micro Holdings plans to sell three commercial office units in Penang, Malaysia, for RM1.55 million. The buyer is Tye Suit Yean, an independent third party. Net proceeds of RM1.532 million will support working capital and exploration of property business opportunities.
SGX:MAS:Monetary Authority of Singapore
US:UBS:UBS Group
The Monetary Authority of Singapore announced plans to simplify requirements for single family offices under its tax benefit programme, cutting application times from over a year to three months. UBS highlighted Singapore’s rapid rise as a wealth hub, with private banking assets growing 19% in 2024 and the number of family offices expanding from 400 to over 2,000 in four years.
SGX:Soon Hock Enterprise Holdings (IPO filing)
SGX:U11.SI:United Overseas Bank
SGX:U10.SI:UOB Kay Hian
SGX:Maybank Securities (part of Malayan Banking Berhad)
Soon Hock Enterprise Holdings filed its preliminary prospectus with MAS for a proposed SGX mainboard listing. The industrial real estate developer reported FY2024 revenue of $7.9 million, down 97% y-o-y due to the absence of property sales. Revenue in 1QFY2025 came entirely from rental income. Proceeds from the IPO will fund new land acquisitions and development projects. Cornerstone investors include Amova Asset Management (formerly Nikko Asset Management), ICHAM Master Fund VCC, Goodrich Global Holdings’ Gay Soon Watt, Expand Construction’s Von Lee Yong Miang, and other high-net-worth investors via Maybank and UOB Kay Hian.
AI-Powered Market Roundup: CapitaLand’s C-REIT Pops in China, Analysts Weigh In on Builders, Retailer Loss Widens & More
SGX:9CI.SI:CapitaLand Investment
CapitaLand Commercial C-REIT (CLCR), CapitaLand Investment’s eighth listed fund, debuted on the Shanghai Stock Exchange up 12.63% (intraday +19.6%), raising RMB2.29b; cornerstone demand was strong and only Chinese investors can subscribe. CapitaLand China Trust and CapitaLand Development seeded CLCR with CapitaMall SKY+ (Guangzhou) and CapitaMall Yuhuating (Changsha), with CLI continuing as asset manager; representatives from DBS and HSBC attended the listing ceremony, and CLI also closed its China Business Park RMB Fund IV under its onshore master fund.
SGX:AU8U.SI:CapitaLand China Trust
CapitaLand China Trust subscribed to a 5% strategic stake in CLCR at the IPO price, while divesting CapitaMall Yuhuating into CLCR as part of the IPO portfolio; occupancy across the two seeded malls stands at 96% and total portfolio value approximates RMB2.6b.
HK:0005.HK:HSBC Holdings
HSBC representatives were present at CLCR’s listing ceremony alongside other institutions, reflecting international investor interest around the C-REIT rollout, even as CLCR targets domestic Chinese investors only.
SGX:D05.SI:DBS Group
DBS representatives attended CLCR’s debut; separately, DBS Group Research reiterated “buy” on Yangzijiang Shipbuilding despite order cancellations tied to U.S. sanctions risk, citing intact earnings growth and order outlook.
SGX:U11.SI:United Overseas Bank
United Overseas Bank is named joint issue manager, joint global coordinator and joint bookrunner, together with Maybank Securities and UOB Kay Hian, for Soon Hock Enterprise Holding’s proposed SGX mainboard listing.
SGX:U10.SI:UOB Kay Hian
UOB Kay Hian is a joint issue manager, joint global coordinator and joint bookrunner for the Soon Hock Enterprise Holding IPO, with allocations also involving certain high-net-worth clients via the brokerage.
KL:1155.KL:Malayan Banking Berhad
Maybank Securities, part of Malayan Banking, is co-managing Soon Hock Enterprise Holding’s proposed IPO alongside UOB; additional named cornerstone and private investors include Amova Asset Management (formerly Nikko Asset Management) and ICHAM Master Fund VCC.
SGX:BS6.SI:Yangzijiang Shipbuilding
Yangzijiang cancelled four oil tanker orders worth US$180m after discovering the buyer’s sanctions-related issues; deposits of about US$22.48m were collected, construction had begun on only one vessel, and the company later secured new orders including two containerships from Seaspan.
SGX:V5Q.SI:Soilbuild Construction Group
PhillipCapital’s Yik Ban Chong kept “buy” and lifted target price to $3.41, citing strong sector demand (HDB launches and private contracts), improving precast margins, and potential additional contract wins in 4Q25.
SGX:S3N.SI:GRC Limited
GRC (formerly OKH Holdings) reported FY2025 earnings of $7.4m on revenue of $138.1m after acquiring Chip Eng Seng Construction; order book stood at $2.3b as at Jun 30 (excluding $273.2m of wins post-period), with a proposed final dividend of 0.13 cent per share.
SGX:F10.SI:FJ Benjamin Holdings
FJ Benjamin’s FY2025 net loss widened to $16.6m as revenue fell 24% on store closures and weak sentiment; the group will cease carrying Guess by end-2025 and focus on right-sizing, new growth in retail and F&B, and strategic collaborations.
SGX:T41.SI:TeleChoice International
PhillipCapital’s Paul Chew initiated coverage with “buy” and TP of 21.5 cents after TeleChoice’s turnaround, highlighting PCS strength (Planet Telecom retail in Malaysia, StarHub Platinum Shops, prepaid distribution) and a Malaysia 4PL contract with U Mobile; partners in ICT include Avaya, Genesys, Oracle, Huawei, Supermicro and IBM; brands handled include Apple and Honor alongside Samsung, Xiaomi and Vivo.
US:AAPL:Apple
Apple features among major handset brands covered within TeleChoice’s Malaysia 4PL scope and retail/channel operations, contributing to hardware-heavy revenue mix under the PCS segment.
HK:1810.HK:Xiaomi
Xiaomi is cited among key phone brands included in TeleChoice’s 4PL contract activities in Malaysia, alongside Honor, Vivo and Samsung within the broader device ecosystem.
SGX:564.SI:Spindex Industries
Spindex received a take-private cash offer at $1.43 per share from parties acting with Chairman Tan Choo Pie and MD Tan Heok Ting via Skyline II, backed by PrimeMovers Equity; the offer values Spindex at about $165m and may lead to delisting to enhance operational flexibility and reduce listing costs.
AI Market Wrap: PPB warns on Wilmar, Maybank reshuffles, Vantris widens loss, Gamuda wins big, and more Malaysia movers
KL:4065.KL:PPB Group
PPB Group cautioned that its associate SGX:F34.SI:Wilmar International, in which it owns 18.8%, will post a 3QFY2025 loss after Indonesia’s Supreme Court imposed a hefty penalty tied to a 2021 graft case on cooking oil export permits.
KL:1155.KL:Malayan Banking Berhad
Maybank appointed Mohamad Yasin Abdullah as CEO of its Islamic banking arm, Maybank Islamic, effective Oct 1, replacing Datuk Muzaffar Hisham who now leads Bank Pembangunan Malaysia.
KL:5218.KL:Vantris Energy
Vantris Energy, formerly Sapura Energy, posted a widened 2QFY2026 net loss of RM230.76m on forex losses, with revenue down 12% to RM1.06b. No dividend was declared. The company also appointed former KL:6033.KL:Petronas Gas CEO Adnan Zainol Abidin as its new chairman.
KL:5398.KL:Gamuda
Gamuda’s Singapore arm will lead a consortium to develop a S$1.012b mixed-use project in Yishun, Singapore, comprising 875 homes, commercial space, a bus interchange, and hawker centre.
KL:0173.KL:Haily Group
Haily Group won RM197.55m in contracts to build a 45-storey serviced apartment block and shop units in Johor Bahru, awarded by Connoisseur Properties.
KL:5099.KL:Capital A
Capital A extended the deadline to dispose of AirAsia Aviation Group and AirAsia Bhd units to Oct 31, 2025, with approvals pending. The deals involve KL:5238.KL:AirAsia X as counterparty.
KL:5139.KL:AEON Credit Service
AEON Credit posted a modest 2QFY2026 net profit of RM72.23m, up 1.51% y-o-y, on stronger loans and financing. Revenue rose 14.1% to RM617.88m. A 13 sen dividend was declared, payable Nov 6.
KL:5027.KL:Kim Loong Resources
Kim Loong Resources reported a 20% jump in 2QFY2026 profit to RM47.31m, lifted by higher fresh fruit bunch output and prices. Revenue rose 7.45% to RM436.19m. A five sen interim dividend was declared.
KL:6718.KL:Crescendo Corporation
Crescendo’s 2QFY2026 profit slumped 88% to RM16.31m on absence of land sale gains. Revenue fell 75% to RM76.1m. The group declared a one sen interim dividend.
KL:5738.KL:Country Heights
Country Heights confirmed the winding-up petition against its subsidiary Golden Horse Palace, operator of the Palace of the Golden Horses hotel, has been withdrawn after settling RM142,698 owed to Fujifilm Business Innovation Asia Pacific.
KL:0220.KL:Mayu Global
Mayu Global said a director of its unit Sunrise Manner has been summoned by MACC, while its bank accounts were frozen in an ongoing probe. No charges have been filed.
KL:0278.KL:Edelteq Holdings
Edelteq set up a joint venture with state-backed Kumpulan Modal Perdana to develop chip inspection systems, with up to RM3.2m investment support from the venture capital firm under the Ministry of Science, Technology and Innovation.
Oil Tumbles as Opec+ Signals More Output, Brent Slips Below $70
oil:US:UCO:Oil
Oil prices dropped sharply on expectations that Opec+, led by Saudi Arabia, will hike production again in November. West Texas Intermediate fell 3.4% to around US$63 a barrel, its steepest decline since June, while Brent slid below US$70. Analysts at RBC Capital Markets expect another 137,000-barrel-a-day output increase, though many producers besides Saudi Arabia are near capacity limits.
US:GS:Goldman Sachs
Goldman Sachs warned Brent could fall to the mid-US$50s in 2026, despite Chinese stockpiling and geopolitical tensions. The International Energy Agency projects record oversupply by 2026 as Opec+ and rivals ramp up production. Analysts say traders remain cautious, with no bullish narrative emerging unless Russian disruptions intensify.
Iraq North Oil
Iraq resumed crude exports via its northern pipeline to Turkey after more than two years of suspension, according to Amer Al-Mehairi, director general of Iraq’s North Oil. The restart could add further supply to global markets.
US:Trump:Donald Trump
Former US President Donald Trump said Israeli Prime Minister Benjamin Netanyahu has agreed to a 20-point plan aimed at halting fighting between Israel and Hamas. A potential end to the conflict in the Middle East — a region producing about one-third of global oil supplies — could ease the war premium built into crude prices.
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