AI Jitters, Rate Jitters: Oracle Drag Hits Rally; Utilities Shine; Gold Fever; IPO Buzz Ripples Through Wall Street
US:DGT:Dow Jones Industrial Average
U.S. stock futures were little changed after the Dow’s prior-session dip, as investors weighed AI profitability worries and an ongoing government shutdown that is now in its second week.
SGX:S27.SI:S&P 500
The S&P 500 snapped a seven-day win streak amid renewed skepticism over the durability of the AI trade and caution ahead of the Federal Reserve’s minutes due Wednesday.
US:QQQ:Nasdaq Composite
Tech weakness pulled the Nasdaq lower after fresh concerns about cloud margins tied to AI workloads pressured sentiment.
US:ORCL:Oracle
Oracle fell after a report said its cloud margins are lighter than expected and that it’s losing money on some deals renting out Nvidia chips—stoking fears of an AI bubble.
US:NVDA:Nvidia
Nvidia was drawn into the debate as reports of Oracle renting its chips at thin—or negative—margins fueled questions about near-term AI profitability.
US:SOFI:SoFi Technologies
SoFi’s head of investment strategy, Liz Thomas, said market euphoria could run further before any turn, underscoring split views on the AI-led rally.
US:AMP:Ameriprise Financial
Ameriprise’s Anthony Saglimbene said investors may soon demand clearer AI return-on-investment after heavy capex spending.
US:FICO:Fair Isaac
Fair Isaac slid after Equifax cut mortgage score pricing; the move followed FICO’s new pricing model letting lenders bypass credit bureaus for scores.
US:EFX:Equifax
Equifax said it will offer cheaper mortgage score prices, a shift that pressured Fair Isaac and stirred competitive questions across credit scoring.
US:EXPGY:Experian
Experian was cited alongside peers as FICO’s model could allow some lenders to bypass traditional bureau channels for scores.
US:TRU:TransUnion
TransUnion was also named among bureaus potentially impacted by changes in credit-score distribution models.
US:JOBY:Joby Aviation
Joby Aviation tumbled after unveiling a share offering with an aggregate price of $500 million.
US:TSLA:Tesla
Tesla dropped after debuting cheaper standard versions of its Model Y and Model 3, while some investors looked for updates on future models like Roadster.
US:XLU:Utilities Select Sector SPDR Fund
Utilities outperformed and hit fresh highs, extending a month-long rally even as the fund’s RSI moved into overbought territory.
US:AEP:American Electric Power
American Electric Power gained more than 2% as utilities led the market on Tuesday.
US:EXC:Exelon
Exelon advanced more than 2% amid broad utility strength.
US:AWK:American Water Works
American Water Works climbed more than 2% as defensives attracted bids.
US:CEG:Constellation Energy
Constellation Energy led utility winners over the past month with a double-digit gain.
US:NEE:NextEra Energy
NextEra was among monthly leaders, rising more than 12% in the utilities upswing.
US:SRE:Sempra
Sempra joined the utilities rally with a gain exceeding 12% over the past month.
US:ES:Eversource Energy
Eversource Energy posted a monthly rise of 12% or more alongside sector peers.
US:XEL:Xcel Energy
Xcel Energy also advanced 12%+ over the past month as utilities’ momentum persisted.
US:KVUE:Kenvue
Kenvue rose more than 2% as consumer staples outperformed and looked set to snap a four-day losing streak.
US:EL:Estee Lauder
Estee Lauder gained more than 3%, helping lift the staples sector.
US:MKC:McCormick
McCormick slipped more than 2%, capping staples gains even as the group rallied.
US:DLTR:Dollar Tree
Dollar Tree fell more than 2%, also weighing on the sector’s advance.
US:JPM:JPMorgan Chase
JPMorgan downgraded several consumer-finance names to Neutral, citing signs of a slowing labor market and diverging consumer health.
US:OMF:OneMain Holdings
OneMain was cut to Neutral on concerns lower-income consumer balance sheets may deteriorate.
US:SYF:Synchrony Financial
Synchrony was downgraded on worries it could slip in consumers’ payment hierarchies.
US:SLM:SLM Corp
SLM was lowered to Neutral amid credit headwinds tied to student loan repayment and a tough job market for new grads.
US:ESNT:Essent Group
Essent was downgraded as shares trade at a relative premium to peers.
US:GS:Goldman Sachs
Goldman Sachs vice chairman Robert Kaplan said gold’s surge is a “red light,” noting bonds aren’t acting like a safe haven amid deficit worries.
US:TMQ:Trilogy Metals
Trilogy Metals soared after the White House announced a partnership and a $35.6 million investment that would make the U.S. a 10% shareholder.
US:DGT:Dow Jones Industrial Average
Wall Street tracked Washington headlines as the government shutdown stretched into day seven, with risks to sentiment seen rising the longer it lasts.
US:DGT:Dow Jones Industrial Average
Atlanta Fed President Raphael Bostic said businesses no longer see “catastrophic” tariff outcomes, though consumers—especially lower-income—are showing spending caution.
US:DGT:Dow Jones Industrial Average
President Donald Trump discussed possible adjustments to Canadian tariffs with Prime Minister Mark Carney, adding trade policy uncertainty to the macro mix.
US:DGT:Dow Jones Industrial Average
Gold futures topped $4,000 per ounce for the first time as investors sought safety; Bridgewater’s Ray Dalio said portfolios could hold up to 15% in gold as a diversifier.
AI Deals, Soda Showdown & Gold’s Peak Jitters: Wall Street’s Big Movers in One-Liners
US:PEP:PepsiCo
PepsiCo shares are down ~8% year-to-date and ~16% over 12 months; technicians flag bullish RSI/MACD signals and a potential inverted head-and-shoulders, eyeing $146 then $156 near term, with $135 as a stop into earnings.
US:KO:The Coca-Cola Company
Coca-Cola has risen ~7% year-to-date and holds stronger Street support than PepsiCo, with more buy ratings and a higher implied upside from average targets.
US:BAC:Bank of America
Bank of America cautions that gold’s surge above $4,000 could enter “consolidation or correction” as the move nears uptrend exhaustion around a big round number.
US:ALAB:Astera Labs
Citi set a Street-high $275 target and reiterated Buy after AMD and OpenAI unveiled a multibillion-dollar AI infrastructure deal, positioning Astera Labs to supply networking for AMD’s Helios platform.
US:AMD:Advanced Micro Devices
AMD rallied following its OpenAI partnership to deploy up to 6 GW of Instinct GPUs over several years, with Astera Labs cited as a networking beneficiary for the 2026 Helios rollout.
US:C:Citigroup
Citi’s positive call on Astera Labs highlights exposure to open AI networking (including UALink) and potential revenue of roughly $1,000 per accelerator as open rack-scale systems expand.
SGX:S27.SI:S&P 500
The S&P 500 is up more than 33% over six months; Bespoke notes the index typically dips ~1% in the following week after such surges, with modest average gains over three and six months.
US:NVDA:Nvidia
Nvidia has surged ~90% over six months amid the AI trade, though the rally’s durability may hinge on AI earnings not disappointing.
US:META:Meta Platforms
Meta is up ~39% over six months as investors crowd into AI-linked mega caps during the post-April rebound.
US:JEF:Jefferies Financial Group
Jefferies upgraded AMD to Buy and raised its target to $300, calling the OpenAI partnership a “multi-generational opportunity” contingent on execution milestones.
US:ORCL:Oracle
Jefferies noted OpenAI has been striking deals including with Oracle, underscoring the scramble to secure AI compute capacity.
Deal-Making, Data Centers & Debt Flows: Singapore–Malaysia Corporate Moves in Sharp Bites
SGX:PH0.SI:Hatten Land
Hatten Land proposes a S$24 million reverse takeover of privately held Metrocon to stabilise finances and pursue strategic opportunities, per judicial managers at Deloitte, following its Singapore High Court judicial management filing last year.
SGX:CJLU.SI:NetLink NBN Trust
NetLink opened its S$110 million Seletar central office—its 11th—to bolster fibre capacity for Singapore’s northern/northwestern growth (covering 40,000 new homes) and support projects including the North–South Corridor, Johor Bahru–Singapore RTS Link, a new transport hub, and the Sungei Kadut Eco-District.
SGX:564.SI:Spindex Industries
Spindex appointed Evolve Capital Advisory as independent financial adviser for its privatisation; offerors led by chairman Tan Choo Pie and managing director Tan Heok Ting proposed S$1.43 per share (~S$165 million valuation) and plan to delist if the scheme succeeds.
US:BNPQY:BNP Paribas
BNP Paribas’ Chandresh Jain said fading rate-cut bets and a large September maturity helped drive US$1.7 billion in foreign outflows from Malaysian bonds—the biggest in 11 months—with attention now on Malaysia’s 2026 Budget; a side note saw equities register the month’s largest net foreign selling on Oct 6.
SGX:U11.SI:United Overseas Bank
UOB Malaysia secured naming rights from state-owned Prasarana, rebranding Kuala Lumpur’s Bandaraya LRT station to “Bandaraya–UOB,” extending the bank’s domestic brand presence.
SGX:OAJ.SI:Fortress Minerals
Fortress Minerals’ 1HFY2026 net profit fell 35.1% y-o-y to US$4.44 million (2QFY2026 -56.7% to US$1.96 million) as lower realised prices and higher unit costs offset 8.6% higher sales volume; the iron ore producer said regional mill demand remains firm on offtake deals and decarbonisation trends.
SGX:SET.SI:Stoneweg European Stapled Trust
RHB Bank Singapore’s Vijay Natarajan kept “Buy” with a €1.90 TP, citing NAV growth potential from portfolio rebalancing toward logistics/industrial/data centres (~70% by 2027), completed divestments (€303.7m since 2022), and a €50m stake in sponsor’s AiOnX data centre fund that has already delivered €24.8m fair-value gains across five UK DC projects (power visibility ~2,009 MW).
SGX:JYEU.SI:Lendlease Global Commercial REIT
In related sector moves, Maybank upgraded Lendlease REIT to “Buy,” highlighting easing funding costs and a supportive macro backdrop.
Courts, Contracts & Capital Moves: Malaysia’s Market in Rapid Fire
KL:5032.KL:Bintulu Port Holdings Bhd
Bintulu Port secured High Court leave to pursue a judicial review against additional tax assessments totaling RM44.2 million for 2020–2023.
KL:7195.KL:Binastra Corporation Bhd
Binastra’s unit won a RM305 million job from Bahru Stainless Sdn Bhd for infrastructure works, a 65MWp solar PV system and a 200MWh battery storage project in Johor; the deal is a related-party transaction involving shareholders tied to Worldwide Stainless Sdn Bhd.
KL:7164.KL:KNM Group Bhd
Major shareholder MAA Group Bhd called for an EGM to vote on selling KNM’s German unit, Deutsche KNM GmbH, for €270 million, despite Bursa Malaysia’s rejection of KNM’s broader PN17 exit plan.
KL:1198.KL:MAA Group Bhd
MAA Group, holding over 10% of KNM, formally requested the EGM to decide on the proposed sale of Deutsche KNM GmbH.
KL:1818.KL:Bursa Malaysia Bhd
Bursa Malaysia earlier rejected KNM’s plan that included the disposal of Deutsche KNM, keeping the group under PN17 while shareholders seek alternatives.
KL:0198.KL:GDB Holdings Bhd
GDB proposed a private placement of 93.75 million new shares (about 10% of share capital) at 41.9 sen each to raise roughly RM39.28 million for working capital.
KL:0091.KL:Propel Global Bhd
Propel Global agreed to sell a 70% stake in Propel Maxflo Sdn Bhd to Reservoir Link for RM13.79 million cash plus new RL shares, lifting its stake in Reservoir Link to 14.26%; the group also outlined a planned capital reduction and placement.
KL:0219.KL:Reservoir Link Bhd
Reservoir Link will issue 18.69 million new shares at 18.5 sen and pay cash to acquire 70% of Propel Maxflo Sdn Bhd, expanding its O&G services portfolio.
KL:5281.KL:Advancecon Holdings Bhd
Advancecon won a RM7 million adjudication award against China Communication Construction (ECRL) Sdn Bhd over an ECRL payment dispute, below its RM15.22 million claim.
Oil Balancing Act, Tokenised Finance, STI Rethink & Big-Ticket SG REIT Deals — Your One-Liner Market Brief
US:UCO:ProShares Ultra Bloomberg Crude Oil
Oil steadied as Opec+’s smaller-than-expected November hike (137k bpd) met rising inventory signals; ING and StoneX flagged cautious sentiment, while Saudi Arabia kept Asia OSPs unchanged and ADNOC lifted Murban’s OSP; EIA/API data pointed to higher U.S. crude stocks as JPMorgan tracked a September build.
SGX:D05.SI:DBS Group Holdings
DBS accelerated asset tokenisation — launching tokenised structured notes on Ethereum after earlier bond tokenisation trials — and pushed for interoperable KYC frameworks to let DBS smart contracts transact with peers.
SGX:O39.SI:Oversea-Chinese Banking Corp (OCBC)
OCBC said tokenisation is moving mainstream but AML/KYC and talent remain hurdles; the bank highlighted the need for common standards as digital-asset activity scales.
SGX:U11.SI:United Overseas Bank (UOB)
UOB noted stablecoins dominate headlines but sees the future in tokenised bank deposits and CBDCs, stressing that “tokenised money” must integrate with banks’ core systems.
US:JPM:JPMorgan Chase & Co.
Referenced by industry speakers as a key counterparty for cross-bank wallet/KYC interoperability that could “massively scale” DeFi use cases with proper guardrails.
SGX:J36.SI:Jardine Matheson Holdings
STI history piece underscored how the index shifted toward market representation — adding Jardine names over time (Hongkong Land, DFI Retail Group, Jardine Cycle & Carriage) — and away from economy mirroring.
SGX:H78.SI:Hongkong Land Holdings
Cited as one of the Jardine stable added to the STI during its market-representation pivot.
SGX:D01.SI:DFI Retail Group
Included among non-Singapore-centric constituents that entered the STI as rules prioritised market cap and liquidity.
SGX:C07.SI:Jardine Cycle & Carriage
Named in the STI sector-mix discussion that now skews to larger caps.
SGX:Y92.SI:Thai Beverage
Highlighted as another non-Singapore company within the STI cohort.
SGX:EMI.SI:Emperador Inc.
Noted for prior inclusion and subsequent drop from the STI.
SGX:BS6.SI:Yangzijiang Shipbuilding
One of the non-local names in the STI mix reflecting the index’s market-first approach.
SGX:C09.SI:City Developments
Flagged among STI constituents with periods of above-average returns versus the benchmark.
SGX:V03.SI:Venture Corporation
Pointed out as the sole “true” manufacturing representative remaining after earlier exits from the sector.
SGX:Z74.SI:Singapore Telecommunications (Singtel)
Referenced as an STI heavyweight in the index-composition review.
SGX:D05.SI:DBS Group Holdings
Together with UOB and OCBC, cited as dominant drivers after the STI was cut to 30 components in 2008.
SGX:U11.SI:United Overseas Bank (UOB)
Named alongside DBS and OCBC as outsized influences on the STI due to market-cap weighting.
SGX:O39.SI:Oversea-Chinese Banking Corp (OCBC)
Included in the debate over whether the STI still reflects Singapore’s economy versus large-cap market exposure.
US:PFE:Pfizer
Pfizer agreed at the White House to deep drug price cuts and pledged US$70B U.S. manufacturing investment, gaining a three-year tariff exemption and a new direct channel (TrumpRx), amid questions over transparency and patient impact.
SGX:A17U.SI:CapitaLand Ascendas REIT (CLAR)
CLAR proposed buying three Singapore assets from Vita Partners for ~S$565.8M (c.3.9% below valuation), with completion by 1Q26; properties are fully let with WALE ~5.5 years; broker CBRE managed the deal.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)
Knight Frank’s Q3 report cited CICT’s S$1.05B purchase of a 55% CapitaSpring stake (from CapitaLand Development and Mitsubishi Estate) as a key private-market driver.
SGX:TQ5.SI:Frasers Property
Part of a consortium that bid for the Chencharu Close mixed-use GLS site, as developers’ robust participation buoyed Q3 investment sales.
SGX:L19.SI:Lum Chang Holdings
Named within the Chencharu Close tender’s competing tie-up, illustrating broad developer interest.
KL:5398.KL:Gamuda Berhad
Joined the winning consortium for Chencharu Close, reinforcing cross-border participation in Singapore GLS.
US:CBRE:CBRE Group
Brokered the CLAR portfolio transaction, with commentary pointing to investor rotation into defensive industrial assets as rates ease.
SGX:S27.SI:S&P 500
Used in context as the global equity yardstick within the commentary, contrasting index construction approaches and sector weightings across markets.
Duty Free International Limited 1H FY2026 Results: Revenue Up 14.5% in Q2, No Dividend Declared for Quarter After S$0.00165 Interim Dividend Paid
TOSEI Corporation Reports Strong Q3 2025 Results: Revenue Up 20.9%, Announces FY2025 Dividend Forecast of ¥98 Per Share
Fortress Minerals Limited 2Q FY2026 Results: Revenue Grows, Net Profit Down 57%, No Dividend Declared to Conserve Cash
GRC Limited FY2025 Financial Results: Revenue Surges to $138M, Net Profit Doubles, and Proposes 0.13 Cents Per Share Final Dividend 218
Mapletree Industrial Trust Management Ltd. (“MIT”) has announced the upcoming release of its financial results for the Second Quarter and First Half of Financial Year 2025/2026, ending 30 September 2025. The results will be made available after trading hours on 29 October 2025, followed by a live analyst briefing via audio webcast on 30 October 2025 at 9:30am.
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