Bank Jitters Ripple Across Wall Street: Tech, Drugmakers, and Rails Move in a Choppy Tape
US:DGT:Dow Jones Industrial Average
Dow futures ticked lower after Wednesday’s session where the Dow fell 301.07 points (-0.7%) as bank worries intensified.
SGX:S27.SI:S&P 500
S&P 500 futures eased after the index closed down 0.6% on Wednesday amid a late-session slide in bank shares.
US:QQQ:Nasdaq Composite
Nasdaq 100 futures slipped, following the Nasdaq Composite’s 0.5% decline on Wednesday.
Volatility spiked (VIX), Treasury yields and the U.S. dollar fell, and gold hit fresh records as investors sought safety.
US:KRE:SPDR S&P Regional Banking ETF
KRE lost more than 6% Wednesday, extending a four-week skid as fears about bad loans weighed on regional banks.
US:ZION:Zions Bancorporation
Shares dropped after the bank disclosed bad loans, stoking concerns about loose lending.
US:WAL:Western Alliance Bancorporation
Stock fell after the lender revealed problem loans, adding to sector-wide jitters.
US:CMA:Comerica Incorporated
Investors eyed Friday’s results for another read on regional bank health.
US:FITB:Fifth Third Bancorp
Set to report Friday, offering fresh insight into credit quality and margins.
US:SCHW:The Charles Schwab Corporation
Charles Schwab’s Liz Ann Sonders warned that “speculative froth” in pockets like small caps (e.g., the Russell 2000) could collide with banking concerns to fuel volatility.
US:IBKR:Interactive Brokers Group
Fell more than 2% after-hours despite a top- and bottom-line beat and a 21% jump in net interest income.
US:ORCL:Oracle
Slipped over 2% after-hours after sharing a long-term outlook (targeting 31% CAGR revenue over five years) and highlighting growth in databases/data platforms at its AI World event.
US:META:Meta Platforms
Mentioned alongside Oracle as the pair announced a cloud computing deal.
US:LLY:Eli Lilly and Company
Shares dipped in late trading after comments from President Donald Trump on potentially “much lower” obesity drug prices.
US:NVO:Novo Nordisk A/S
Stock fell in extended hours after the same pricing remarks; CMS’s Dr. Mehmet Oz said GLP-1 prices had not been negotiated yet.
US:OZK:Bank OZK
Dropped about 3% after missing Q3 EPS expectations ($1.59 vs. $1.66), compounding a near-7% slide earlier in the day.
US:CSX:CSX Corporation
Rose ~2% on an earnings beat (Q3 adjusted EPS $0.44 on $3.59B revenue), helped by execution despite softer coal prices and merchandise volumes.
SGX:S27.SI:S&P 500
Week to date, the S&P 500 is up nearly 1.2% on a strong start to Q3 earnings.
US:DGT:Dow Jones Industrial Average
The Dow has gained about 1% this week.
US:QQQ:Nasdaq Composite
The Nasdaq Composite is up roughly 1.6% week to date.
Broader backdrop: Ongoing U.S. government shutdown (third week) has paused key data releases; trade/tariff tensions and lofty AI-driven valuations continue to frame market risk.
Malaysia Deal Flow Heats Up: Data Centres, Energy & Property Headlines Drive KL Counters
KL:0091.KL:Propel Global Berhad
Propel Global’s JV secured a RM70m civil & structural works LOA for a Johor Bahru data centre from a Singapore-based firm, with potential phases lifting the total to RM325m if confirmed by end-2025; completion targeted by mid-2026. :contentReference[oaicite:0]{index=0}
KL:0339.KL:CBH Engineering Holding Berhad
CBH Engineering won a RM20.67m contract for high-voltage early works at a 275kV substation serving a Johor data centre—its fifth DC job since January—with completion due by Sept 15, 2026. :contentReference[oaicite:1]{index=1}
KL:7187.KL:Chin Hin Group Property Berhad
CHGP will develop a RM1.15b residential project in Taman Connaught, Cheras (via Avion Connaught), targeting RM210m pre-tax profit; it acquired full development rights for RM103m, funded by internal funds and bank borrowings. :contentReference[oaicite:2]{index=2}
KL:5264.KL:Malakoff Corporation Berhad
Malakoff appointed Atlantic Blue (a Solarvest unit) as EPCC contractor for its 470MW Perak solar project under the LSS Petra 5+ programme. :contentReference[oaicite:3]{index=3}
KL:0215.KL:Solarvest Holdings Berhad
Solarvest’s subsidiary Atlantic Blue was named EPCC contractor for Malakoff’s 470MW Perak solar project. :contentReference[oaicite:4]{index=4}
KL:5216.KL:NexG Berhad
NexG obtained a RM12.18m, 26-month extension to its Road Transport Department contract (to Oct 2027), bringing total to RM33.7m; unit Datasonic Technologies will supply driving licence card consumables. :contentReference[oaicite:5]{index=5}
KL:5255.KL:Lianson Fleet Group Berhad
Lianson cut the purchase prices for Vietnam port operators Yinson Port Ventures and Yinson Premier to RM15.8m and RM6.4m respectively, citing weaker peer valuations (sellers linked to major shareholder Lim Han Weng). :contentReference[oaicite:6]{index=6}
KL:5085.KL:Mudajaya Group Berhad
Mudajaya proposed a 5-to-1 share consolidation, shrinking shares from 2.657b to 531.48m; theoretical price adjusts from 10 sen to 50 sen, and 2027 warrants’ exercise price revises from 22 sen to RM1.10. :contentReference[oaicite:7]{index=7}
KL:0308.KL:KTI Landmark Berhad
KTI clarified it has not secured the RM70m Wisma Budaya redevelopment in Kota Kinabalu; only a non-binding letter of intent is in place. :contentReference[oaicite:8]{index=8}
KL:7028.KL:Zecon Berhad
Zecon signed a non-binding two-year MoU with Edra Power Holdings and Neutrinos Engineering to explore a 700MW integrated energy complex (200MW solar, 500MW CCGT) in Kuching’s Kota Petra Green Technology Park; Zecon would act as master developer. :contentReference[oaicite:9]{index=9}
KL:0304.KL:Farm Price Holdings Berhad
Farm Price completed its RM4.5m acquisition of two Johor grocers after a court lifted an injunction, comprising Hong Yun Vegetables & Fruits’ RM3.9m grocery business and RM600k of assets from D & D Sinma 8888 Univeg Trading. :contentReference[oaicite:10]{index=10}
Hong Kong & China Market Buzz: Heavyweight Moves from GIANT BIOGENE to HSBC, BYD Electronic, and More
HK:02367.HK:GIANT BIOGENE
Tumbled 15.3% as controlling shareholder Juzi Holding bought 760,000 shares (~HKD31.9M), lifting its stake to about 54.56%.
HK:06823.HK:HKT-SS
US FCC signaled intent to revoke its US telecom license; HKT-SS said it is assessing and will respond to authorities.
HK:00008.HK:PCCW
Parent of HKT-SS noted the FCC’s Order to Show Cause regarding HKT-SS’s US license.
HK:02328.HK:PICC P&C
Guided 1–3Q25 net profit growth of about 40%–60% year on year, citing portfolio gains from stronger capital markets.
HK:00005.HK:HSBC HOLDINGS
Board committee to meet on Oct 28 to consider 3Q25 results and a third interim dividend for 2025.
HK:02637.HK:Haixi Pharma
In grey market trading, opened up roughly 98.6%; last at $113.5, up 31.4% from listing price.
HK:02885.HK:BYD Electronic
CLSA said BYD Electronic is set to supply Nvidia’s power components and Apple’s desktop robots; rating reiterated “Outperform.”
US:NVDA:NVIDIA
Named by CLSA as an end-customer for BYD Electronic’s forthcoming power components.
US:AAPL:Apple
Cited by CLSA as an end-customer for BYD Electronic related to desktop robots.
HK:09866.HK:NIO-SW
Dropped about 9% as HSI ended down 22 points on the session.
HK:09901.HK:New Oriental Education
“Series” rallied even as the broader market eased.
US:CG:Carlyle Group
Reportedly leading, with Boyu Capital, a joint bid for Starbucks’ China business valued at about US$4B.
US:SBUX:Starbucks
Subject of the reported Carlyle/Boyu bid for its China operations.
US:YJ:Yunji
Closed up 26% to $120.5 on debut session referenced in the update.
HK:01810.HK:Xiaomi
Fell over 3% while overall turnover rose; several heavyweights printed new highs.
HK:01088.HK:China Shenhua
Hit a new high in session trade.
HK:01044.HK:Hengan International
Notched a new high during the session.
HK:01898.HK:China Coal
Ended at a new high alongside other sector names.
HK:00975.HK:Mongol Mining
Reached a new high on the day.
HK:02233.HK:West China Cement
Marked a new high as market turnover climbed.
HK:09988.HK:Alibaba Group
Taobao Instant Commerce logged 2x+ YoY gains across multiple categories as 11.11 kicked off.
HK:09988.HK:Alibaba Group
Tmall Double 11 saw 35 brands surpass RMB100M sales in the first hour; active users rose year on year.
US:ASML:ASML Holding
Jefferies lifted target price to EUR795 and kept “Hold” rating.
Ant Group
Acquired Hubei’s Orca Pharmacy and launched an Alipay mini program (company not publicly listed).
AlipayHK
1–3Q25 overseas transaction volume surged 60%; new European tax refund services launched at four major international airports (entity not publicly listed).
China & Hong Kong Market Flash: Research Calls, Chip Gains, Auto Swings, and Platform Tweaks
HK:09618.HK:JD.com
JD Food Delivery began trials in 25 mainland cities to remove rider overtime penalties.
US:BAC:Bank of America
Citi projected improvement in net interest income and raised its target price to US$62.
HK:06823.HK:HKT-SS
Morgan Stanley said a potential U.S. operating license revocation for a subsidiary would have a manageable fundamental impact.
US:MS:Morgan Stanley
Citi lifted Morgan Stanley’s target price to US$170 with a Neutral rating.
HK:0728.HK:China Telecom
JPM recommended buying China’s three major telcos and named China Telecom its top pick with a HKD7.5 target price.
US:TSM:Taiwan Semiconductor Manufacturing Company
Reported 3Q after-tax net profit up 39.1% year on year to a record TWD452.3 billion.
HK:09866.HK:NIO
Briefly plunged as much as 13% amid reports of a lawsuit by Singapore’s GIC alleging revenue inflation.
Vivo
Omdia said China’s 3Q smartphone market fell 3% year on year as Vivo regained the top spot. (Private company; no applicable stock code in US/HK/SGX/KL.)
CLSA
Said downside pressure on A-shares from U.S.–China trade tensions is limited and viewed H-shares allocation potential as strategically positive. (Broker not listed on US/HK/SGX/KL.)
HK:1148.HK:Xinchen China Power Holdings
Acquired a machinery manufacturing firm; trading resumed after midday.
HK:09880.HK:UBTECH Robotics
Signed a humanoid robot procurement deal with an A-share automaker; Walker series secured ~RMB500 million in total orders.
HK:01810.HK:Xiaomi
Fell over 3% at midday as the HSI slipped 111 points.
HK:01088.HK:China Shenhua Energy
Hit a new high during the session.
HK:01044.HK:Hengan International
Marked a new high in midday trading.
HK:01898.HK:China Coal Energy
Set a new high alongside sector peers.
HK:00670.HK:China Eastern Airlines
Rose to a new high during the midday session.
HK:02233.HK:West China Cement
Notched a new high as turnover increased.
US:C:Citigroup
Initiated a pair trade: Overweight China Life and Underweight New China Life.
HK:02628.HK:China Life Insurance
Cited by Citi as the Overweight leg of its pair trade.
HK:01336.HK:New China Life Insurance
Named by Citi as the Underweight leg of its pair trade.
HK:02328.HK:PICC Property & Casualty
Citi placed a positive 30-day catalyst watch, expecting 3QFY25 results to beat.
HK:09868.HK:XPeng
September exports jumped 65.8% month on month, surpassing 5,000 units.
US:JPM:JPMorgan Chase
Recommended buying China’s three major telecoms with China Telecom as top pick.
US:JEF:Jefferies Financial Group
Listed its recommended China stocks with earnings-backed return profiles.
US:ASML:ASML Holding
Jefferies raised its target price to EUR795 and maintained a Hold rating.
LiDAR Leap, Bank Bulls & Platform Plays: Fast-Moving Calls and Deals Sweep HK/China Markets
HK:02525.HK:Hesai Group
Daiwa expects rising auto LiDAR demand and initiated/maintained a Buy view on Hesai.
HK:02498.HK:Robosense Technology
Daiwa also rated Robosense Buy on strengthening LiDAR uptake.
US:C:Citigroup
Citi said Chinese insurers’ upcoming quarter should benefit from maturing deposit allocations and improved combined ratios.
US:C:Citigroup
Citi updated ratings and target prices on China banks.
HK:01398.HK:Industrial and Commercial Bank of China
Citi’s 4Q view favors China banks; ICBC named among top picks.
HK:00939.HK:China Construction Bank
Citi highlighted CCB as a top pick to outperform in 4Q.
HK:03988.HK:Bank of China
Bank of China was also listed by Citi as a top 4Q pick.
CLSA
CLSA expects US–China trade talks to continue and prefers A-shares near term on lower volatility than H-shares.
CN NPC Standing Committee
China’s NPC Standing Committee meeting set for Oct 24–28.
HK:02525.HK:Hesai Group
Daiwa initiated coverage on Hesai with Buy and a HK$264 target price.
HK:01211.HK:BYD Company
JPMorgan said market expectations for BYD’s earnings rebound are too aggressive, while broader China carmakers likely see better 3Q earnings.
HK:03690.HK:Meituan
Report said Meituan will adjust its merchant rating system to reduce the impact of malicious negative reviews.
HK:09992.HK:POP MART International
JPMorgan upgraded to Overweight and raised target price to HK$320.
Baishan Cloud
Edge cloud service provider applied for a Hong Kong listing.
US:MGM:MGM Resorts International
Company withdrew a casino license application.
US:AAPL:Apple
CEO Tim Cook met app developers in Beijing.
US:MS:Morgan Stanley
Morgan Stanley lifted Hang Lung Properties’ target price to HK$10.5 on improving mainland retail.
HK:0101.HK:Hang Lung Properties
Benefited from the Morgan Stanley target price increase tied to better China retail trends.
HK:01810.HK:Xiaomi
President Lu Weibing said Redmi K90 Pro Max will be unveiled next week with launch brought forward to October.
Fitch Ratings
Said HSBC’s planned privatization of Hang Seng Bank enhances strategic synergy.
HK:00005.HK:HSBC Holdings
Cited by Fitch regarding the strategic benefits from the proposed Hang Seng Bank privatization.
HK:00011.HK:Hang Seng Bank
Target of HSBC’s planned privatization referenced by Fitch.
HK:02577.HK:InnoScience (Suzhou) Technology
CLSA raised target price to HK$113.6 and reiterated Outperform.
HK:06823.HK:HKT Trust & HKT
US FCC intends to revoke operating license of HKT’s US subsidiary.
HK:09618.HK:JD.com
JD partnered with CATL for a strategic collaboration on green, low-carbon, and digital supply-chain transformation.
CATL
Named in JD’s strategic cooperation on supply-chain decarbonization and digitalization.
MPF Ratings
Reported ~HK$8B net inflow into the MPF system in 3Q.
CICC
Said renewed US–China tariff tensions have a milder impact on A-shares than in early April.
Changan Automobile
Formed a comprehensive strategic partnership with JD.
Guotai Haitong
Initiated West China Cement with Overweight and HK$3.73 target; reiterated commitment to overseas expansion.
HK:02233.HK:West China Cement
Subject of Guotai Haitong’s new Overweight coverage and TP HK$3.73.
Shanghai–Singapore Cooperation
Shanghai and Singapore signed 18 MOUs across tech innovation and the digital economy, among other areas.
HK:02202.HK:China Vanke
Morgan Stanley lowered sales forecasts and cut target price to HK$4.28.
HK:01707.HK:Geotech Holdings
Clarified that business operations are not involved in US and UK sanctions.
HK:00924.HK:Khoon Group
Also clarified operations are not involved in US and UK sanctions.
Sanhua
Shares fell over 5% after the company dismissed rumors of a large robot order.
Zijin Gold International
Jumped over 4% after being added to the Southbound Stock Connect list.
US:YJ:Yunji
Opened up 49.4% to US$142.8 on debut session referenced.
US:UBS:UBS Group
UBS downgraded Sun Hung Kai Properties to Neutral with a HK$96 target price.
HK:0016.HK:Sun Hung Kai Properties
Cut to Neutral by UBS with HK$96 target price.
US:AAPL:Apple
COO visited AAC Technologies’ Jiangsu factory; future investment expected to increase.
HK:2018.HK:AAC Technologies
Hosted Apple’s COO at its Jiangsu facility; investments seen rising.
HK:01148.HK:Xinchen China Power Holdings
Acquired a machinery manufacturing firm; trading resumed after midday.
HK:03690.HK:Meituan
Alongside broader market moves, autos softened while POP MART rallied in early trade.
Deals, Debuts & Dental Bets: Singapore Counters Stir on Pharma, Storage and Healthcare Moves
SGX:1J5.SI:Hyphens Pharma International
Hyphens Pharma’s subsidiary extended its partnership to commercialise an autoinjector pen in Thailand and Cambodia.
SGX:SHE.SI:Soon Hock Enterprise Holding
Soon Hock Enterprise debuted at S$0.63 and closed at S$0.575 on its first trading day.
SGX:9CI.SI:CapitaLand Investment
CLI-managed Extra Space Asia will invest nearly S$100 million to develop a Kaki Bukit site in Singapore and acquire three facilities in Tokyo.
SGX:QC7.SI:Q & M Dental Group (Singapore)
Q&M plans to acquire a stake in a Thai dental group at an enterprise value of US$77.6 million.
SGX Unveils Indonesia SDR Linkage: Blue-Chip Access Expands for Singapore Investors
SGX:S68.SI:Singapore Exchange
Launched the Singapore Depository Receipt (SDR) Linkage mirroring Indonesian blue chips, bringing total SDRs on SGX to 26 securities; follows a 2024 MOU with Indonesia Stock Exchange.
US:PBCRY:Bank Central Asia
Featured in the new Indonesia SDRs; receipts represent beneficial ownership interests in the IDX-listed lender.
US:TLK:Telkom Indonesia
Included among the Indonesia SDRs on SGX, giving investors exposure to the IDX-listed telecom major.
US:PIFFY:Indofood CBP Sukses Makmur
Part of the Indonesia SDR lineup on SGX; the underlying IDX constituent is maker of Indomie instant noodles.
Phillip Securities
Issuer of the Indonesia SDRs representing beneficial ownership interests in the underlying IDX-listed companies.
Micro-Mechanics (Holdings) Ltd. to Release 1QFY2026 Financial Results on 30 October 2025
SIA Engineering Company Limited to Announce Half-Year FY2025/26 Financial Results on 4 November 2025
Keppel REIT Raises S$113 Million via Private Placement, Issues 114.95 Million New Units at S$0.983 Each
Asia Finance Flash: Analyst Calls, Compliance Crackdowns, EV Moves, and Mega Buybacks
HK:01211.HK:BYD Company
Morgan Stanley kept its Overweight view, saying overseas sales are the new growth driver after ~700,000 units in 9M25, even as domestic momentum stalls.
US:UBS:UBS Group
UBS is tightening reviews of Asian clients’ fund sources, hiring Deloitte and KPMG to assist screening in Singapore and Hong Kong to mitigate regulatory risks.
HK:09866.HK:NIO
After a near-9% drop on reports of a GIC lawsuit alleging revenue inflation, NIO insiders refuted the claims and said it complies with listing rules; shares rebounded this morning.
HK:09992.HK:POP MART
UBS (analyst) remains positive with a Buy rating, noting the stock is ~15% below its August peak as Twinkle Twinkle stays popular and Labubu stabilizes in secondary markets.
HK:02015.HK:Li Auto
Li Auto set up its overseas headquarters in Hong Kong earlier this year and plans further expansion in the city, Invest Hong Kong said.
US:JPM:JPMorgan Chase
JPM is reportedly negotiating to lease space at Artist Square Towers in West Kowloon in what could be Hong Kong’s largest lease on record.
Japan’s largest gold retailer paused sales of gold and platinum bars under 50g due to supply constraints.
HK:06823.HK:HKT
UBS (analyst) sees limited earnings impact even if HKT’s U.S. business license is revoked.
Macau’s 3Q25 VIP GGR rose 3.4% QoQ, accounting for roughly 27% of total GGR.
HK:02328.HK:PICC Property & Casualty
Shares rose over 2% after the company guided for up to a 60% profit increase for 1–3Q.
HK:01810.HK:Xiaomi
Chairman Lei Jun said Xiaomi has delivered about 400,000 cars in total and urged industry peers to resist online trolls and malicious PR.
The U.S. Trade Representative said the U.S. may increase holdings in U.S. and allied rare earth companies.
HK:06823.HK:HKT
The Hong Kong government criticized a U.S. plan to revoke HKT’s operating license as an overgeneralization of national security.
HongKong:3115.HK:Hangseng Index
HSI opened 36 points lower.
HK:02899.HK:Zijin Mining
The stock jumped about 5% alongside a gold rally.
Former minister Frederick Ma said Hong Kong’s original IP, paired with Greater Bay Area manufacturing, can scale globally.
The RMB central parity rose 19 bps to 7.0949, a ~1-year high.
HK:00788.HK:China Tower
China Tower extended the depreciation period for DAS assets to 10 years, expecting to cut annual depreciation by about RMB870 million.
China’s Ministry of Commerce said the U.S. has taken 20+ measures against China in ~20 days, disrupting bilateral trade talks.
US:BX:Blackstone
Chinese FM Wang Yi met Blackstone’s chairman and said “decoupling and breaking chains” is not a rational choice for China-U.S. relations.
HK:03606.HK:Fuyao Glass
Chairman Cho Tak Wong resigned; his eldest son Tso Fai succeeds him.
HK:03690.HK:Meituan
Meituan will add RMB2 billion to support merchants and upgraded its store-opening tools.
HK:00939.HK:China Construction Bank
CCB targets more than RMB5 trillion in financing for the manufacturing sector over the next three years.
Hong Kong’s IPO market is booming as Chinese brokerages expand their presence aggressively, according to a report.
China plans to double EV-charging service capacity by end-2027, the NDRC said.
HK:00005.HK:HSBC Holdings
HSBC repurchased more than 9.83 million shares yesterday, totaling about $1.013 billion.
Power Links, Space to Grow, Cooking-Oil Crossfire, and a Cleared Case: Asia’s Big Moves
SGX:U96.SI:Sembcorp Industries
Sembcorp Utilities won conditional approval from Singapore’s Energy Market Authority to import 1GW of Sarawak hydropower, targeting commercial operations around 2035. The consortium—Sembcorp Utilities, Sarawak Energy and Prysmian—will refine interconnector design and secure cross-border permits, marking a new phase of Singapore–Malaysia energy cooperation.
SGX:9CI.SI:CapitaLand Investment
Extra Space Asia, managed by CapitaLand Investment, will invest nearly S$100 million in a flagship Singapore facility and three Tokyo acquisitions. The Singapore site (due 2028) will be the city’s first self-storage project to attain Green Mark Super Low Energy certification; ESA plans to scale to S$2 billion by 2028 and keep expanding in Japan under its Syuno-Pit+ and privatebox by Extra Space brands. APG Asset Management remains a JV partner.
US:SNEX:StoneX Group
As U.S.–China trade tensions flare, used cooking oil (UCO) for renewable fuels is in focus after President Donald Trump threatened action tied to China’s soybean stance. Market voices, including StoneX Group in Singapore, note Chinese UCO exporters could reroute volumes to Europe, while U.S. biofuel demand and verification standards remain key debate points.
SGX:OYY.SI:PropNex
Claimants withdrew their lawsuit against PropNex Realty Pte. Ltd., with the company stating there is no financial impact.
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