Markets Hold Steady as Fed Decision Looms; Corporate Movers Take the Spotlight
US:S27.SI:S&P 500
The S&P 500 closed nearly flat, dipping 0.09% to 6,840.51 as traders awaited the Federal Reserve’s final rate decision of the year. Futures now price in an 87% chance of a quarter-point cut, helping lift small-caps and sending the Russell 2000 to an intraday record.
US:QQQ:Nasdaq Composite
The Nasdaq Composite inched up 0.13% to 23,576.49, supported by gains in Broadcom, Tesla and Alphabet.
US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average fell 0.38% to 47,560.29, pressured by a drop in JPMorgan after the bank projected higher 2026 expenses.
US:BTC:Bitcoin
Analysts note that both stocks and crypto have recently pulled back as the Fed weighs sticky inflation, delayed data from the government shutdown, and the coming leadership transition when Chair Jerome Powell’s term ends in May 2026.
US:CVS:CVS Health
CVS shares jumped nearly 5% after the company issued a stronger-than-expected profit outlook for next year.
US:JPM:JPMorgan Chase
JPMorgan declined, dragging on the Dow, as the bank projected higher expenses for 2026.
US:AVAV:AeroVironment
AeroVironment slid more than 4% after posting adjusted earnings of 44 cents per share, missing forecasts, though revenue beat estimates.
US:BRZE:Braze
Braze shares surged 10% after reporting better-than-expected quarterly revenue of $191 million, with adjusted earnings matching analyst expectations.
US:GME:GameStop
GameStop dropped over 5% as quarterly revenue fell 4.5% from a year earlier to $821 million, though earnings came in at 24 cents per share excluding items.
US:CBRL:Cracker Barrel Old Country Store
Cracker Barrel shares plunged about 9% after quarterly revenue missed expectations at $797.2 million, though the adjusted loss was narrower than projected.
US:GEV:GE Vernova
GE Vernova climbed roughly 7% after raising its 2026 revenue forecast to $41–$42 billion, doubling its dividend to 50 cents and approving a $10 billion stock buyback.
US:VNM:VanEck Vietnam ETF
The VanEck Vietnam ETF surged about 62% in 2025 as Vietnam outperformed broader emerging markets, boosted by reforms, rising foreign investment and strong domestic market momentum.
US:MCHI:iShares MSCI China ETF
China-focused MCHI lagged Vietnam’s returns, gaining about 31% this year.
US:EEM:iShares MSCI Emerging Markets ETF
The iShares MSCI Emerging Markets ETF rose around 30% year-to-date, less than half the gain of Vietnam’s VNM.
US:WMT:Walmart
Walmart shifted its primary listing from the NYSE to Nasdaq, aiming to position itself as a technology-driven retailer. CEO Doug McMillon highlighted Walmart’s tech progress ahead of his retirement in January.
Trendlines Secures New Funding; LMIRT Launches Deep-Discount Rights Issue; Indonesia Targets Illegal Miners; Index Shake-Up in Singapore; Japan Monitors Bond Market Surge
Trendlines Group Raises $3.42 Million Through Subscription Deal
The Trendlines Group has entered a subscription agreement with 11 investors, securing approximately $3.42 million in new funds. The company did not disclose further details, but the fresh capital strengthens its financial position as it continues pursuing growth initiatives.
LMIRT Seeks Up to $63 Million via Deep-Discount Rights Issue
Lippo Malls Indonesia Retail Trust (LMIRT) has launched a major rights issue comprising more than 9 billion new units, aiming to raise as much as $63 million. Proceeds will go toward loan repayment, capital expenditure, working capital and fees related to the exercise. The rights are priced at 0.7 cents — a steep 53.3% discount to the 1.5-cent closing price — and will be offered at a ratio of 117 rights units for every 100 units held.
Indonesia Imposes Heavy Fines on Illegal Mining Operations
Indonesia is moving aggressively against miners operating outside forest permit areas, imposing fines ranging from 354 million to 6.5 billion rupiah per hectare. The penalties scale with the number of years out of compliance and the commodity mined, with nickel operators facing the highest charges. Companies potentially impacted include PT Weda Bay Nickel, jointly owned by Tsingshan Holding Group, Eramet SA and PT Aneka Tambang. The forestry task force recently seized over 148 hectares of Weda Bay’s operations over alleged violations.
Golden Agri-Resources, Yangzijiang Maritime and Centurion REIT Added to iEdge Singapore Next 50 Index
Golden Agri-Resources, Yangzijiang Maritime Development and Centurion Accommodation REIT have joined the iEdge Singapore Next 50 Index following the December review. The three replace Nanofilm Technologies International, Samudera Shipping Line and Aztech Global. The index, launched in September by Singapore Exchange, aims to highlight sizeable and tradeable companies. The next review is scheduled for March 2026.
Acrophyte Hospitality Trust Announces US$10 Million Sale of Hyatt Place Detroit Livonia to Strengthen Portfolio and Financial Position
ValueMax Launches 3-Month Series 011 Commercial Paper on SDAX Platform to Raise Up to S$60 Million at 3.5% Interest
Top Glove Corporation Bhd FY2025 Annual Report: Financial Performance, Dividend of 0.48 Sen per Share
ISOTeam Ltd. Launches 3-Month Series 003 Commercial Papers on SDAX Digital Securities Platform with 4% Interest Rate
Federal International Agrees to Sell 30% Stake in PT Gunanusa Utama Fabricators for USD 18.9 Million and Settle Debt – Major Transaction Pending Shareholder Approval
Japan Monitors Surge in Government Bond Yields as Fiscal Concerns Rise
Japan’s Finance Minister Satsuki Katayama said the government is closely watching market movements as the 10-year government bond yield hovers near 2%, its highest since 2006. Rising yields reflect concerns about fiscal stability and expectations that the Bank of Japan may raise interest rates again. Prime Minister Sanae Takaichi’s latest economic package includes ¥11.7 trillion in new bond issuance, though total issuance for the year will remain below the previous year’s level. BOJ Governor Kazuo Ueda has signaled that another rate hike may be considered at the upcoming Dec. 19 meeting, with traders pricing in over an 80% chance. Business leaders, including Keidanren chair Yoshinobu Tsutsui, have warned that maintaining market trust is essential as yields approach a key milestone not consistently seen since 1997.
Malaysia Corporate Scene Sees Major Stakes Shifts, Stablecoin Launch, Big Contracts and Legal Battles
KL:TENAGA:Tenaga Nasional Bhd
Khazanah Nasional Bhd has sold a 2.33% stake, or 135.65 million shares, in Tenaga Nasional Bhd for RM1.69 billion, reducing its stake to 18.05%. The Employees Provident Fund now becomes the largest shareholder with a 21.25% stake after acquiring an additional 0.69%.
KL:ZETRIX:Zetrix AI Bhd
The Johor Regent launched RMJDT, a ringgit-backed stablecoin issued on Zetrix AI’s layer-1 blockchain under a regulated sandbox. The rollout, led by Tunku Ismail’s wholly owned firm Bullish Aim Sdn Bhd, aims to promote the ringgit’s cross-border use and support Malaysia’s Digital Asset National Policy.
KL:DKSH:DKSH Holdings (Malaysia) Bhd
DKSH’s controlling shareholder, DKSH Resources (Malaysia) Sdn Bhd, has proposed taking the company private through a selective capital reduction worth RM249.1 million, offering RM6.15 per share — a nearly 17% premium. DKSH Resources holds 74.3% and intends to delist the company.
KL:DNEX:Dagang NeXchange Bhd
DNex has filed an appeal after the High Court dismissed its unit’s judicial review against the Malaysia Competition Commission, which upheld a RM10.3 million penalty for alleged abuse of dominance via exclusivity clauses imposed from 2015 to 2017.
KL:JSB:Jentayu Sustainables Bhd
Jentayu Sustainables warned that a legal challenge filed to invalidate its Dec 4 EGM could delay funding and implementation of its Project Oriole hydropower development in Sabah. Shareholders had approved a private placement of up to 20% to raise RM45.26 million.
KL:FBG:FBG Holdings Bhd
FBG Holdings secured a RM206.2 million contract to build Tower 2, a hotel apartment block for the Johor Bahru City Square redevelopment. The project, awarded via its subsidiary FBG Builder Sdn Bhd, forms part of Allgreen Properties’ transformation of the complex ahead of the RTS Link.
KL:TECHSTORE:Techstore Bhd
Techstore clinched an RM89.68 million contract to supply digital radio and on-board live detection systems for the Kelana Jaya LRT line, with completion expected within 30 months upon receiving the notice to proceed from Prasarana Malaysia.
KL:SSB8:Southern Score Builders Bhd
Southern Score Builders’ 51%-owned unit, SJEE Engineering Sdn Bhd, won an RM87.8 million subcontract to provide electrical and extra-low voltage systems for a data centre project, awarded by a local construction firm.
KL:AWC:AWC Bhd
AWC, through its subsidiary Ambang Wira Facilities, secured a RM52.3 million contract from the Public Works Department to manage and maintain the Putra Mosque’s facilities in Putrajaya.
KL:ORKIM:Orkim Bhd
Orkim, newly listed on the Main Market, plans to rejuvenate its tanker fleet by lowering the average vessel age to 12 years over the next five years. Nearly half of its 18 vessels are 10–18 years old. Orkim’s shares closed at 93 sen, a slight premium to its 92 sen IPO price.
CapitaLand Ascendas Reit Ramps Up Data Centre and Life Sciences Push Amid Strategic Portfolio Shift
SGX:A17U.SI:CapitaLand Ascendas Reit (CLAR)
CapitaLand Ascendas Reit has been actively reshaping its portfolio in recent months, selling legacy logistics and industrial assets while expanding into data centres and life sciences. In August, CLAR divested five properties for S$329 million to an EZA Hill–led consortium, achieving a 6% premium to their S$311.3 million market valuation and 20% above their original purchase prices. The assets, bought between 2003 and 2005, had benefited from enhancements and improved MRT connectivity as industrial prices rose 27.7% since late 2020.
Alongside divestments, CLAR has stepped up acquisitions. It is buying 9 Tai Seng Drive, a fully occupied colocation data centre, and 5 Science Park Drive within the Geneo life sciences cluster. If completed on Jan 1, 2024, the deals would have boosted distribution per unit by 1.36%. The additions also grow CLAR’s data centre assets by 32.8% to about S$1.9 billion, making data centres its second-largest tenant segment as of Sept 30.
The 5 Science Park Drive acquisition — fully leased to Shopee — further reinforces CLAR’s leadership in business space and life sciences, even though these segments still make up only 19% of its S$17.7 billion portfolio. Supported by rising demand, CLAR sees long-term potential, noting Singapore’s regulatory push including IMDA’s Green Data Centre Roadmap and plans for a low-carbon data centre park on Jurong Island.
CEO William Tay said the acquisitions steer CLAR deeper into the tech sector, aligning with global digital transformation trends. Investors are also paying attention, with rising interest in the sector and major players such as private equity firm KKR and Singtel reportedly eyeing a buyout of ST Telemedia Global Data Centres. CLAR’s data centre portfolio has nearly tripled from S$0.5 billion in 2020 to S$1.9 billion in 2025, reflecting strong momentum.
The life sciences sector is also gaining traction. Singapore led the Asia-Pacific in life sciences investment in the first nine months of 2024, supported by global giants such as Pfizer and Johnson & Johnson locating regional hubs here. CLAR’s presence in the Geneo cluster positions it well, especially as neighbouring 1 Science Park Drive reached 95% commitment by April 2025.
However, scaling may prove challenging due to limited supply of life sciences and data centre assets in Singapore, most of which are located in Science Park, Tuas Biomedical Park, and Biopolis, or held by government agencies and multinationals including AbbVie and WuXi Biologics. CLAR may redevelop older assets such as its Kim Chuan data centres, which remain fully leased to Singtel, or look overseas, including Johor — now Southeast Asia’s fastest-growing data centre hub.
With strong sector tailwinds and regulatory support, CLAR is well-positioned to capitalise on growth opportunities across data centres and life sciences. Its strategic shift suggests the Reit is future-proofing its portfolio for technology, research and innovation demand in the years ahead.
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