𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *21/9/26*
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STI: 5656 (-4) | HSI: 224750 (+146) | Dow: 51683 (-95) | S&P: 7650 (+12) | Nasdaq: 26523 (+104)
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*US Markets Overnight*
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Sometimes one strong day can make things look better than they really are. Thursday’s tech rally gave Wall Street some relief, but by Friday the 10-year Treasury yield was back at 5%. With markets still pricing further Fed hikes, the tug-of-war between earnings optimism and higher rates is far from over.
Wall Street ended Friday mixed. The Nasdaq gained 0.4%, S&P 500 rose 0.2%, while the Dow slipped 0.2%.
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For the week, however, the picture was less cheerful. The Dow fell 1.7% for its third straight losing week, while the S&P 500 slipped 0.1% for its second straight weekly decline. The Nasdaq bucked the trend, gaining 0.7%.
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Oil provided some relief, with WTI falling 2% to just below US$100 and Brent down 1.5% to US$103.25. But the 10-year yield climbed seven basis points to around 5%.
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Crypto was the standout. Bitcoin jumped above US$81,000, helping Robinhood, Coinbase and Strategy surge at least 9%. Semiconductor stocks also continued Thursday’s rebound, with memory and chip ETFs gaining around 3% and 2% respectively.
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Elsewhere, Netflix fell nearly 5% after a Wells Fargo downgrade, while Berkshire Hathaway edged higher after Warren Buffett stepped down as chairman, becoming Chairman Emeritus.
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So we end the week with oil cooling, but yields heating up again. The Fed may have delivered its hike, but the market is still trying to work out how many more could be coming.
For now, 5% remains a number Wall Street can’t quite ignore. 😅
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*What’s Brewing This Week*
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With the Fed rate hike now out of the way, markets may finally get a short break from guessing what the central bank will do next. But not completely. Five Fed officials are speaking during the week, so investors will still be listening closely for clues on whether last week’s hike was a one-off, or whether more tightening could follow.
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In Asia, China’s Loan Prime Rate decision on Monday will be one of the first key events to watch, particularly for any further policy support. Singapore investors should also keep an eye on CPI on Wednesday and industrial production on Friday, both useful reads on our inflation and manufacturing outlook. Japan has a shortened trading week due to holidays, while its PMI data returns to focus on Thursday.
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Europe has a fairly busy macro calendar, with PMIs on Wednesday, Germany’s Ifo survey on Thursday, and the Swiss National Bank rate decision also in focus.
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On the corporate front, the consumer will take centre stage. Costco’s results on Thursday could give a useful snapshot of household spending, especially with fuel prices rising again. General Mills and Darden Restaurants should offer more clues on how consumers are coping with higher everyday costs.
For tech investors, Meta’s developer conference on Wednesday could be the more interesting one, with Mark Zuckerberg expected to talk about AI and possibly new smart-glasses products.
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So after a very macro-heavy few weeks, next week looks slightly more balanced. Rates still matter, but earnings, consumer spending and AI could start sharing the spotlight.
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*Happening Today*
JP:
— Autumnal Equinox Holiday
CN:
— PBoC Loan Prime Rate / 1-Year Loan Prime Rate / 5-Year Loan Prime Rate
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*SG Stock news*
— *Yangzijiang Maritime* ordered 24 additional newbuild vessels and secured options for another 16, expanding its newbuild portfolio to 98 vessels including options.
https://links.sgx.com/1.0.0/corporate-announcements/K17R497DQIO6SPW2/904535_20260918%20YZJ%20Maritime_Press%20Release_Newbuild_18%20Sept%202026_final.pdf
— *MindChamps* appointed former Lendlease Global Commercial REIT CEO Kelvin Chow as Chief Investment and Investor Relations Officer, overseeing investment strategy, capital management and investor relations.
https://links.sgx.com/1.0.0/corporate-announcements/D1WCFKVXW207SCIM/904569_Media%20Release%20-%20MindChamps%20Appoints%20Former%20Lendlease%20Global%20Commercial%20REIT%20CEO%20to%20Lead%20Investment%20and%20IR.pdf
— *mm2 Asia* received court approval to convene creditor meetings for its proposed restructuring schemes, while its moratorium was extended to 21 November 2026.
https://links.sgx.com/1.0.0/corporate-announcements/OIE6XIYRP79E1JZM/904568_mm2%20-%20Applications%20for%20Further%20Extension%20of%20Moratorium%20Leave%20to%20Convene%20Meetings%20of%20Creditors.pdf
— *UnUsUaL* said independent adviser PKF-CAP broadly supported its accounting treatment for transactions flagged by its former auditor, although its new auditor will conduct its own independent assessment for FY2027.
https://links.sgx.com/1.0.0/corporate-announcements/3A4I6K28WN4MVT0C/904542_Update%20on%20the%20review%20of%20accounting%20treatment_final.pdf
— *Boustead Singapore* reported a cybersecurity incident at one overseas business unit, but said critical systems and data have been fully recovered with no material disruption or significant impact on the group.
https://links.sgx.com/1.0.0/corporate-announcements/QPVU1O8LVXVX5PLH/904587_Boustead-Announcement-Cybersecurity-Incident-18.09.2026.pdf
— *Incredible Holdings* said an independent director was interviewed by CAD and MAS over an investigation into potential Securities and Futures Act offences relating to the company’s affairs.
https://links.sgx.com/1.0.0/corporate-announcements/RLUHAYYNRE5KRIHJ/904589_20260919_IHL_Ann_Investigations_Att.pdf
— *Accrelist* is in preliminary talks to potentially sell its stake in Jubilee Industries, while discussions continue on a separate proposed acquisition and licensing arrangement with Zhou Zan; no definitive agreements have been signed.
https://links.sgx.com/1.0.0/corporate-announcements/VSY4XHOSNCFKTDO9/904590_Accrelist%20Ltd.%20-%20Holding%20Announcement%20and%20Update%20on%20Corporate%20Action.pdf
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*Earnings calendar:*
22/10 - FCT^
23/10 - Capland China^
27/10 - Capland Ascott^
28/10 - Capland India^
29/10 - Ultragreen^, CICT^, Capland Ascendas
4/11 - CLI^
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
https://tinyurl.com/dan-disclaimer
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