This morning was one of those mornings, as I was at SGX for the opening bell ceremony marking the launch of four new Xtrackers ETFs.

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I have been around the markets for quite a while, but moments like this still feel a little special. Because behind every new listing, there is usually a bigger story than just another ticker appearing on the screen.

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For me, what stood out today was how global investing is slowly becoming a little closer to home.

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The four ETFs give investors access to the S&P 500, MSCI World, Nasdaq 100 and S&P 500 Equal Weight through SGX. Familiar global indices, but now packaged in a way that may be more convenient for Singapore investors, especially those thinking about SGD trading, SRS and long-term portfolio building.

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Of course, a launch is only the starting point. The real test comes after the bell, when investors start trading them, liquidity develops and we see how these products eventually find their place in actual portfolios.

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Still, I think it is encouraging to see more options opening up for Singapore investors.

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A big congratulations to DWS and SGX on the launch, and thank you SGX for the kind invitation this morning.

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For those who want to know a little more about the four ETFs and what caught my attention, I shared my thoughts in my latest article, “Going Global, Staying Local.”

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https://tinyurl.com/GoingGlobalStayingLocal

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Walking away from the opening bell today, I kept thinking about one thing…

For years, investing globally often meant looking overseas.

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If more of the world can now come to our local market, will the way Singapore investors build their portfolios start to change too?

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$XT MS World SGD(XWR.SI) $XT S&P 500 SGD(XUS.SI) ‌ $XT NASDAQ 100 SGD(XND.SI)  $XT S&P 500 EW SGD(EUS.SI) 

#ETFLaunch #UCITSETFs #TradeSGX #GoGlobalStayLocal #TradeSGX #POEMS #danccs

According to SGX, institutional investors sold nearly S$900 million worth of local stocks last week, with our three banks accounting for about 80% of the outflows.

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After such a strong run this year, I think some profit-taking was probably overdue. The recent analyst downgrades certainly didn't help either. When stocks have already gone up so much, sometimes it doesn't take much to trigger a round of selling.

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But I wouldn't be too quick to write off the banks. After the sharp correction, we may see some bargain hunting, although I suspect they could consolidate for a while. The upcoming November results will be worth watching.

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What's more interesting is where some of the money went.

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While the banks were being sold down, over S$110 million flowed into 93 small and mid-cap stocks, with tech names attracting nearly 70% of those inflows.

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$AEM SGD(AWX.SI) was one of the biggest beneficiaries. The semiconductor outlook is encouraging, and earnings expectations are looking better. But here's the catch. With AEM having gained over 550% this year as of last Friday, I would be a little cautious about chasing it at current levels.

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After all, a good company doesn't automatically mean a good buy at any price!

So perhaps this isn't simply a case of investors pulling money out of Singapore equities. Some may just be shifting their attention elsewhere.

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And that's the interesting thing about the market. While everyone is watching the banks fall, opportunities may quietly be developing in other corners.

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Of course, finding a good story is one thing. Finding it at a good price is another. Especially when some stocks have already run so far!

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Thanks to Lianhe Zaobao Business Journalist, Tobby Siew (财经新闻记者 萧维旸), for the opportunity to share my thoughts on these market developments.

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https://www.zaobao.com.sg/finance/singapore/story20261013-9830091

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Reference: SGX report

https://www.sgx.com/research-education/market-updates/20261012-90-smids-draw-institutional-buying-amid-bank-led

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#MarketInsights #Zaobao #Banks #AEM #SGTech #TradeSGX #POEMS #danccs

𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *15/10/26*

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STI: 5423 (-7) | HSI: 24314 (-31) | Dow: 51621 (-48) | S&P: 7719 (-85) | Nasdaq: 26693 (-511)

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*US Markets Overnight*

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*AI Dreams, Debt Nightmares!*

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Jialat. Looks like inflation is back to spoil Wall Street’s party. And this time, AI stocks are feeling the heat! What is concerning wasn’t just the hotter inflation numbers, but how quickly investors are becoming nervous about the huge amount of money being borrowed to fund the AI boom. When interest rates are already so high, borrowing billions to build data centres suddenly doesn’t look quite as attractive.

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Wall Street had its worst day since July, with the Nasdaq plunging 1.9%, S&P 500 falling 1.1%, while the Dow managed to escape with just a 0.1% decline. Small caps weren’t spared either, with the Russell 2000 losing 1.9%. The trouble started with *US inflation*. September CPI rose to 3.7%, from 3.4% in August, higher than the expected 3.6%. Core inflation also climbed to 2.6%, above expectations. Not exactly what investors wanted to hear! The probability of a Fed rate hike later this month jumped from 22% to 37%.

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Interestingly, the US 10-year Treasury yield initially surged to 5.33% before easing to 5.19%. Meanwhile, Brent crude remained elevated at around US$106, as Middle East tensions continued. Expensive oil, expensive money. Quite a headache for the Fed!

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But the bigger drama was in AI. *CoreWeave* plunged nearly 17% as concerns grew over its heavy borrowing. Apparently, the yield on one of its bonds had reached 15%! That’s quite something. Investors are now asking whether some AI companies can actually afford all that spending. *Dell* dropped 11% following an analyst downgrade, while Nvidia and Meta Platforms lost more than 3%. Semiconductor stocks continued their losing streak.  And the banks weren’t having a good day either. *Bank of America* fell nearly 5% after disappointing results and a US$1.2 billion regulatory fine. But not everyone was suffering. Apple actually gained 0.5%, pushing its market value above US$5 trillion. Quite an achievement on such a lousy day!

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I think now the AI story is getting interesting. Not because AI demand is disappearing, but because investors are starting to distinguish between companies making money from AI and those borrowing heavily just to participate. AI may well be the future. But that doesn’t mean every AI investment will make money.And when borrowing costs are this high, investors are naturally becoming a little more careful about who they lend their money to.

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*What’s Brewing Today*

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*This Ship Is Still Sailing!*

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Mentioned $YZJ Shipbldg SGD(BS6.SI) on Monday that it was one of the very few bright spots last Friday amidst the banks’ sharp drop. Had to say, it is holding relatively well amidst the “big slaughter” last week. Yesterday, it made another north assault, hitting a day-high of $5.23 before closing at $5.15. The stock remains in a strong uptrend, and the recent consolidation near its highs looks constructive. It has also recently received 2 positive analyst coverage from OCBC and CGSI, with $6.00 and $6.01 target respectively. Of course, analyst targets are not guaranteed. But it does suggest that expectations for YZJ's earnings remain positive. That said, S&P tumbled 85 points last night. Not sure if external market sentiment will impact near term price or not. Share your thoughts with me.

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$AIMS APAC Reit(O5RU.SI) may see some market interest after a good set of earnings this morning.

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*Happening Today*

SG XD:

— Azeus Systems: HK$2.80

— UMS Integration: S$0.01

JP:

— Core Machinery Orders (MoM) / Industrial Production (MoM) / Industrial Production (YoY)

CN:

— New Yuan Loans / M2 Money Supply (YoY)

EU:

— UK GDP (MoM) / UK Industrial Production (MoM) / UK Manufacturing Production (MoM) / Eurozone Industrial Production (MoM)

US:

— Retail Sales (MoM) / Core Retail Sales (MoM) / PPI (MoM) / Core PPI (MoM) / Initial Jobless Claims / Philadelphia Fed Manufacturing Index / Empire State Manufacturing Index

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*SG Stock news*

👍— *Hotel Properties Limited* confirmed receiving interest from parties regarding the redevelopment of Forum, HPL House and voco Orchard, following reports of Hongkong Land potentially acquiring a majority stake, but said no decision or agreement has been reached.

https://links.sgx.com/1.0.0/corporate-announcements/750VH03MVQFHF2UP/906974_2026%2010%2014%20HPL%20Ann.pdf

👍— *AIMS APAC REIT* 1HFY2027 DPU rose 4.0% to 4.908 cents while net property income grew 11.1% to S$75.9 million, with portfolio occupancy at 93.7%.

https://links.sgx.com/1.0.0/corporate-announcements/EAX7M3NZ5HIGEL6Y/907090_AA%20REIT%20-%201H%20FY2027%20Media%20Release.pdf⁠

👍— *GDS Global* secured S$12.1 million in new contracts across housing, healthcare and infrastructure projects, following S$6 million in contract wins announced in July.

https://links.sgx.com/1.0.0/corporate-announcements/TS4H3JPDBUMELWRZ/907088_GDS_Local%20Projects%20Update.pdf⁠

— *Abundante* 1HFY2027 revenue rose 22% to S$4.93 million, while net profit more than doubled to S$677,000 from S$325,000.

https://links.sgx.com/1.0.0/corporate-announcements/E834Q3P6J8MHHBWG/906989_HY2026CFS.pdf

— *China Everbright Water* led a consortium that won the tender for a 150,000 m³/day water recycling project in Baoding, China, with an estimated 40-year concession, subject to definitive agreements.

https://links.sgx.com/1.0.0/corporate-announcements/Z4KT59ZUAGARNT9X/907016_CEWL_-_Potential_Transaction_EN.pdf

— *Wee Hur Holdings* launched its first Sustainability Financing Framework to support green and social financing, receiving an overall “Good” assessment from Sustainable Fitch.

https://links.sgx.com/1.0.0/corporate-announcements/T54NCI81LMAGIT7R/907020_Press%20Release_From%20Wee%20Hur_SFF_14%20Oct_Final.pdf

— *Mary Chia Holdings* confirmed the dismissal of winding-up and bankruptcy proceedings brought by Fullink Capital after depositing S$651,499 with the court, although the underlying loan dispute remains unresolved.

https://links.sgx.com/1.0.0/corporate-announcements/HF1SIWJS2S27LZI9/907004_MCHL_Update%20on%20Court%20Proceedings_2026.10.14.pdf

— *Ying Li International* said controlling shareholder China Everbright’s appeal against a RMB1.37 billion court judgment has been accepted, meaning the judgment has not taken effect pending further proceedings.

https://links.sgx.com/1.0.0/corporate-announcements/MBENLN9YL7YI98A0/907046_Ying%20Li%20-%20Update%20on%20Litigation.pdf

— *Asiatic Group* revised the independent valuation of acquisition target Karrus Mobility down to RM6.65–7.19 million (S$2.08–2.25 million) from RM7.86–8.36 million following financial due diligence.

https://links.sgx.com/1.0.0/corporate-announcements/Q5A2LX2ULKFFWKXO/907059_Asiatic-Annc-Proposed%20Acquisition%20Valuation%20Update.pdf

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*Earnings calendar:*

21/10 - OUEREIT

22/10 - FCT^, Suntec

23/10 - Capland China^

26/10 - iFast, Micro-Mechanics

27/10 - Capland Ascott^, KIT^, MIT, Digicore REIT, Aztech, UI Boustead REIT, First Resources

28/10 - Capland India^, Wilmar, Landmark REIT, MLT

29/10 - Ultragreen^, CICT^, CDLHT^, FEH^, Capland Ascendas

30/10 - MPACT^, LREIT

2/11 - Elite UK REIT^, GE^

3/11 - SIA Engg

4/11 - UOB^, CLI^, ACROPHYTE HT^, Manulife US REIT^

5/11 - DBS^, UOI, AVEPoint

6/11 - OCBC^, Singpost^, FLCT^

11/11 - SATS, SIA

13/11 - Frasers Property

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Rgds, Dan

https://www.phillip.com.sg/talktophillip/danccs/

https://tinyurl.com/dan-disclaimer

#danccs