𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *10/11/26*

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PS: I will be on overseas leave from 12-17 Nov. For trading matters, please call my desk at 65342561. Apologies for any inconveniences caused!

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STI: 5177 (-117) | HSI: 24481 (-315) | Dow: 52,390 (+1,104) | S&P: 7,550 (+173) | Nasdaq: 25,253 (+674)

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*US Markets Overnight*

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*Wall Street Bounces, But Nvidia Misses the Party!*

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Probably a good start to the week! After last week’s painful selloff, Wall Street came roaring back on Monday. And interestingly, the rebound happened even as Nvidia, one of the biggest names behind the AI boom, fell sharply. Perhaps investors aren’t quite ready to give up on the market just yet!

The Dow surged 1,104 points, or 2.2%, while the S&P 500 gained 2.3% and Nasdaq jumped 2.7%. Even the smaller companies joined the party, with the Russell 2000 climbing 3.1%. That’s encouraging, especially after last week’s selloff, when investors were worried that tighter regulations following the US midterm elections could slow down AI data centre developments.

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One big reason for the rebound was *oil*. Brent crude plunged nearly 6% to around US$92, after President Trump played down the possibility of renewed military strikes on Iran. Lower oil prices could help ease inflation pressures, which is welcome news for businesses and consumers. And with US inflation data due on Tuesday, the timing couldn’t be better. Of course, one day’s drop in oil doesn’t mean inflation worries have disappeared!

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Tech stocks also staged an impressive recovery. AMD surged more than 13%, while Broadcom and other semiconductor stocks rebounded strongly, pushing the semiconductor index up around 7%. Investors appeared to be reconsidering whether last week’s AI selloff had gone too far. After all, the demand for AI infrastructure hasn’t suddenly disappeared just because the political landscape has changed.

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But there was one notable exception. *Nvidia* fell >4%, amid an internal investigation involving CEO Jensen Huang and allegations of a foreign intelligence operation targeting him. It’s a reminder of how much investor confidence in Nvidia is tied to its leadership. Quite unusual to see the chip sector rally so strongly while its biggest name is heading in the opposite direction!

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The rally wasn’t confined to technology. Caterpillar gained over 7%, Goldman Sachs rose nearly 5%, while Constellation Energy jumped more than 10% following better-than-expected earnings. Nine of the S&P 500’s 11 sectors gained more than 1%, suggesting this was a fairly broad recovery rather than another rally driven by just a handful of tech giants.

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And there was more good news after the closing bell. The *Trade Desk* surged >20% in after-hours trading after beating earnings expectations and raising its outlook, helped by strong demand for digital advertising. *Take-Two Interactive* also gained after hours, after raising its annual forecasts ahead of the much-anticipated launch of Grand Theft Auto VI. Meanwhile, *Sanmina* jumped more than 20% following strong earnings and guidance, supported by demand for cloud and optical infrastructure equipment. Not every company was celebrating, though. *Rocket Lab* slipped after hours as a wider-than-expected loss overshadowed its revenue growth.

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Looking ahead, Tuesday’s US CPI report will be closely watched. The strong October jobs report has already raised expectations of another Fed rate hike in December, so investors will be hoping that falling oil prices eventually translate into softer inflation.

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One good day is welcome. A few more would be even better! 😅

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*Last Friday Wrap*

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*Singapore isn’t a tech-heavy market. So why did we still get hit?*

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Sharing my comments on Lianhe Zaobao.

You can read the English translation and the article link (in chinese) here:

https://lnkd.in/p/gwaMTiVN

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*What’s Brewing This Week*

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*Inflation’s Turn to Stir the Pot*

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Singapore gets a long weekend, but markets elsewhere will keep us busy! In the coming week, I’m watching US inflation, China’s demand signals and another round of Singapore corporate updates.

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*In the US*, October CPI on Tuesday (10 Nov) and producer prices on Friday (13 Nov) are the main events, both at 9.30pm Singapore time. Softer inflation could give shares some breathing room, while hotter numbers could push bond yields higher and unsettle rate-sensitive stocks. Watch the core inflation figures too, the headline number doesn’t always tell the whole story.

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*For China*, Monday’s CPI and producer prices will offer another check on whether demand is improving. I’ll also watch the credit figures expected during the week for signs that businesses and households are more willing to borrow. The useful question is whether policy support is translating into spending and investment, something investors in mainland and Hong Kong shares will want to see.

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*Back home*, SGX is closed on Monday for the Deepavali holiday, so we have a four-day trading week. SIA reports on Wednesday (11 Nov), followed by Singtel’s results and ST Engineering’s business update on Friday (13 Nov). My focus: SIA’s passenger yields and costs, Singtel’s underlying earnings and dividends, and ST Engineering’s orders and execution. Plenty to keep us occupied after the festive break!

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*What’s Brewing Today?*

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Monday’s Wrap: Asian Markets Bounce. Can It Last the Week?

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Had a chat with Daniel Martin on CNA938 about the recovery in Asian markets, and whether the AI sell-off points to something bigger.

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Listen to the conversations on CNA Rewind:

https://www.channelnewsasia.com/listen/cna938-rewind/market-watch-911-have-asian-markets-recovered-fridays-global-market-rout-sgtoday-6535851

https://www.channelnewsasia.com/listen/cna938-rewind/ask-november-2026-tech-selloff-sign-bigger-things-come-sgtoday-6535886

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*Happening Today*

SG XD:

• Helens: CNY 0.04743 (special)

• Taka Jewellery: S$0.00536

CN:

• Trade Balance (USD and CNY) / Exports / Imports

EU:

• BoE Gov Bailey Speaks / UK BRC Retail Sales Monitor (YoY) / Eurogroup Meetings

US:

• NY Fed 1-Year Consumer Inflation Expectations / 3-Year Note Auction / Fed Waller Speaks / ADP Employment Change Weekly / CPI (MoM and YoY) / Core CPI (MoM and YoY)

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*SG Stock News*

📖--- *Venture* 3Q26 net profit rose 21.9% YoY to S$67.8m as revenue grew 26% to S$790.4m, supported by growth across multiple technology businesses.

https://links.sgx.com/1.0.0/corporate-announcements/OFE6MQAZ7UMKDQKN/910632_Venture_Business_Update_3Q2026.pdf

👍--- *China Sunsine* expects significantly higher 3Q26 revenue and profit after tax YoY, driven by higher average selling prices and sales volumes, with its business update due on 13 November.

https://links.sgx.com/1.0.0/corporate-announcements/YHX1DS875KR20UFM/910695_20261106%20CSCH%20-%20Profit%20Guidance%203Q2026.pdf

👍--- *MeGroup* 1HFY27 net profit attributable to shareholders surged to RM4.83m from RM0.38m, supported by higher other income, while revenue rose 26.8% to RM220.3m.

https://links.sgx.com/1.0.0/corporate-announcements/3T14WMFHAZBTEVXV/910655_MeGroup%20Ltd_Financial%20Results%20Announcement_1H2027.pdf

‼️--- *Fu Yu* 3Q26 net profit fell 99.3% YoY to S$17,000 despite revenue rising 1.2% to S$31.6m, while 9M26 returned to a S$151,000 profit from a S$7m loss.

https://links.sgx.com/1.0.0/corporate-announcements/X5YARNFOUXKEN26B/910661_Fu%20Yu%20-%20Announcement%20-%209M2026%20Results.pdf

🤔— *Geo Energy* signed non-binding agreements with CCCC First Harbor, NORINCO International and CHN Energy to explore TRA mine expansion, potential strategic investment and coal offtake of up to 2m tonnes in 2027, subject to definitive agreements.

https://links.sgx.com/1.0.0/corporate-announcements/J9GUM69LOD6OWM3I/910774_SGX%20Announcement%20-%20Signing%20of%20Non-Binding%20Agreements%20with%20major%20Chinese%20State-Owned%20Enterprise%20Groups.pdf

--- *NetLink NBN Trust* appointed Low Ka Hoe as CEO-designate from 10 November 2026, ahead of succeeding retiring CEO Tong Yew Heng on 1 April 2027.

https://links.sgx.com/1.0.0/corporate-announcements/LGN1IT9NNZCU2C4Z/910634_NEWS%20RELEASE%20-%20Leadership%20Transition%20-%206Nov2026.pdf

--- *Foundation Healthcare* promoted Melvin Low to CFO with immediate effect, while outgoing CFO Justin Choi became Chief Development Officer to focus on M&A and business development.

https://links.sgx.com/1.0.0/corporate-announcements/I5VJ7VLR2RL8VI4W/910670_FHH%20-%20Press%20Release_CFO%20Appointment.pdf

--- *Sanli Environmental* raised S$7.365m through its six-month Series 003 commercial paper issuance on ADDX, with listing scheduled for 7 November.

https://links.sgx.com/1.0.0/corporate-announcements/H936TVCV57YHXNEB/910686_SANLI%20-%20SUCCESSFUL%20CLOSE%20OF%20SANLI%20ENVIRONMENTALS%206M%20SERIES%20003%20CP%20ON%20ADDX%20DIGITAL%20SECURITIES%20PLATFORM.pdf

--- *Lion-OCBC Securities Hang Seng TECH ETF* announced benchmark methodology changes effective 7 December 2026, expanding technology coverage and introducing constituent selection based on market capitalisation and sales growth.

https://links.sgx.com/1.0.0/corporate-announcements/7EUB6STOC831ZGGW/910646_20261106%20Lion-OCBC%20Securities%20Hang%20Seng%20TECH%20ETF%20-%20Announcement.pdf

👍--- *Southern Alliance Mining* proposed renewing its share buyback mandate, subject to shareholders’ approval at its AGM on 26 November 2026.

https://links.sgx.com/1.0.0/corporate-announcements/PPWILTBIDX2A2AC0/910746_AR%20FY%202026%20-%20APPENDIX.pdf

--- *Metech International* successfully tested and commissioned its pilot biomass carbon reduction equipment and reached an in-principle agreement on a potential factory investment, while its CFO appointment remains pending.

https://links.sgx.com/1.0.0/corporate-announcements/GY2BT513RTTNOAQW/910735_20261106%20Monthly%20Update_Oct%2026_Exe.pdf

--- *Autagco* received SGX approval to list up to 25.5m consideration shares for its proposed acquisition of Edge Green Energy Sdn. Bhd., subject to listing requirements.

https://links.sgx.com/FileOpen/Autagco%20Ann%20-%20LQN%20Consideration%20Shares.ashx?App=Announcement&FileID=910736

--- *Autagco* amended payment terms for its proposed Edge Green Energy acquisition, splitting the S$476,000 cash consideration into two tranches, with total completion consideration unchanged at S$603,500.

https://links.sgx.com/FileOpen/Announcement%202nd%20Supp%20SPA.ashx?App=Announcement&FileID=910739

--- *Serial System* subsidiary Serial Achieva incorporated two Malaysian subsidiaries for data centre leasing and a Singapore investment holding subsidiary, funded through internal resources.

https://links.sgx.com/1.0.0/corporate-announcements/TDJ15W5QPVRSD3MP/910737_SAL_Announcement_Incorporation_of_Subsidiaries.pdf

--- *Food Innovators* is investigating suspected employee misappropriation of S$359,000 from a subsidiary and two clients, with no material financial impact currently expected, subject to investigation findings.

https://links.sgx.com/1.0.0/corporate-announcements/A2V42L0TWUT3CR17/910769_Investigations%20into%20Potential%20Misappropriation%20of%20Monies.pdf

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*Earnings calendar:*

11/11 - Valuetronic^, SATS, SIA, NTTDC, Prime US REIT, World Precision

12/11 - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global

13/11 - Singtel^, UHREIT^, Daiwa^, Frasers Property, KSH

19/11 - Seatrium^

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Rgds, Dan

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

https://tinyurl.com/dan-disclaimer

After last week’s sell-off, a bit of green on the screen was welcome. Whether the nerves have settled is another matter.

Had a chat with Daniel Martin on CNA938 about the recovery in Asian markets, and whether the AI sell-off points to something bigger.

For now, I lean towards this being a correction. But that doesn’t mean it’s over. Today’s bounce is encouraging, though I would want to see more before calling the all-clear.

I still think the AI story has legs. Share prices, though, had built in some very high expectations. Investors now want to know how all that spending turns into profits, and how long they’ll have to wait.

For anyone holding a lot of tech, this is a useful time to check the portfolio. You could own the same companies through several funds without realising it. You can believe in AI and still decide you have got too much riding on it.

We also covered falling oil prices, plus what higher US rates could mean for borrowers and banks here.

With COP31 opening, we touched on jobs too. If workers need to move into new roles, training should start while they’re still employed. Waiting for the retrenchment letter leaves them with a much harder task.

Thanks, Daniel, for the chat and thoughtful questions. And thanks to Jon and Julie for making it happen.

AI may well change our lives. The question for investors is, how much of that future have we already paid for?

Listen to the conversations on CNA Rewind:

https://www.channelnewsasia.com/listen/cna938-rewind/market-watch-911-have-asian-markets-recovered-fridays-global-market-rout-sgtoday-6535851

https://www.channelnewsasia.com/listen/cna938-rewind/ask-november-2026-tech-selloff-sign-bigger-things-come-sgtoday-6535886