𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *11/8/26*
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STI: 5698 (+59) | HSI: 25667 (+137) | Dow: 53975 (-l-60) | S&P: 7753 (-4) | Nasdaq: 26605 (-85)
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*US Markets Overnight*
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*Bad News, Good News … Until CPI Says Otherwise*
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Now, Donald Trump is making me look like I am the one flipping prate 😂.
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Anyway, bad news is good news again, at least for now. The weak jobs print last Friday took some heat off rate-hike fears, giving tech and growth stocks room to run. But there’s a fine line between a labour market that’s “cool enough” for the Fed and one that’s simply getting too cold.
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But Wall Street took a small step back on Monday, with technology doing most of the dragging. The S&P 500 slipped less than 0.1%, the Nasdaq fell 0.3%, while the Dow eased 0.1%. Nothing dramatic, especially after last week’s strong run and record highs.
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All eyes now turn to Wednesday’s US CPI. Friday’s softer jobs report reduced fears of another Fed rate hike, but inflation remains the other half of the equation. A benign CPI could reinforce the case for the Fed to stay patient. A hot number, however, could quickly put rates back into the conversation.
Tech was mixed. Nvidia fell nearly 3% and Intel dropped 4% as semiconductors came under pressure. Apple lost 1.5%, while Microsoft and Amazon bucked the trend, gaining more than 1% each.
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*SpaceX* was the standout, jumping more than 4% and finally closing above its US$135 IPO price again, after gaining more than 20% over the previous two sessions. Quite a turnaround after hitting a record low only last week. Its US$135 IPO pricing is confirmed by SpaceX’s listing announcement.
Berkshire Hathaway also gained 1.5% following strong quarterly results. Perhaps more interesting than the numbers is what new CEO Greg Abel is doing with Berkshire’s enormous cash pile. Operating earnings rose 16%, while Berkshire spent US$4.5 billion buying back its own shares and became a net buyer of equities. That suggests the post-Buffett era may look a little more active on capital deployment.
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Outside equities, geopolitics came roaring back into the picture. WTI crude jumped 5% to above US$82 as hopes faded for progress between the US and Iran over reopening the Strait of Hormuz. Gold rose more than 1% to around US$4,450, while Bitcoin hovered near US$64,000.
For now, I wouldn’t read too much into one mildly red session. After a strong rally, the market isn’t short of optimism. What it needs next is confirmation from inflation.
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*What’s Brewing This Week*
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This week is shaping up to be a *cost-of-living and consumer health check*, with inflation, spending and sentiment taking centre stage. After a strong week for Wall Street, the big question is whether the rally has more legs—or whether inflation comes back to spoil the party.
Tuesday brings a heavy dose of earnings, especially from the AI infrastructure space. *Super Micro Computer* and *CoreWeave* will be closely watched for clues on whether AI spending remains as strong as the market expects. We’ll also hear from On Holding, CAVA and Lumentum. Japan is closed for a public holiday, so expect quieter activity from that market.
Wednesday is the big one for us locally. *Singapore’s Q2 GDP numbers are due*, giving us a clearer read on how our economy is holding up. Over in the US, July CPI will be the main global market mover. With energy prices under pressure from Middle East tensions, any inflation surprise could quickly change expectations around the Fed and interest rates.
Thursday keeps the data coming. *China releases its July credit numbers*, including new loans, M2 and total social financing—important indicators for the health of the Chinese economy and, by extension, relevant for Singapore and regional markets. The US gets PPI inflation, while Applied Materials reports earnings, giving investors another read on semiconductor demand.
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Friday rounds things off with *US retail sales and consumer sentiment*, which should tell us whether Americans are still willing. and able, to spend. Europe also releases Q2 GDP and trade data. With US savings rates already near four-year lows, I’ll be watching closely to see if the consumer is starting to feel the pinch.
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So, three things on my radar this week: *US inflation*, *Singapore GDP* and the *strength of the US consumer*. These should give us a much better sense of where rates, currencies and equities could be heading next.
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*Happening Today*
SG XD:
— SIA: SGD 0.290
— Keppel: SGD 0.150
— Lendlease Reit: 0.018546
— PHILLIP MM US$D: SGD 0.300
SG Earnings:
— SingLand, UOI, Frasers Property, OKP
JP
— Holiday
US
— NFIB Small Business Optimism (Jul) / ADP Employment Change Weekly / Existing Home Sales (Jul) / Existing Home Sales (MoM) (Jul)
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*SG Stock news*
—👍 *NetLink NBN Trust* reported Q1 FY27 revenue of S$101.3 million, EBITDA of S$69.1 million, and net profit of S$18.1 million, down 1.4%, 4.0%, and 22.4% respectively, mainly due to lower non-RAB revenue, higher operating expenses, and increased depreciation.
— *F&N* delivered stronger earnings with PBIT rising 13.6% despite a 6.0% decline in revenue due to forex and external headwinds, PAT increasing 4.5%, attributable profit up 10.4% (before exceptional items), EPS climbing 11.1%, and PBIT margin expanding by 276 bps.,
— 👍 *Beng Kuang* Posts Revenue Growth of 9.7% in 1H2026, Extending its Profit Track Record; Outstanding Contracted Work of S$70.7 million Provides Visibility Ahead
—👍 *Rex* reports profit after tax of US$84.04 million in 1H FY2026 following loss of control and deconsolidation of subsidiary
— *Geo Energy* Achieves Net Profit of US$15.6 Million in 1H2026; Eyes Strong 2H2026 Financial Performance in View of Volume Ramp-Up, Strong Coal Prices and Contribution from MBJ Startup; Declares Interim Dividend of 0.10 SG cent per Share
—👍 *HO BEE LAND* 1H2026 Revenue grew by 30% to S$230.5 million. Net profit increased by 5% to S$52.9 million
—👍*Soon Hock Enterprise* achieves significant turnaround in NPAT to S$19.3 million in 1H2026 on completion of Stellar@Tampines
—👍 *Ever Glory United* Reports 177.5% increase in Net Profit to S$12.7 Million in Six-Month Financial Period ended 30 June 2026
— *Nordic's* 1H2026 net profit rises 21% yoy to S$10.0 million
— *BHG Retail REIT* reported 1H 2026 gross revenue of S$26.8 million and NPI of S$14.1 million, declared a DPU of 0.12 Singapore cents, while maintaining a healthy 94.0% occupancy rate and focusing on experiential retail to support its community malls amid cautious consumer spending.
— *Yeo Hiap Seng* Group revenue rises 8% to $159.8 million; amid growth in Malaysia, Singapore, Cambodia and Australia, net profit up 12% to $1.8 million
— *Hong Leong Finance* reported an 8.8% increase in net profit to S$35.0 million for the first half of 2026, driven by an 8.4% rise in net interest income despite a 27.5% decline in total interest income amid lower interest rates.
https://links.sgx.com/1.0.0/corporate-announcements/VQFKYQYZG9HQ7821/899051_HLF%201H26.pdf
—💡 *Aspial Lifestyle* Reports Record 1H2026 Revenue of S$464.2 Million and Raises Interim Dividend by 125%
— *Abundance International* reported a 41.6% decline in revenue to US$150.9 million amid weak demand, but returned to profitability with a net profit of US$1.3 million from a US$1.1 million loss a year earlier, driven by cost rationalisation and tighter inventory management.
— *Soup Holdings* reported a 1H2026 net loss of S$673,000 versus a S$224,000 profit a year ago, as revenue stayed largely flat while operating costs increased.
— *QAF* reported flat revenue of S$306.7 million, while operating profit surged 87% to S$15.3 million on improved cost control, although net profit attributable to shareholders fell 51% to S$1.9 million, mainly due to a S$10 million exceptional charge and higher joint venture losses.
— *Asia Enterprises* Posts Revenue of $11.9 Million for 1H2026, Backed by Improved Margins and Strong Balance Sheet
— *Singapura Finance* reported a 76.2% increase in net profit to S$5.9 million for 1H2026, driven by a 31.6% rise in net interest income and lower operating expenses, despite a decline in interest income and higher impairment allowances.
— *Heeton* reported a 1.0% increase in revenue to S$37.2 million and returned to profitability with a net profit of S$0.2 million, versus a S$9.5 million loss a year ago, supported by stronger operating performance, property disposal gains, and fair value gains that more than offset impairment charges.
— *Gallant Venture* reported an 18% increase in revenue to S$118.5 million, but swung to a net loss of S$26.4 million from a S$20.5 million profit a year earlier, as weaker margins, higher operating costs, and the absence of significant gains recorded in the previous year weighed on earnings.
— *PSC Corp* reported a 5.7% increase in revenue to S$248.7 million, but net profit fell 16.7% to S$10.7 million as higher finance costs and taxes more than offset stronger operating performance.
— *Fu Yu’s* balance sheet remained strong as at 30 June 2026, with total assets rising to S$168.4 million, cash and bank balances increasing to S$55.0 million, and shareholders’ equity holding steady at S$127.9 million, while total liabilities increased modestly to S$40.5 million.
— ‼️*GHY Culture & Media* reported a 10% decline in revenue to RMB162.0 million and a wider net loss of RMB31.4 million for 6M2026, as lower production margins and continued investments in AI capabilities weighed on earnings despite maintaining a healthy balance sheet.
—⭐️ *ST Engineering* secured S$2.9b in new contracts in the second quarter of 2026. These comprised S$1.2b from the Commercial Aerospace segment, S$1.2b from the Defence & Public Security segment and S$0.5b from the Urban Solutions & Satcom segment.
— *CDW Holding* expects to report an operating loss for 1H2026, as weaker demand for LCD backlight units and a shift toward lower margin POS products more than offset growth in selected product segments.
—👍 *Koyo International* expects to report a significant increase in net profit for HY2026, mainly driven by stronger contributions from its mechanical engineering segment.
—👍 *Pollux Properties* expects to report a significant improvement in net profit for 1H2026, driven by provision reversals, lower joint venture losses, reduced foreign exchange and finance costs, and a lower tax expense.
—‼️*MetaOptics* withdrew Nasdaq listing application
—👍 *ESR-REIT* is divesting 15 Gul Way for S$24.2 million, a 16.9% premium to valuation, with proceeds mainly earmarked for debt repayment and reinvestment into higher-return opportunities.
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*Earnings Calendar:*
11 /8 - SingLand, UOI, Frasers Property, OKP
12 /8 - CICT^, Wilmar, HL Asia, UOL, Ultragreen, NTT DC REIT, PrimeUSREIT, Centurion, AP Oil, China Sunsine
13 /8 - CLI^, CDL^, sembcorp^, ST Engg^, Genting Sing, SERT, Thakral, Nanofilm, EC World, Global Investment, CSE Global, APTV, Frencken, Megachem
14 /8 - Sasseur^, Olam^, Mewah, Haw Par, CNMC Goldmine
19 /8 - SATS
26 /8 - Micro-Mechanics
27 /8 - ASL Marine, Karin
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Sources:
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
https://tinyurl.com/dan-disclaimer
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