𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *3/9/26*
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STI: 5744 (+33) | HSI: 25311 (-18) | Dow: 53061 (+295) | S&P: 7666 (+35) | Nasdaq: 26217 (+118)
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*US Markets Overnight*
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*Green But Not Serene*
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Wall Street finally broke its three-session losing streak. The Dow gained 0.6%, while the S&P 500 and Nasdaq both rose 0.5%. But I wouldn’t call this an all-clear just yet. WTI remained near US$91, while the 10-year Treasury yield briefly crossed 4.82%, its highest intraday level since November 2023. Markets are also pricing a 64% chance of a September Fed hike. High oil plus high yields remains an uncomfortable combination for equities.
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The economic picture didn’t get much clearer either. ADP private payrolls rose by just 38,000, below expectations, putting even more attention on Friday’s jobs report. A softer labour market may restrain the Fed, but too soft and investors start worrying about growth instead. A rather narrow Goldilocks zone. 😅
Tech helped drive the rebound, with Nvidia up more than 3% and Meta gaining 2.5%. The standout was *Dell*, soaring 16% after strong results and a major outlook upgrade, helped by booming AI server demand. GitLab jumped 10%. But expectations remain unforgiving, with *MongoDB* plunging 14% and *Palo Alto Networks* falling 9% despite both beating estimates.
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For now, the bounce is welcome. But with oil high, yields high and Friday’s jobs report looming, Wall Street isn’t exactly short of things to worry about.
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*What’s Brewing Today*
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Share buybacks on SGX have quietly picked up pace, with 2026 consideration already crossing S$2 billion, according to data released by SGX yesterday. An encouraging sign that more companies are actively thinking about capital management and shareholder returns, especially when they believe their shares are undervalued. Two names worth highlighting. $Singtel(Z74.SI) is particularly interesting because it has a S$2 billion value realisation share buyback programme, with shares bought back being cancelled, making it a very visible example of capital being returned to shareholders. I think I mentioned Singtel a few times in the last 1-2 weeks. $Keppel(BN4.SI) has also been actively buying back shares, so these are two familiar blue chips that make the broader buyback story more relatable to investors.
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*Happening Today*
CN:
— RatingDog Services PMI / RatingDog Composite PMI
EU:
— HCOB Services PMI / HCOB Composite PMI / Producer Price Index (MoM) / Producer Price Index (YoY)
US:
— ADP Nonfarm Employment Change / Initial Jobless Claims / Trade Balance / S&P Global Services PMI / S&P Global Composite PMI / ISM Non-Manufacturing PMI / ISM Non-Manufacturing Employment / ISM Non-Manufacturing Prices
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*SG Stock news*
—👍 *Willas-Array Electronics* 1HFY2026 revenue rose 27.3% to HK$1.48 billion while attributable profit nearly tripled to HK$61.5 million.
https://links.sgx.com/1.0.0/corporate-announcements/IKS1HWQL8XWO7X2X/903314_eWAE-20260902-1-Interim%20Report.pdf
—‼️ *Digilife Technologies* delayed the restart of its AAC manufacturing operations by another six to eight months as it continues seeking funding, leaving the group temporarily without operating business activities.
https://links.sgx.com/1.0.0/corporate-announcements/WTU4N2HDHBXXALIJ/903267_Digilife%20-%20Announcement_Update%20on%20Modi%20Hebel%20AAC%20business%20operations_2Sep2026.pdf
—‼️ *EC World REIT* said a RMB3.515 billion guarantee liability against subsidiary Beigang is now final and binding after an appeal was dismissed, with bankruptcy and liquidation possible if Beigang is required to satisfy the full amount.
https://links.sgx.com/1.0.0/corporate-announcements/KWJCDZEB1NXMA0O3/903276_ECW-Update%20on%20Hangzhou%20Fenhua%20Investment%20LLP.pdf
—‼️ *Kim Heng* clarified that a reported US$1.5 billion offshore wind contract has not been awarded, although its Korean JV is participating in a tender for the project.
https://links.sgx.com/1.0.0/corporate-announcements/EZS8TTDM883LP7US/903341_Kim%20Heng%20-%20Update%20on%20Article%20by%20Manifold%20Times.pdf
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
https://tinyurl.com/dan-disclaimer
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