𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *9/9/26*
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STI: 5767 (-24) | HSI: 25317 (-95) | Dow: 52786 (-628) | S&P: 7673 (-45) | Nasdaq: 26421 (-85)
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*US Markets Overnight*
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Wall Street started the holiday-shortened week lower, with the Dow falling 1.2%, S&P 500 down 0.6% and Nasdaq slipping 0.3%. The pressure point remains oil. WTI rose 1.9% to US$93.20, while Brent briefly approached US$100, after Iran-backed Houthi rebels attacked Saudi energy facilities. The 10-year Treasury yield remained near 4.8%, with markets pricing around a 60% chance of a Fed hike next week.
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And that’s the tricky combination. Higher oil keeps inflation risks alive, while higher yields put pressure on equity valuations. With CPI due Friday, Brent flirting with US$100 is certainly not what the Fed ordered.
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Healthcare weighed on the market, with Novartis plunging 14% and Amgen falling 10% following disappointing drug-trial results. Chips, however, bucked the trend. Intel jumped 9%, *Qualcomm* gained 3% on an AI data-centre partnership with Amazon, while Seagate rose 6.5%. Bloom Energy surged 9.5% on news it will join the S&P 500, while Tesla rebounded 4%.
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For now, Wall Street is watching two temperatures: oil and inflation. Both are running a little too warm for comfort.
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*What’s Brewing Today*
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Good to see $Frencken(E28.SI) moved higher to $2.46. Barring any external factors (read Trump’s tariffs), I am optimistic of this counter and its peers, AEM and UMS. $Sembcorp Ind(U96.SI) , a counter that I had mentioned many times,but also disappointed me a few times, finally made a meaningful recovery to the 6.2-ish level, a level where I last put out a trading idea on it about 3 months ago. Subsequently, it moved to as high as 6.56 before a Citigroup downgrade saw the price triggering my stop loss and plunged to as low as $5.22. Nevertheless, great to see it coming back.
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Investors vested in HK and China stocks, do take note of China’s CPI and PPI data released later. Would likely dictate the market direction.
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*Happening Today*
CN:
— CPI (MoM) / CPI (YoY) / PPI (YoY)
EU:
— French Industrial Production (MoM)
US:
— ADP Weekly Employment Change
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*SG Stock news*
— $Centurion(OU8.SI) will acquire a 7,974-bed worker accommodation asset in Pasir Gudang for RM214.5 million (S$67.2 million), boosting its Malaysian bed capacity by 22% to about 43,980 beds.
https://links.sgx.com/1.0.0/corporate-announcements/7DTJTMXN3EAJEXMN/903750_CCL%20Press%20Release-Pasir%20Gudang%20Acquisition-20260908.pdf
— $Mapletree Log Tr(M44U.SI) is divesting 25-29 Permas Way in Melbourne for A$52.5M (S$44.8M), 6.1% above valuation, as part of its portfolio rejuvenation strategy.
https://links.sgx.com/1.0.0/corporate-announcements/JGFLU6JXEFU1MBKM/903717_20260908-MLT_Derrimut%20divestment_final.pdf
— $OTS Holdings(OTS.SI) received a S$0.17-per-share privatisation offer from controlling shareholder BCS Development, representing a 29.8% premium to its last traded price, with plans to delist from Catalist if the scheme succeeds.
— $XMH Hldgs(9PQ.SI) completed its 1-for-4 share split effective 8 September, increasing its issued shares to 459.9 million, with its new SGX stock code changed to 9PQ.
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
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