For the week of Nov 6, it was AI and tech again, the fourth week running that one theme has dominated the headlines. Markets whipsawed on the U.S. midterm result: Wall Street rallied on the Democratic sweep, then suffered its sharpest one-day sell-off in years on Thursday as chip stocks fell on data-center regulation and capex worries, even as a strong jobs report showed a resilient economy. China and Hong Kong bounced back on fresh PBoC support for stock purchases and buybacks. Singapore slipped as bank results and Friday’s global tech sell-off weighed.
(Refer to the major indices'
weekly performance tables below.)
| Symbol | Index Name | Close (Wk) | Change | Chg % | YTD % |
|---|---|---|---|---|---|
| $HSI | Hang Seng | 24,481.86 | +1,187.44 | +5.10% | -4.48% |
| $CSI300 | CSI 300 | 4,054.28 | +68.78 | +1.73% | -12.43% |
| $SSE | Shanghai | 3,649.18 | +50.16 | +1.39% | -8.05% |
| $KLCI | KLCI | 1,616.58 | +0.98 | +0.06% | -3.78% |
| $DJI | Dow Jones | 51,285.73 | -484.58 | -0.94% | +6.70% |
| $RUT | Russell 2000 | 2,754.11 | -57.74 | -2.05% | +10.97% |
| $SPX | S&P 500 | 7,376.86 | -203.22 | -2.68% | +7.76% |
| $STI | Straits Times | 5,179.17 | -197.58 | -3.67% | +11.47% |
| $NDX | Nasdaq 100 | 26,989.99 | -1,394.85 | -4.91% | +6.89% |
| $N225 | Nikkei 225 | 57,434.77 | -5,855.34 | -9.25% | +14.09% |
πΊπΈ
United States
Market
Overview
U.S. equities ended a volatile week lower as Democrats' midterm sweep sparked a relief rally that gave way to a sharp AI-led sell-off. The Dow Jones Industrial Average (DJI) fell 0.94%, the S&P 500 (SPX) lost 2.68% and the Nasdaq 100 (NDX) dropped 4.91%. The Dow held up best, while technology and semiconductors bore the brunt.
Index
Weekly Performance
- Dow Jones Industrial Average
(DJI): -0.94%
- S&P 500 (SPX): -2.68%
- Nasdaq 100 (NDX): -4.91%
Key
Highlights and Outlook
1️⃣
Democratic Sweep: Relief Rally Reverses Fast
Democrats won both chambers of Congress, and the president accepted the result and signalled openness to working with them. Stocks rallied on Wednesday as political uncertainty cleared and hopes rose for progress toward an Iran resolution. The gains unravelled as investors turned to what the result meant for AI.
2️⃣
Thursday's Rout Erases Midweek Gains
On Thursday the Nasdaq 100 fell 6.4% and the Philadelphia Semiconductor Index more than 12%, both their worst sessions since March 2020. The S&P 500 lost 4.4%, its steepest drop since April 2025, with all 11 sectors lower. Defensives such as consumer staples and health care held up relatively well. Stocks recovered part of the loss on Friday.
3️⃣ AI
Buildout Debate Shifts to Economics
Nvidia fell 9%, Broadcom 10.4%, Micron 17.5% and AMD 17.3% on Thursday. Concerns centred on tighter data-center permitting, zoning and power reviews, notably in Texas, Ohio and Georgia, plus disappointing chip-company outlooks. The debate is moving from AI adoption to AI economics, and slower capex growth could favour hyperscalers over infrastructure suppliers.
4️⃣
Strong Jobs Data Shows Resilient Economy
Payrolls rose 165,000 in October against a consensus of about 70,000, and August and September were revised up by a combined 84,000. Unemployment edged down to 4.1% and initial claims fell to 189,000. ISM Manufacturing rose to 55.5, a tenth straight month of expansion, while ISM Services eased to 54.5.
5️⃣
Treasury Yields Fall on Haven Demand
Treasury yields fell across the curve, with short- and intermediate-term yields dropping more than long-term yields and steepening the curve. A Democratic Congress was read as reducing the risk of large deficit-financed spending, and the tech sell-off added haven demand. Strong private payrolls and hawkish Fed commentary tempered the rally late in the week.
6️⃣
Oil Whipsaws as Fed Leaves Hike Open
Crude fell more than 8% the day
after the election on hopes of an Iran resolution, then WTI climbed back above
$91 by Friday. The Fed had held rates at 3.75%–4.00% with two dissenters
favouring a hike, and gave little guidance on December, leaving rate risk open.
S&P
500 Sectors in Focus
Communication
Services led the week, followed by Real Estate and Consumer Discretionary, with
Financials and Consumer Staples also finishing higher. Energy was the weakest
sector as crude fell sharply after the election, followed by Technology, which
bore the brunt of Thursday's chip-led rout. Industrials and Materials also
declined, while Health Care and Utilities were roughly flat to slightly lower.
(Refer to the SPX sector ETF weekly performance table below.)
| Symbol | Sector | Close (Wk) | Change | Chg % | YTD % |
|---|---|---|---|---|---|
| SPY ★ | S&P 500 ETF | 735.29 | -20.43 | -2.70% | +7.83% |
| XLC | Comm. Services | 104.79 | +4.89 | +4.89% | -10.98% |
| XLRE | Real Estate | 44.00 | +0.83 | +1.92% | +9.05% |
| XLY | Consumer Discret. | 117.58 | +2.20 | +1.91% | -1.53% |
| XLF | Financials | 57.16 | +0.65 | +1.15% | +4.36% |
| XLP | Consumer Staples | 90.08 | +0.66 | +0.74% | +15.96% |
| XLV | Health Care | 184.80 | -0.07 | -0.04% | +19.38% |
| XLU | Utilities | 43.13 | -0.30 | -0.69% | +1.03% |
| XLB | Materials | 51.95 | -0.79 | -1.50% | +14.55% |
| XLI | Industrials | 162.67 | -4.73 | -2.83% | +4.87% |
| XLK | Technology | 164.74 | -14.77 | -8.23% | +14.43% |
| XLE | Energy | 61.62 | -8.40 | -12.00% | +37.82% |
Technical
Snapshot
SPX closed at 7,376.86, NDX at 26,989.99 and DJI at 51,285.73, all still positive year to date at +7.76%, +6.89% and +6.70%. Near term, direction hinges on whether AI-related selling stabilises and on Tuesday’s CPI, with the SPX 200-day moving average near 7,325 the next major support to watch. On the weekly charts, SPX has now fallen four weeks in a row and sits near its four-month low with its uptrend still intact, while NDX is the weakest of the three, closing below its July low and its 200-day moving average.
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China / Hong Kong
Market
Overview
Chinese
equities rebounded, recovering part of October's losses on fresh PBoC support,
with the CSI 300 up 1.73%, the Shanghai Composite (SSE) up 1.39% and the Hang
Seng Index (HSI) up 5.10%. Semiconductor and AI shares drove a midweek mainland
recovery and Hong Kong internet stocks rallied on Thursday, but momentum faded
on Friday after the U.S. tech sell-off. (Refer to the major indices' weekly
performance tables above.)
Index
Weekly Performance
- CSI 300: +1.73%
- Shanghai Composite (SSE):
+1.39%
- Hang Seng Index (HSI): +5.10%
Key
Highlights and Outlook
1️⃣
PBoC Steps Up Equity Market Support
The PBoC ran a RMB100 billion operation under its securities, funds and insurance swap facility on Tuesday, with 31 firms taking part. On Wednesday it cut the relending rate for share buybacks and shareholding increases by 25 basis points to 1.0%, and banks applied for more than RMB200 billion in quotas.
2️⃣
Tech and Internet Names Drive Rebound
Hong Kong internet stocks rallied on Thursday as investors returned to names heavily sold in October. Friday's U.S. tech slide then hit semiconductor and optical-communications stocks, though Chinese equities held their weekly gains.
3️⃣
October PMIs Show Uneven Activity
The official manufacturing PMI fell to 49.3 from 50.1 and the non-manufacturing PMI to 49.7 from 50.2, both into contraction. Private RatingDog surveys stayed in expansion at a slower pace, with manufacturing at 52.0 from 52.1 and services at 50.8 from 51.6.
4️⃣
PBoC Adjusts Rate Framework and FX Rules
From Monday the PBoC began daily overnight reverse repos at a fixed 1.25%, making the overnight rate its main policy anchor. It will also raise the foreign-currency deposit reserve requirement ratio from 4% to 6% from November 15 to moderate the yuan's recent appreciation.
5️⃣
Maybank Securities Favours Financials
With 88% of MSCI China companies
reporting, 3Q26 earnings fell 14.8% YoY, with consumer sectors weak. Maybank
Securities favours financials, preferring insurers China Life and AIA and
broker CICC, and sees JD.com's Singles' Day sales as a near-term catalyst.
Technical
Snapshot
HSI closed at 24,481.86 and SSE at 3,649.18, both still negative year to date at -4.48% and -8.05%. SSE recorded its first weekly gain after six straight weekly declines, while HSI’s rebound recovered part of October’s 5.4% drop but remains a rebound within a broader corrective phase. Follow-through depends on continued policy support, corporate fundamentals and investor confidence.
Hang
Seng Index Weekly Gainers
83 of 95 HSI
constituents gained. Sino Biopharm (+16.18%), Hua Hong Semiconductor (+15.65%),
Xiaomi (+14.73%), Xinyi Solar (+14.52%) and JD Health (+13.54%) led, while
internet heavyweights Meituan (+12.29%), Tencent (+9.44%) and Alibaba (+8.09%)
also rallied. Southbound data from Maybank Securities showed net selling of
Xiaomi, SMIC and Alibaba (HKD3.13 billion, HKD2.14 billion and HKD1.98 billion)
even as the stocks rose, while the Tracker Fund of Hong Kong drew the largest
net buying at HKD14.91 billion.
(Refer to the Hang Seng Index
constituents' weekly performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| HSI ★ | HSI ★ | 24,481.86 | +5.10% | -4.48% |
| 1177 | Sino Biopharm | 5.60 | +16.18% | -9.39% |
| 1347 | Hua Hong Semi | 70.20 | +15.65% | -5.52% |
| 1810 | XiaomiHXXD | 30.38 | +14.73% | -22.70% |
| 968 | Xinyi Solar | 2.13 | +14.52% | -28.28% |
| 6618 | JD Health | 43.26 | +13.54% | -22.05% |
| 9999 | NetEase | 200.40 | +13.41% | -6.62% |
| 9961 | Trip.comHTGD | 350.40 | +13.11% | -36.75% |
| 9618 | JD.comHJDD | 113.30 | +12.85% | +1.52% |
| 2331 | Li Ning | 15.48 | +12.58% | -17.09% |
| 3690 | MeituanHMTD | 80.40 | +12.29% | -22.17% |
| 3750 | CATLHCCD | 380.00 | +12.16% | -24.83% |
| 6181 | Laopu GoldHLPD | 303.60 | +10.80% | -50.87% |
| 9901 | New Oriental | 42.46 | +10.75% | +0.52% |
| 2015 | Li Auto | 47.44 | +10.69% | -26.85% |
| 6160 | BeOne Medicines | 244.20 | +10.30% | +36.20% |
| 2313 | Shenzhou Intl | 42.12 | +9.97% | -31.18% |
| 241 | AliHealth | 3.10 | +9.73% | -38.61% |
| 700 | TencentHTCD | 419.80 | +9.44% | -29.92% |
| 1024 | KuaishouHKUD | 28.92 | +9.05% | -54.78% |
| 2618 | JD Logistics | 10.76 | +8.80% | -5.78% |
| 27 | Galaxy Ent. | 34.84 | +8.67% | -9.08% |
| 1211 | BYDHYDD | 74.15 | +8.64% | -22.23% |
| 1929 | Chow Tai Fook | 11.95 | +8.54% | -3.55% |
| 1801 | Innovent Bio | 86.35 | +8.28% | +13.25% |
| 1876 | Budweiser APAC | 6.38 | +8.23% | -16.01% |
| 6862 | Haidilao | 10.19 | +8.12% | -28.49% |
| 9988 | AlibabaHBBD | 104.90 | +8.09% | -26.54% |
| 16 | Sun Hung Kai | 117.70 | +8.08% | +24.29% |
| 1519 | J&T Global Express | 9.71 | +8.07% | -7.08% |
| 2319 | China Mengniu Dairy | 21.40 | +7.75% | +43.53% |
| 3692 | Hansoh | 34.80 | +7.54% | -3.55% |
| 1093 | CSPC Pharma | 8.45 | +7.44% | +0.24% |
| 2020 | ANTA Sports | 79.65 | +7.13% | -1.12% |
| 2269 | WuXi Bio | 47.62 | +7.06% | +51.46% |
| 101 | Hang Lung Prop. | 6.62 | +7.03% | -23.05% |
| 669 | Techtronic | 142.60 | +6.98% | +58.62% |
| 2318 | Ping AnHPAD | 53.15 | +6.86% | -18.42% |
| 9633 | Nongfu Spring | 45.22 | +6.80% | -3.46% |
| 6690 | Haier | 21.24 | +6.47% | -12.52% |
| 1113 | CK Asset | 49.12 | +6.41% | +24.92% |
| 981 | SMICHSMD | 45.58 | +6.05% | -36.21% |
| 1 | CK Hutchison | 70.20 | +6.04% | +32.58% |
| 1099 | Sinopharm | 17.16 | +5.99% | -11.73% |
| 12 | Henderson Land | 29.70 | +5.92% | +5.54% |
| 291 | CR Beer | 20.92 | +5.82% | -20.21% |
| 322 | Tingyi | 13.34 | +5.45% | +13.15% |
| 2628 | China Life | 25.18 | +5.44% | -8.04% |
| 1044 | Hengan | 22.18 | +5.22% | -20.50% |
| 175 | GeelyHGMD | 14.56 | +5.20% | -18.66% |
| 9992 | Pop MartHPPD | 141.90 | +5.19% | -24.40% |
| 1109 | CR Land | 32.02 | +5.12% | +17.72% |
| 388 | HKEX | 385.60 | +4.95% | -5.40% |
| 762 | China Unicom | 5.46 | +4.80% | -29.82% |
| 267 | CITIC | 12.87 | +4.63% | +6.72% |
| 2 | CLP Holdings | 80.95 | +4.59% | +16.31% |
| 2359 | WuXi AppTec | 193.60 | +4.42% | +96.15% |
| 1209 | CR Mixc | 41.64 | +4.41% | -3.03% |
| 1997 | Wharf REIC | 32.54 | +4.36% | +32.38% |
| 868 | Xinyi Glass | 8.43 | +4.08% | +1.87% |
| 2057 | ZTO Express | 163.60 | +4.07% | +0.80% |
| 1299 | AIA Group | 78.45 | +4.05% | -1.81% |
| 688 | COLI | 13.18 | +3.86% | +7.59% |
| 2899 | Zijin Mining | 28.90 | +3.73% | -18.96% |
| 300 | Midea | 100.10 | +3.57% | +17.83% |
| 288 | WH Group | 6.59 | +3.53% | -23.99% |
| 9888 | BaiduHBUD | 78.20 | +3.30% | -40.53% |
| 1928 | Sands China | 11.03 | +3.28% | -43.72% |
| 66 | MTR Corp | 34.30 | +2.94% | +15.10% |
| 823 | Link REIT | 40.98 | +2.91% | +17.96% |
| 2600 | Aluminum Corp China | 7.32 | +2.74% | -39.89% |
| 939 | CCB | 10.53 | +2.63% | +36.93% |
| 836 | CR Power | 20.40 | +2.41% | +17.85% |
| 6 | Power Assets | 65.40 | +2.35% | +18.59% |
| 728 | China Telecom | 4.58 | +1.78% | -14.94% |
| 3 | HK & China Gas | 7.39 | +1.72% | +5.49% |
| 941 | China MobileHCMD | 81.10 | +1.37% | -0.73% |
| 5 | HSBCHSHD | 137.50 | +1.33% | +12.34% |
| 2382 | Sunny Optical | 64.05 | +1.18% | -2.29% |
| 960 | Longfor | 4.58 | +1.10% | -46.44% |
| 1378 | China Hongqiao | 20.40 | +0.89% | -37.46% |
| 1398 | ICBC | 7.95 | +0.70% | +26.39% |
| 1038 | CK Infra | 71.00 | +0.50% | +23.26% |
| 1088 | China Shenhua | 42.66 | +0.23% | +9.95% |
Hang
Seng Index Weekly Decliners
12 of 95 HSI
constituents declined. Lenovo (-8.24%) was the weakest, followed by Weichai
Power (-6.63%), CNOOC (-4.94%), OOIL (-4.16%) and PetroChina (-4.07%), with
energy names slipping in a week when crude fell more than 8% after the U.S.
election. Bank of China, CM Bank and BOC Hong Kong slipped less than 1%.
(Refer to the Hang Seng Index
constituents' weekly performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| HSI ★ | HSI ★ | 24,481.86 | +5.10% | -4.48% |
| 2688 | ENN Energy | 48.72 | -0.08% | -29.60% |
| 3988 | Bank of ChinaHBND | 6.12 | -0.41% | +37.22% |
| 3968 | CM Bank | 54.15 | -0.73% | +2.56% |
| 2388 | BOC Hong Kong | 50.00 | -0.99% | +26.84% |
| 386 | Sinopec | 4.80 | -1.23% | +2.89% |
| 285 | BYD Electronic | 21.40 | -1.83% | -36.39% |
| 3993 | CMOC Group | 12.05 | -2.19% | -37.37% |
| 857 | PetroChinaHPCD | 10.38 | -4.07% | +23.87% |
| 316 | OOIL | 152.20 | -4.16% | +21.37% |
| 883 | CNOOC | 23.48 | -4.94% | +10.23% |
| 2338 | Weichai Power | 21.96 | -6.63% | +16.50% |
| 992 | Lenovo | 18.81 | -8.24% | +103.13% |
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Singapore
Market
Overview
The Straits Times Index (STI) fell 3.67% as post-results selling in the banks and Friday's global tech sell-off outweighed gains in defensives. UOB (-10.85%), OCBC (-5.33%) and DBS (-4.66%) all declined, with ST Engineering and Keppel also lower. S-REITs, DFI Retail, Jardine Matheson and SIA were among the gainers.
Index
Weekly Performance
- Straits Times Index (STI):
-3.67%
Key
Highlights and Outlook
1️⃣
Global Tech Rout Drags STI Lower
The STI closed at 5,179.17, still +11.47% year to date. Most of the week's loss came on Friday after Thursday's U.S. rout. Venture fell 5.18%, ST Engineering 8.77% and Keppel 6.34%.
2️⃣
S-REITs and Defensives Hold Up
All eight S-REIT constituents in the index rose, from +0.58% to +3.35%. Frasers Logistics & Commercial Trust reported FY26 2H DPU of 2.95 cents, unchanged YoY, with rental reversion of +10.4%.
3️⃣
Maybank Securities Stays Overweight Singapore
Maybank Securities noted the STI had retreated about 9% from its September record, mainly on bank selling amid rising bond yields and funding costs. It raised its 2026 GDP growth forecast to 5.6% with CPI near 2%, and likes OCBC, SGX and AI-linked tech manufacturers.
4️⃣
Rates Rise and AI Doubts Weigh on Tech
Three-month compounded SORA rose to 1.32% from 1.23% at end-September. Brokers flagged downside risk to Singapore semiconductor earnings as Democratic gains raised doubts over data-center approvals, with Venture and Frencken seen as more resilient than higher-AI-exposure names such as UMS.
5️⃣
Banks: NII Steady, Trading Weak
3Q26 net profit was S$2.81 billion
at DBS (-5% YoY, missed), S$2.04 billion at OCBC (+3%, in line) and S$1.25
billion at UOB (rebound off a low base, missed). NIM was 1.87% at DBS, 1.66% at
OCBC and 1.68% at UOB. FY26e dividend yields are 4.6% at DBS and 4.2% at UOB,
and about 4% at OCBC including specials.
Technical
Snapshot
The STI closed at 5,179.17, giving back much of the recent advance but still up 11.47% year to date. Technically, it is sitting inside its 5,150–5,250 support area after closing below its 200-day moving average near 5,250 this week, and has fallen into correction territory, down more than 10% from its peak. Near-term direction depends on global tech sentiment and how banks trade after results. (Refer to the STI weekly performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| STI ★ | STI ★ | 5,179.17 | -3.67% | +11.47% |
| D01 | DFI Retail USD | 3.73 | +6.88% | -5.57% |
| J36 | JMH USD | 60.84 | +5.50% | -11.04% |
| C6L | SIA | 6.95 | +3.89% | +8.59% |
| BUOU | Frasers L&C Tr | 0.93 | +3.35% | -7.04% |
| AJBU | Keppel DC REIT | 2.17 | +2.84% | -3.56% |
| C38U | CapLand IntCom Tr | 2.34 | +2.63% | -2.09% |
| N2IU | Mapletree PACT | 1.18 | +2.61% | -19.73% |
| Y92 | ThaiBev | 0.43 | +2.35% | -5.43% |
| A17U | CapAscendas REIT | 2.26 | +2.26% | -20.14% |
| S58 | SATS | 3.73 | +1.91% | -2.10% |
| J69U | Frasers CT | 2.14 | +1.90% | -8.15% |
| G13 | Genting Sing | 0.61 | +1.67% | -15.86% |
| S68 | SGX | 20.49 | +1.39% | +20.81% |
| M44U | Mapletree Log Tr | 1.11 | +0.91% | -15.91% |
| ME8U | Mapletree Ind Tr | 1.74 | +0.58% | -16.35% |
| H78 | HK Land USD | 8.28 | -0.24% | +19.14% |
| U14 | UOL | 7.88 | -0.25% | -9.84% |
| Z74 | Singtel | 4.09 | -0.97% | -10.11% |
| F34 | Wilmar | 2.97 | -1.33% | -3.57% |
| C09 | CityDev | 7.22 | -1.63% | -9.75% |
| 5E2 | Seatrium | 1.80 | -1.64% | -16.67% |
| 9CI | CapLand Invest | 2.36 | -1.67% | -12.92% |
| U96 | Sembcorp Ind | 5.68 | -2.91% | -5.65% |
| BS6 | YZJ Ship SGD | 4.35 | -4.40% | +25.00% |
| D05 | DBS | 69.72 | -4.66% | +23.70% |
| V03 | Venture | 14.29 | -5.18% | -5.61% |
| O39 | OCBC | 27.73 | -5.33% | +40.33% |
| BN4 | Keppel | 9.45 | -6.34% | -8.70% |
| S63 | ST Engineering | 9.26 | -8.77% | +9.98% |
| U11 | UOB | 36.88 | -10.85% | +5.19% |
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Week Ahead (9–13 Nov 2026)
U.S. October
CPI is due Tuesday, 10 Nov, with consensus at +0.3% MoM (3.7% YoY) and core at
+0.2% (2.6% YoY). Wednesday is Veterans Day, when banks are closed but the
stock market stays open. Thursday brings initial jobless claims (consensus
193,000) and existing home sales, and October PPI follows on Friday. Watch how
Treasury yields react to CPI.
China releases
October CPI and PPI on Monday, 9 Nov. Singles' Day falls on Wednesday, 11 Nov,
with Maybank Securities flagging JD.com as a potential beneficiary. The PBoC's
higher foreign-currency reserve requirement takes effect on 15 Nov.
Singapore markets are closed on Monday, 9 Nov for the Deepavali in-lieu public holiday, leaving a four-day trading week. Singapore
Airlines reports second-quarter and half-year results on Wednesday, 11 Nov,
with analysts watching jet fuel costs. Regionally, Japan's Nikkei 225 fell
9.25% this week and entered a bear market, so Asian technology sentiment
remains in focus.
π️
Overarching Watchpoint
Whether the
AI-led sell-off stabilises or extends. Tuesday's CPI is the first hard
catalyst: a hot print would revive December rate-hike risk, with two Fed
dissenters already favouring a hike, just as investors question AI capex
returns and data-center regulation.
Source: Some
content and data are excerpted from publicly available market reports.
Unfamiliar with a term? See the Glossary.
