For the week of Oct 30, investors scrutinised AI spending as disappointing hyperscaler results triggered a late-week tech reversal, even as the Fed held rates and market breadth improved. U.S. equities ended mixed as small caps and defensives offset a sharp slide in large-cap technology after Alphabet(GOOG) and Amazon(AMZN) missed expectations. China and Hong Kong diverged as a mainland tech sell-off and a plenum without new stimulus contrasted with a Friday Hong Kong rebound. Singapore slipped as a steep Wilmar decline and softer banks outweighed gains in selected industrials.
(Refer to
the major indices' weekly performance tables below.)
| Symbol | Index Name | Close (Wk) | Change | Chg % | YTD % |
|---|---|---|---|---|---|
| $RUT | Russell 2000 | 2,811.84 | +35.95 | +1.29% | +13.29% |
| $N225 | Nikkei 225 | 63,290.11 | +596.95 | +0.95% | +25.73% |
| $HSI | Hang Seng | 23,294.42 | +201.05 | +0.87% | -9.11% |
| $KLCI | KLCI | 1,615.60 | +4.04 | +0.25% | -3.84% |
| $SPX | S&P 500 | 7,580.07 | -43.61 | -0.57% | +10.73% |
| $STI | Straits Times | 5,376.74 | -45.42 | -0.84% | +15.72% |
| $DJI | Dow Jones | 51,770.31 | -444.85 | -0.85% | +7.71% |
| $NDX | Nasdaq 100 | 28,384.85 | -572.68 | -1.98% | +12.42% |
| $SSE | Shanghai | 3,599.02 | -91.46 | -2.48% | -9.32% |
| $CSI300 | CSI 300 | 3,985.50 | -119.83 | -2.92% | -13.92% |
🇺🇸 United States
Market Overview
U.S. stocks
closed mixed as AI-related large caps reversed early-week gains late in the
week. The Dow Jones Industrial Average (DJI) lost 0.85%, the S&P 500 (SPX)
fell 0.57% and the Nasdaq 100 (NDX) slid 1.98%, while the Russell 2000 (RUT)
gained 1.29%. Large-cap value outperformed growth for a fourth consecutive
week.
Index Weekly Performance
-
Dow Jones (DJI): -0.85%
-
S&P 500 (SPX): -0.57%
-
Nasdaq 100 (NDX): -1.98%
Monthly Performance
October split
the market: the Dow Jones (DJI) gained 1.70%, while the S&P 500 (SPX) fell
0.93% and the Nasdaq 100 (NDX) dropped 6.65%, with the Russell 2000 (RUT) up
0.54%. The three large-cap indices stand at +7.71%, +10.73% and +12.42% year to
date. (Refer to the major indices’ monthly performance table below.)
| Symbol | Index Name | Close (Mo) | Change | Chg % | YTD % |
|---|---|---|---|---|---|
| $DJI | Dow Jones | 51,770.31 | +864.26 | +1.70% | +7.71% |
| $RUT | Russell 2000 | 2,811.84 | +14.98 | +0.54% | +13.29% |
| $SPX | S&P 500 | 7,580.07 | -71.46 | -0.93% | +10.73% |
| $KLCI | KLCI | 1,615.60 | -35.57 | -2.15% | -3.84% |
| $N225 | Nikkei 225 | 63,290.11 | -3,463.61 | -5.19% | +25.73% |
| $STI | Straits Times | 5,376.74 | -299.14 | -5.27% | +15.72% |
| $HSI | Hang Seng | 23,294.42 | -1,318.85 | -5.36% | -9.11% |
| $SSE | Shanghai | 3,599.02 | -243.18 | -6.33% | -9.32% |
| $NDX | Nasdaq 100 | 28,384.85 | -2,023.66 | -6.65% | +12.42% |
| $CSI300 | CSI 300 | 3,985.50 | -372.11 | -8.54% | -13.92% |
Key Highlights and Outlook
1️⃣ AI Spending Faces a Cash-Flow
Test
Microsoft beat
revenue and earnings estimates, but Alphabet and Amazon posted double-digit
revenue growth and still missed expectations, reigniting doubts over returns on
heavy AI capex. Investors are now judging spending on near-term revenue,
earnings and cash flow, a repricing of AI rather than a rejection of it.
2️⃣ Fed Holds at 3.75%-4.00%,
Two Dissent
The Fed held
rates after September’s 25 bp hike, with 10 of 12 voters in favour and two
preferring another quarter-point increase. The statement described growth as
strong rather than solid, and Chair Warsh offered little guidance on December.
Two further 25 bp hikes are anticipated, which would effectively reverse the
2025 cuts.
3️⃣ GDP Accelerates to a 3.4%
Pace
Advance
third-quarter GDP grew at a 3.4% annualised rate, above the roughly 3.0%
expected and up from 2.2% in the second quarter, led by business investment and
consumer spending. Consumer confidence rose to 91.7 from 84.2, and jobless
claims fell to 194,000, the lowest since July, giving the Fed room to focus on
inflation.
4️⃣ Inflation Stays Sticky:
PCE at 3.6%
September
headline PCE rose 0.5% on the month and 3.6% year on year, with energy up
21.3%. Core PCE rose 0.3% and 3.1%, both accelerating modestly from August and
well above the 2% target. The five-year TIPS breakeven has also moved higher,
suggesting markets see a risk that inflation stays above target for longer.
5️⃣ Rotation Broadens Beyond
Mega-Cap Tech
Value and small
caps led, and defensive sectors such as consumer staples, health care and
utilities offset AI-related weakness as market breadth improved. With valuation
multiples contracting as yields rise, earnings growth is now the key driver,
and a sustained double-digit pace would support further gains.
6️⃣ Yields Ease; Oil and
Midterms Add Risk
The 10-year
Treasury yield fell to about 4.92% from roughly 5% a week earlier, turning
sharply lower after the Fed and the late-week tech sell-off. Year-to-date
investment-grade issuance hit a record on AI-related financing. Oil stayed
volatile as U.S.-Iran diplomacy competed with escalation risks, with military
activity possibly intensifying after the 3 November midterms.
S&P 500 Sectors in Focus
Nine of the 11
S&P 500 sectors advanced even as the index fell, a clear sign of broadening
leadership. Health Care, Materials and Utilities led, while Consumer Staples
and Industrials also finished higher. Communication Services and Technology
were the weakest sectors, weighed by the AI-spending reassessment and
Alphabet’s sharp post-earnings drop. (Refer to the SPX sector ETF weekly
performance table below.)
| Symbol | Sector | Close (Wk) | Change | Chg % | YTD % |
|---|---|---|---|---|---|
| SPY ★ | S&P 500 ETF | 755.72 | -4.25 | -0.56% | +10.82% |
| XLV | Health Care | 184.87 | +5.59 | +3.12% | +19.43% |
| XLB | Materials | 52.74 | +1.43 | +2.79% | +16.30% |
| XLU | Utilities | 43.43 | +0.87 | +2.04% | +1.73% |
| XLY | Consumer Discret. | 115.38 | +2.28 | +2.02% | -3.37% |
| XLI | Industrials | 167.40 | +2.78 | +1.69% | +7.92% |
| XLRE | Real Estate | 43.17 | +0.60 | +1.41% | +6.99% |
| XLP | Consumer Staples | 89.42 | +1.16 | +1.31% | +15.11% |
| XLF | Financials | 56.51 | +0.61 | +1.09% | +3.18% |
| XLE | Energy | 70.02 | +0.69 | +1.00% | +56.61% |
| XLK | Technology | 179.51 | -3.72 | -2.03% | +24.69% |
| XLC | Comm. Services | 99.90 | -5.61 | -5.32% | -15.14% |
Technical Snapshot
The SPX closed
at 7,580.07, up 10.73% year to date, its third straight weekly loss after last
week’s 0.47% decline, while the DJI at 51,770.31 gave back the last two weeks’
gains. The NDX, at 28,384.85, was the weakest of the three with a third
consecutive weekly loss after last week’s 0.79% decline. The three indices
remain in a sideways consolidation, and the outlook hinges on whether further
AI earnings and the 6 November jobs report hold that range.
📊 Weekly charts:
🇨🇳 China / Hong Kong
Market Overview
Chinese
equities ended mixed as a deepening mainland tech sell-off contrasted with a
Friday rebound in Hong Kong. The CSI 300 fell 2.92% and the Shanghai Composite
(SSE) fell 2.48%, while the Hang Seng Index (HSI) rose 0.87%. Semiconductor and
AI-related shares led the losses on valuation and AI-return concerns, and the
HSI gained 1.46% on Friday. (Refer to the major indices’ weekly performance
tables above.)
Index Weekly Performance
-
CSI 300: -2.92%
-
Shanghai Composite (SSE): -2.48%
-
Hang Seng Index (HSI): +0.87%
Key Highlights and Outlook
1️⃣ Fifth Plenum Stresses
Discipline, No Stimulus
The Party’s
Fifth Plenum concluded Thursday with a resolution on governance and
anti-corruption, confirming the expulsion of 33 officials including former
securities regulator head Yi Huiman. The communiqué reaffirmed efforts to
expand domestic demand and promote innovation-led growth under the 15th
Five-Year Plan, but announced no new stimulus measures.
2️⃣ Mainland Tech Sell-Off
Deepens
Semiconductor
and AI-related shares stayed under pressure, and losses intensified Friday
after renewed U.S. tech weakness. Maybank Securities noted that state-backed
investors reportedly bought up to RMB 170 bn of stocks and ETFs in October to
cushion declines. Hong Kong rebounded Friday on consumer, financial, energy,
property and selected internet names.
3️⃣ Soft 3Q Earnings Favour
Defensives
Maybank
Securities said China’s 3Q earnings season has started softly, with weak
consumption and price competition weighing on profits, and it continues to
favour defensive, dividend-yielding stocks. It cited China Telecom and China
Tower for attractive yields and resilient cash flows. HSBC fell 4.77% after
missing earnings expectations.
4️⃣ PBoC Adds a Bond-Market
Backstop
The PBoC
announced a swap facility to help eligible institutions manage large
redemptions during systemic bond-market stress, to limit forced selling.
Separately, the three policy banks completed RMB 800 bn of 2026
financial-instrument issuance, up from RMB 500 bn in 2025, to fund
infrastructure, AI and other priority projects.
5️⃣ Profits and Exports
Accelerate
Industrial
profits rose 14.4% year on year in September from 4.2% in August, but
disparities persisted, with electronics profits up 103.8% in the first nine
months and automobile profits down 22.8%. Maybank Securities noted that Hong
Kong’s September exports rose 64.9% year on year on AI demand, the fastest
growth in over 40 years.
Technical Snapshot
The HSI closed
at 23,294.42, rebounding 0.87% after last week’s 4.52% drop, but it remains
down 9.11% year to date. The SSE fell to 3,599.02, its sixth straight weekly decline after last week’s 0.69% loss, and is down 9.32% year to date. The HSI
is attempting a rebound while the SSE remains under pressure, so the outlook
depends on mainland tech stabilising.
Hang Seng Index Weekly Gainers
Fifty-seven of
the 95 index constituents gained for the week. Energy and banks led, with
PetroChina up 12.65%, Sinopec 9.08% and ICBC 9.05%, while Li Ning (+7.51%) and
China Shenhua (+7.42%) also posted strong gains.
(Refer to
the Hang Seng Index constituents’ weekly performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| HSI ★ | HSI ★ | 23,294.42 | +0.87% | -9.11% |
| 857 | PetroChinaHPCD | 10.82 | +12.65% | +29.12% |
| 386 | Sinopec | 4.87 | +9.08% | +4.18% |
| 1398 | ICBC | 7.89 | +9.05% | +25.52% |
| 2331 | Li Ning | 13.75 | +7.51% | -26.35% |
| 1088 | China Shenhua | 42.56 | +7.42% | +9.69% |
| 836 | CR Power | 19.92 | +7.27% | +15.08% |
| 1044 | Hengan | 21.08 | +7.01% | -24.44% |
| 883 | CNOOC | 24.70 | +6.83% | +15.96% |
| 2319 | China Mengniu Dairy | 19.86 | +6.60% | +33.20% |
| 1378 | China Hongqiao | 20.22 | +6.31% | -38.01% |
| 1299 | AIA Group | 75.40 | +6.12% | -5.63% |
| 3968 | CM Bank | 54.55 | +6.03% | +3.31% |
| 316 | OOIL | 158.80 | +5.66% | +26.63% |
| 1099 | Sinopharm | 16.19 | +5.54% | -16.72% |
| 6 | Power Assets | 63.90 | +5.53% | +15.87% |
| 939 | CCB | 10.26 | +5.07% | +33.42% |
| 1038 | CK Infra | 70.65 | +4.98% | +22.66% |
| 823 | Link REIT | 39.82 | +4.73% | +14.62% |
| 1113 | CK Asset | 46.16 | +4.62% | +17.40% |
| 728 | China Telecom | 4.50 | +4.40% | -16.42% |
| 868 | Xinyi Glass | 8.10 | +3.85% | -2.12% |
| 941 | China MobileHCMD | 80.00 | +3.76% | -2.08% |
| 2313 | Shenzhou Intl | 38.30 | +3.40% | -37.42% |
| 2388 | BOC Hong Kong | 50.50 | +3.31% | +28.11% |
| 1109 | CR Land | 30.46 | +3.25% | +11.99% |
| 669 | Techtronic | 133.30 | +3.25% | +48.28% |
| 16 | Sun Hung Kai | 108.90 | +3.22% | +14.99% |
| 3988 | Bank of ChinaHBND | 6.14 | +3.19% | +37.78% |
| 267 | CITIC | 12.30 | +3.19% | +1.99% |
| 1 | CK Hutchison | 66.20 | +2.87% | +25.02% |
| 66 | MTR Corp | 33.32 | +2.84% | +11.81% |
| 1997 | Wharf REIC | 31.18 | +2.84% | +26.85% |
| 6690 | Haier | 19.95 | +2.78% | -17.83% |
| 1209 | CR Mixc | 39.88 | +2.62% | -7.13% |
| 12 | Henderson Land | 28.04 | +2.56% | -0.36% |
| 968 | Xinyi Solar | 1.86 | +2.48% | -37.37% |
| 9992 | Pop MartHPPD | 134.90 | +2.43% | -28.13% |
| 322 | Tingyi | 12.65 | +2.43% | +7.29% |
| 300 | Midea | 96.65 | +2.17% | +13.77% |
| 6862 | Haidilao | 9.43 | +2.11% | -33.86% |
| 291 | CR Beer | 19.77 | +2.07% | -24.60% |
| 9633 | Nongfu Spring | 42.34 | +1.97% | -9.61% |
| 688 | COLI | 12.69 | +1.85% | +3.59% |
| 2 | CLP Holdings | 77.40 | +1.78% | +11.21% |
| 2318 | Ping AnHPAD | 49.74 | +1.47% | -23.65% |
| 3 | HK & China Gas | 7.27 | +1.47% | +3.71% |
| 2688 | ENN Energy | 48.76 | +1.46% | -29.54% |
| 27 | Galaxy Ent. | 32.06 | +1.46% | -16.34% |
| 2628 | China Life | 23.88 | +1.44% | -12.78% |
| 6618 | JD Health | 38.10 | +1.33% | -31.35% |
| 1929 | Chow Tai Fook | 11.01 | +0.92% | -11.14% |
| 1519 | J&T Global Express | 8.98 | +0.67% | -14.02% |
| 9618 | JD.comHJDD | 100.40 | +0.40% | -10.04% |
| 288 | WH Group | 6.37 | +0.39% | -26.59% |
| 2382 | Sunny Optical | 63.30 | +0.24% | -3.43% |
| 762 | China Unicom | 5.21 | +0.19% | -33.03% |
| 2057 | ZTO Express | 157.20 | +0.13% | -3.14% |
Hang Seng Index Weekly
Decliners
Thirty-eight of
the 95 index constituents declined. New Oriental (-17.41%), Hua Hong
Semiconductor (-10.01%), Lenovo (-9.45%), SMIC (-8.67%) and Longfor (-8.11%)
fell the most, with the semiconductor names reflecting the sector pressure.
(Refer to
the Hang Seng Index constituents’ weekly performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| HSI ★ | HSI ★ | 23,294.42 | +0.87% | -9.11% |
| 2618 | JD Logistics | 9.89 | -0.05% | -13.40% |
| 3690 | MeituanHMTD | 71.60 | -0.07% | -30.69% |
| 2600 | Aluminum Corp China | 7.12 | -0.28% | -41.50% |
| 2359 | WuXi AppTec | 185.40 | -0.32% | +87.84% |
| 9888 | BaiduHBUD | 75.70 | -0.33% | -42.43% |
| 700 | TencentHTCD | 383.60 | -0.62% | -35.96% |
| 9988 | AlibabaHBBD | 97.05 | -0.77% | -32.04% |
| 388 | HKEX | 367.40 | -0.92% | -9.86% |
| 101 | Hang Lung Prop. | 6.19 | -1.04% | -28.11% |
| 1810 | XiaomiHXXD | 26.48 | -1.19% | -32.62% |
| 2020 | ANTA Sports | 74.35 | -1.26% | -7.70% |
| 241 | AliHealth | 2.83 | -1.40% | -44.06% |
| 9961 | Trip.comHTGD | 309.80 | -1.59% | -44.08% |
| 3692 | Hansoh | 32.36 | -1.94% | -10.31% |
| 1876 | Budweiser APAC | 5.89 | -2.00% | -22.40% |
| 1928 | Sands China | 10.68 | -2.73% | -45.51% |
| 175 | GeelyHGMD | 13.84 | -2.88% | -22.68% |
| 2269 | WuXi Bio | 44.48 | -2.88% | +41.48% |
| 285 | BYD Electronic | 21.80 | -2.94% | -35.20% |
| 6160 | BeOne Medicines | 221.40 | -3.06% | +23.48% |
| 9999 | NetEase | 176.70 | -3.44% | -17.66% |
| 1177 | Sino Biopharm | 4.82 | -3.60% | -22.01% |
| 6181 | Laopu GoldHLPD | 274.00 | -3.72% | -55.66% |
| 1801 | Innovent Bio | 79.75 | -4.15% | +4.59% |
| 2338 | Weichai Power | 23.52 | -4.39% | +24.77% |
| 1211 | BYDHYDD | 68.25 | -4.68% | -28.42% |
| 5 | HSBCHSHD | 135.70 | -4.77% | +10.87% |
| 2015 | Li Auto | 42.86 | -4.92% | -33.91% |
| 1024 | KuaishouHKUD | 26.52 | -4.95% | -58.53% |
| 3750 | CATLHCCD | 338.80 | -5.04% | -32.98% |
| 3993 | CMOC Group | 12.32 | -5.30% | -35.97% |
| 2899 | Zijin Mining | 27.86 | -5.43% | -21.87% |
| 1093 | CSPC Pharma | 7.87 | -5.75% | -6.70% |
| 960 | Longfor | 4.54 | -8.11% | -47.02% |
| 981 | SMICHSMD | 42.98 | -8.67% | -39.85% |
| 992 | Lenovo | 20.50 | -9.45% | +121.38% |
| 1347 | Hua Hong Semi | 60.70 | -10.01% | -18.30% |
| 9901 | New Oriental | 38.34 | -17.41% | -9.23% |
📊 Weekly charts:
🇸🇬 Singapore
Market Overview
Singapore
stocks edged lower, with the Straits Times Index (STI) down 0.84% as 11
constituents rose, one was flat and 18 fell. Wilmar and Yangzijiang
Shipbuilding were the largest decliners, while OCBC, Keppel and Seatrium
advanced. U.S. yields eased late in the week as the AI-linked tech sell-off
lifted Treasuries.
Index Weekly Performance
-
Straits Times Index (STI): -0.84%
Key Highlights and Outlook
1️⃣ Wilmar Slump Weighs on the STI
Wilmar fell
9.88%, the STI’s worst performer, and Yangzijiang Shipbuilding dropped 6.76%.
Cost pressures were flagged for Wilmar’s 3Q26, and the company said it will
engage an investigations firm and a law firm, as directed by NEA, to inquire
into any link to the Indonesian fires behind the transboundary haze.
2️⃣ Banks Diverge Before
Results
DBS fell 1.76%
and UOB 0.53%, while OCBC rose 1.00%. DBS denied rumours that its Indonesian
unit would merge with Bank Central Asia. Maybank Securities expects the banks
to report 3Q results from 4-6 Nov.
3️⃣ S-REITs Report Mixed 3Q
Updates
CapitaLand
Ascendas REIT reported 90.1% occupancy and a +9.9% rental reversion, though
leverage rose to 41.8%. Mapletree Pan Asia Commercial Trust’s 2Q DPU fell 3.5%
and NetLink NBN Trust’s H1 DPU rose 1.1%. Mapletree Industrial Trust fell
3.89%.
4️⃣ Contract Wins and
Ex-Dividend Moves
Seatrium, up
1.10%, secured an FPSO integration contract above S$200 million from SBM
Offshore. Sembcorp signed a pact with DayOne to explore powering Asian data
centres, but fell 2.66%. SGX, down 2.70%, traded ex-dividend (S$0.24) on 30
Oct.
Technical Snapshot
The STI closed
at 5,376.74, down 0.84% after last week’s 0.12% gain, and remains up 15.72%
year to date. Breadth was negative, with 18 decliners against 11 gainers, led
lower by Wilmar. The STI is consolidating within its year-to-date gains, has been in sideways mode for the past the past three weeks and
the outlook turns to the banks’ results from 4 Nov. (Refer to the STI weekly
performance table below.)
| Code | Company | Close (Wk) | Wk % | YTD % |
|---|---|---|---|---|
| STI ★ | STI ★ | 5,376.74 | -0.84% | +15.72% |
| D01 | DFI Retail USD | 3.49 | +4.80% | -11.65% |
| C09 | CityDev | 7.34 | +2.95% | -8.25% |
| S58 | SATS | 3.66 | +1.67% | -3.94% |
| H78 | HK Land USD | 8.30 | +1.22% | +19.42% |
| 5E2 | Seatrium | 1.83 | +1.10% | -15.28% |
| O39 | OCBC | 29.29 | +1.00% | +48.23% |
| M44U | Mapletree Log Tr | 1.10 | +0.92% | -16.67% |
| C6L | SIA | 6.69 | +0.90% | +4.53% |
| BN4 | Keppel | 10.09 | +0.90% | -2.51% |
| G13 | Genting Sing | 0.60 | +0.84% | -17.24% |
| Z74 | Singtel | 4.13 | +0.24% | -9.23% |
| 9CI | CapLand Invest | 2.40 | +0.00% | -11.44% |
| U14 | UOL | 7.90 | -0.25% | -9.61% |
| S63 | ST Engineering | 10.15 | -0.49% | +20.55% |
| U11 | UOB | 41.37 | -0.53% | +18.00% |
| C38U | CapLand IntCom Tr | 2.28 | -0.87% | -4.60% |
| A17U | CapAscendas REIT | 2.21 | -0.90% | -21.91% |
| AJBU | Keppel DC REIT | 2.11 | -0.94% | -6.22% |
| BUOU | Frasers L&C Tr | 0.90 | -1.10% | -10.05% |
| J36 | JMH USD | 57.67 | -1.67% | -15.67% |
| N2IU | Mapletree PACT | 1.15 | -1.71% | -21.77% |
| D05 | DBS | 73.13 | -1.76% | +29.76% |
| V03 | Venture | 15.07 | -2.02% | -0.46% |
| Y92 | ThaiBev | 0.42 | -2.30% | -7.61% |
| U96 | Sembcorp Ind | 5.85 | -2.66% | -2.82% |
| S68 | SGX | 20.21 | -2.70% | +19.16% |
| J69U | Frasers CT | 2.10 | -3.67% | -9.87% |
| ME8U | Mapletree Ind Tr | 1.73 | -3.89% | -16.83% |
| BS6 | YZJ Ship SGD | 4.55 | -6.76% | +30.75% |
| F34 | Wilmar | 3.01 | -9.88% | -2.27% |
📊 Weekly charts:
📅 Week Ahead (2–6 Nov 2026)
In the U.S.,
ISM manufacturing is due Monday 2 Nov and ISM services Wednesday 4 Nov, with
the midterm elections on Tuesday 3 Nov (markets open as usual). The October
jobs report follows Friday 6 Nov at 8:30 a.m. ET (9:30 p.m. Singapore time),
the next read on the labour market before the Fed’s December meeting.
In China and
Hong Kong, the ninth China International Import Expo runs in Shanghai from 5 to
10 Nov, while 3Q earnings season continues. Maybank Securities continues to
favour defensive, dividend-yielding names.
In Singapore,
Maybank Securities expects the banks to report 3Q results from 4-6 Nov, with
net interest margins, earnings and dividends in focus. U.S. Treasury yields
remain a key sensitivity for REITs.
🗓️ Overarching
Watchpoint
The biggest
binary risk is whether U.S.-Iran diplomacy holds or military activity escalates
after the 3 November midterms, which would swing oil, yields and the inflation
outlook the Fed is trying to contain.
Source: Some
content and data are excerpted from publicly available market reports.
Unfamiliar with
a term? See the Glossary.
