For the week of Oct 9, global markets traded on edge as Middle East tensions kept oil prices swinging and bond yields touched multi-decade highs before easing. U.S. stocks finished mixed, with large caps higher and defensive sectors leading, as Fed minutes pointed to further rate hikes and inflation gauges stayed firm. In China, mainland markets reopened from the Golden Week break to a technology selloff, while Hong Kong recovered on a Friday rebound in internet shares. Singapore bore the brunt, with local banks sliding on a downgrade and warnings that higher yields would weigh on third-quarter earnings.
(Refer to
the major indices' weekly performance tables below.)
Symbol Index Name Close (Wk) Change Chg % YTD % $SPX S&P 500 7,811.54 +88.83 +1.15% +14.11% $N225 Nikkei 225 69,030.92 +721.46 +1.06% +37.13% $HSI Hang Seng 24,211.35 +239.06 +1.00% -5.54% $DJI Dow Jones 51,654.95 +477.98 +0.93% +7.47% $NDX Nasdaq 100 30,883.15 +75.22 +0.24% +22.31% $SSE Shanghai 3,813.79 -28.40 -0.74% -3.91% $RUT Russell 2000 2,806.98 -25.91 -0.91% +13.10% $CSI300 CSI 300 4,317.25 -40.36 -0.93% -6.75% $KLCI KLCI 1,608.45 -22.42 -1.37% -4.27% $STI Straits Times 5,401.89 -232.93 -4.13% +16.26%
πΊπΈ United States
Market
Overview
U.S. equities
finished the week mixed amid volatility in AI-related stocks, Middle East
developments and sharp moves in oil prices and Treasury yields. The S&P 500
(SPX) rose 1.15%, the Dow Jones Industrial Average (DJI) added 0.93% and the
Nasdaq 100 (NDX) gained 0.24%, while the Russell 2000 (RUT) fell 0.91%.
Index
Weekly Performance
-
Dow Jones Industrial Average (DJI): +0.93%
-
S&P 500 (SPX): +1.15%
-
Nasdaq 100 (NDX): +0.24%
Key
Highlights and Outlook
π’️
Hormuz Tensions Whipsaw Oil Prices
Crude fell
midweek on news that the International Energy Agency would accelerate a planned
reserve release, then rallied Thursday on reports of tanker attacks in the
Strait of Hormuz. Brent briefly topped USD 105 per barrel before retreating
after President Trump said the U.S. would not attack Iran ahead of November's
midterm elections. Fresh attacks reported Friday kept volatility elevated.
π¦
Fed Minutes Point to More Hikes
Minutes from
the September meeting, where officials unanimously voted for a 25-basis-point
hike, showed most policymakers expected another increase by year-end. Timing
remained unclear. Governor Christopher Waller said there is “some flexibility
about when those hikes will occur,” while still expecting the Fed to keep
raising rates to combat inflation.
π
Inflation Gauges Stay Hot
The ISM
services PMI eased to 54.9 from 55.4, but its prices index rose 1.4 points to
74.0, the highest since July 2022. The New York Fed survey showed year-ahead
inflation expectations at 3.9%, the highest since May 2023. Michigan sentiment
fell to a five-month low of 46.3, with year-ahead expectations at 4.7%.
π΅
Treasury Yields Ease From Multi-Decade Highs
The 10-year and
30-year yields rose to their highest levels since 2002 before retreating on
stronger-than-expected auctions, helped by the pledge of no Iran strike before
the midterms. Investment-grade corporates outperformed Treasuries for most of
the week, with new issues oversubscribed, while high yield was volatile on
inflation and oil concerns.
π
Bull Market Turns Four, Earnings-Led
The bull
market, which began on October 12, 2022, reaches its fourth anniversary with
the S&P 500 up 117% (130% including dividends) and 28 record highs this
year. About 70% of the gain has come from earnings growth and 30% from
valuation expansion. Analysts expect another robust third-quarter earnings
season.
⚠️
Mega-Cap Concentration Remains the Key Risk
Roughly 40
cents of every dollar in the S&P 500 sits in its ten largest companies,
with about 8 cents in NVIDIA alone. The concentration has been backed by
earnings growth, but reliance on a handful of names can amplify volatility if
growth expectations disappoint.
S&P
500 Sectors in Focus
Defensives led
the S&P 500, with Utilities, Consumer Staples and Energy the strongest
sectors. Health Care, Consumer Discretionary and Financials also advanced,
while Real Estate and Materials posted smaller gains. Industrials and
Technology were the only sectors to decline, and Communication Services was
roughly flat. Energy and Technology remain the year's leading sectors.
(Refer to
the SPX sector ETF weekly performance table below.)
Symbol Sector Close (Wk) Change Chg % YTD % SPY ★ S&P 500 ETF 778.57 +8.93 +1.16% +14.17% XLU Utilities 41.41 +1.58 +3.97% -3.00% XLP Consumer Staples 83.43 +2.90 +3.60% +7.40% XLE Energy 65.08 +2.26 +3.60% +45.56% XLV Health Care 170.81 +4.63 +2.79% +10.34% XLY Consumer Discret. 112.85 +2.81 +2.55% -5.49% XLF Financials 54.73 +1.24 +2.32% -0.07% XLRE Real Estate 41.61 +0.80 +1.96% +3.12% XLB Materials 49.43 +0.57 +1.17% +9.00% XLC Comm. Services 110.38 +0.06 +0.05% -6.24% XLI Industrials 169.25 -0.70 -0.41% +9.11% XLK Technology 198.78 -1.03 -0.52% +38.07%
Technical
Snapshot
The S&P 500 closed at 7,811.54, a record close, after touching an intraday record of 7,844.52 on October 6, while the Dow ended at 51,654.95. Consumer Discretionary remains negative year to date, one reason some chartists are looking beyond it for leadership as earnings season starts. The weekly chart structure remains an uptrend at record highs, and a renewed climb in Treasury yields is the main risk to that trend.
π¨π³ China / Hong Kong
Market
Overview
Chinese
equities diverged in a holiday-shortened week. The CSI 300 (CSI300) fell 0.93%
and the Shanghai Composite (SSE) declined 0.74% from their September 30 closes,
while the Hang Seng Index (HSI) rose 1.00%. Mainland exchanges reopened
Thursday after the National Day Golden Week closure, and Hong Kong recovered on
a Friday rebound in internet and technology stocks.
(Refer to
the major indices' weekly performance tables above.)
Index
Weekly Performance
-
CSI 300 (CSI300): -0.93%
-
Shanghai Composite (SSE): -0.74%
-
Hang Seng Index (HSI): +1.00%
Key
Highlights and Outlook
π
Mainland Tech Sells Off After Holiday
On reopening
Thursday, the STAR 50 plunged 4.8% as rising global yields and oil prices
pressured growth stocks. Semiconductors, AI hardware and optical communications
led losses, with renewed worries over possible U.S. restrictions on Chinese
optical transceivers adding pressure. Mainland benchmarks rebounded Friday
afternoon, led by media and entertainment, on a sharp rise in volumes in
broad-market ETFs.
π
Hong Kong Recovers on Friday Rebound
Energy shares
benefited from higher oil prices early in the week. A sharp Friday rebound in
internet and technology stocks, alongside easing oil prices, then lifted the
Hang Seng into positive territory for the week.
π§³
Golden Week Travel Up, Spending Cautious
The seven-day
holiday saw 826 million domestic trips, up 6.3% year on year, generating RMB
738.4 billion in tourism revenue, up 4.3%, on a comparable daily-average basis.
Spending growth lagging visitor numbers, alongside weaker holiday box office
receipts, points to uneven household demand rather than a broad-based
consumption recovery.
π€
Favour AI Enablers Over Frontier Models
Moonshot AI's
reported USD 50 billion IPO valuation target highlights strong enthusiasm for
China AI, but Maybank Securities stays cautious on frontier-model developers
given heavy funding needs and dilution risk. It prefers AI infrastructure
beneficiaries: ASMPT on advanced packaging demand, NetEase on a potential
Ananta launch, and GDS after the planned DayOne IPO.
π‘️
China Life Offers Yield After Correction
Maybank
Securities also sees opportunity in China Life Insurance following its recent
share-price correction, citing an attractive dividend yield and a likely lift
to investment income and sentiment if China's equity market stabilises. The
stock fell 4.87% this week.
Technical
Snapshot
The HSI closed
the week at 24,211.35, up 1.00%, while the SSE ended at 3,813.79 after the
tech-led losses on reopening. The HSI reclaimed the 24,000 level, its first
weekly gain after a four-week losing streak. The SSE has been consolidating in
the 3,750 to 4,000 range.
Hang
Seng Index Weekly Gainers
70 of the 95
Hang Seng Index constituents gained on the week. Tingyi (+7.29%), Xiaomi
(+7.10%) and OOIL (+6.47%) led the index.
(Refer to
the Hang Seng Index constituents' weekly performance table below.)
Code Company Close (Wk) Wk % YTD % HSI ★ HSI ★ 24,211.35 +1.00% -5.54% 322 Tingyi 12.37 +7.29% +4.92% 1810 XiaomiHXXD 25.96 +7.10% -33.94% 316 OOIL 153.00 +6.47% +22.01% 2618 JD Logistics 10.31 +6.45% -9.72% 1519 J&T Global Express 8.98 +6.21% -14.02% 27 Galaxy Ent. 32.12 +6.01% -16.18% 9901 New Oriental 45.54 +5.66% +7.81% 728 China Telecom 4.68 +5.28% -13.08% 9633 Nongfu Spring 41.62 +5.26% -11.14% 2015 Li Auto 44.66 +4.79% -31.13% 762 China Unicom 5.67 +4.42% -27.19% 6618 JD Health 36.08 +4.16% -34.99% 386 Sinopec 4.54 +4.13% -2.89% 6862 Haidilao 9.57 +4.08% -32.84% 9999 NetEase 193.50 +3.92% -9.83% 2899 Zijin Mining 32.94 +3.91% -7.63% 2331 Li Ning 12.76 +3.91% -31.66% 1209 CR Mixc 38.60 +3.82% -10.11% 2319 China Mengniu Dairy 18.24 +3.75% +22.33% 688 COLI 13.27 +3.75% +8.33% 291 CR Beer 19.13 +3.63% -27.04% 12 Henderson Land 26.90 +3.54% -4.41% 1109 CR Land 30.44 +3.47% +11.91% 3988 Bank of ChinaHBND 6.12 +3.46% +37.33% 857 PetroChinaHPCD 9.83 +3.31% +17.30% 3993 CMOC Group 15.41 +3.22% -19.91% 968 Xinyi Solar 1.94 +3.20% -34.85% 3968 CM Bank 52.20 +3.16% -1.14% 2057 ZTO Express 157.60 +3.07% -2.90% 3750 CATL 491.40 +3.06% -2.79% 1876 Budweiser APAC 5.84 +3.00% -22.99% 6181 Laopu Gold 337.00 +3.00% -45.47% 1299 AIA Group 71.25 +2.96% -10.83% 1929 Chow Tai Fook 11.18 +2.95% -9.77% 285 BYD Electronic 23.16 +2.75% -31.15% 300 Midea 93.65 +2.74% +10.24% 16 Sun Hung Kai 108.90 +2.74% +14.99% 175 GeelyHGMD 15.13 +2.65% -15.47% 868 Xinyi Glass 8.16 +2.64% -1.27% 9618 JD.comHJDD 105.60 +2.62% -5.38% 836 CR Power 19.93 +2.52% +15.14% 9988 AlibabaHBBD 107.00 +2.49% -25.07% 1997 Wharf REIC 30.72 +2.47% +24.98% 823 Link REIT 37.32 +2.41% +7.43% 2313 Shenzhou Intl 34.78 +2.35% -43.17% 1211 BYDHYDD 75.60 +2.30% -20.71% 101 Hang Lung Prop. 6.62 +2.16% -23.17% 9992 Pop MartHPPD 152.30 +2.08% -18.86% 1038 CK Infra 66.15 +1.93% +14.84% 1088 China Shenhua 44.22 +1.89% +13.97% 939 CCB 9.73 +1.88% +26.59% 3690 MeituanHMTD 71.50 +1.85% -30.78% 2600 Aluminum Corp China 7.76 +1.84% -36.24% 6 Power Assets 60.40 +1.77% +9.52% 1024 KuaishouHKUD 30.10 +1.76% -52.93% 6690 Haier 20.42 +1.69% -15.90% 2 CLP Holdings 77.00 +1.65% +10.63% 883 CNOOC 23.90 +1.62% +12.21% 2688 ENN Energy 49.40 +1.60% -28.61% 241 AliHealth 2.86 +1.60% -43.37% 941 China MobileHCMD 80.10 +1.59% -1.96% 3 HK & China Gas 7.13 +1.28% +1.78% 1099 Sinopharm 14.87 +0.95% -23.51% 700 TencentHTCD 424.80 +0.85% -29.08% 1928 Sands China 11.46 +0.70% -41.53% 9961 Trip.comHTGD 304.40 +0.66% -45.05% 1398 ICBC 7.50 +0.60% +19.24% 388 HKEX 377.80 +0.53% -7.31% 1044 Hengan 19.55 +0.26% -29.93% 66 MTR Corp 31.72 +0.13% +6.44%
Hang
Seng Index Weekly Decliners
25 of the 95
Hang Seng Index constituents declined on the week. Chip and pharma names
weighed on the index. Hua Hong Semiconductor (-10.38%) was the biggest
decliner.
(Refer to
the Hang Seng Index constituents' weekly performance table below.)
Code Company Close (Wk) Wk % YTD % HSI ★ HSI ★ 24,211.35 +1.00% -5.54% 1378 China Hongqiao 21.14 -0.09% -35.19% 9888 BaiduHBUD 83.00 -0.24% -36.88% 2318 Ping AnHPAD 51.85 -0.29% -20.41% 267 CITIC 12.71 -0.47% +5.39% 288 WH Group 6.58 -0.68% -24.05% 1 CK Hutchison 66.65 -0.89% +25.87% 669 Techtronic 127.50 -0.93% +41.82% 2359 WuXi AppTec 208.00 -0.95% +110.74% 6160 BeOne Medicines 209.60 -1.23% +16.90% 2269 WuXi Bio 53.85 -1.28% +71.28% 1113 CK Asset 45.20 -1.53% +14.95% 2388 BOC Hong Kong 49.68 -2.01% +26.03% 2020 ANTA Sports 72.65 -2.02% -9.81% 960 Longfor 5.34 -2.20% -37.56% 2382 Sunny Optical 60.50 -2.50% -7.70% 5 HSBCHSHD 145.20 -2.88% +18.63% 1177 Sino Biopharm 5.41 -3.05% -12.46% 1801 Innovent Bio 92.65 -3.74% +21.51% 2338 Weichai Power 27.98 -3.91% +48.44% 992 Lenovo 32.84 -4.31% +254.64% 981 SMICHSMD 57.65 -4.32% -19.31% 2628 China Life 26.16 -4.87% -4.46% 3692 Hansoh 31.54 -7.62% -12.58% 1093 CSPC Pharma 9.09 -8.51% +7.77% 1347 Hua Hong Semi 94.55 -10.38% +27.25%
πΈπ¬ Singapore
Market
Overview
The Straits
Times Index (STI) fell 4.13% as the three local banks sold off sharply.
Analysts warned that surging long bond yields would hurt third-quarter earnings
for Southeast Asian lenders, and OCBC was downgraded to sell. The banks were
the biggest drags on the index, which was Asia's worst-performing benchmark on
Thursday.
Index
Weekly Performance
-
Straits Times Index (STI): -4.13%
Key
Highlights and Outlook
π¦
Banks Slide on Yield and Margin Worries
OCBC fell
8.40%, UOB 7.31% and DBS 4.99%. Warnings that surging long bond yields would
hurt third-quarter earnings, and OCBC's downgrade to sell on expected margin
compression from higher SGD fixed-deposit rates, drove the sell-off. Views
diverged: one house urges trimming OCBC and DBS into results while preferring
UOB, while another rates DBS a buy.
π‘️
Only Eight of 30 Constituents Advanced
Fourteen names
declined and eight were unchanged, five of them REITs. JMH (+2.47%), Wilmar
(+2.31%) and DFI Retail (+2.26%) led the gainers, followed by Yangzijiang
Shipbuilding (+1.59%).
⚙️
Industrials Hit; Seatrium Wins FSRU Deal
ST Engineering
(-5.01%) and Keppel (-4.71%) were among the sharpest decliners. Seatrium
(-1.48%) slipped despite securing a full-scope EPCIC FSRU conversion contract
from Excelerate Energy, with an option for a second.
π‘
Telco Consolidation and Repricing
StarHub is
buying MyRepublic's mobile business, a deal viewed as earnings accretive ahead
of further industry consolidation. Bharti Airtel's postpaid price hikes could
lift Singtel's FY27 underlying NPAT by about 1.5% on an annualised basis.
Singtel slipped 0.24%.
Technical
Snapshot
The STI closed
at 5,401.89, down 4.13% on the week but still up 16.26% year to date. The MSCI
Singapore Index broke below 520 support and tested the 500 psychological level,
with technical sell signals flagged on DBS, OCBC and UOB. Immediate support for
the STI is at 5,400, with major support around 5,200, the level of its 200-day
moving average. Some strategists see the bank-led pullback opening a window for
the rally to broaden.
(Refer to
the STI weekly performance table below.)
Code Company Close (Wk) Wk % YTD % STI ★ STI ★ 5,401.89 -4.13% +16.26% J36 JMH USD 56.73 +2.47% -17.05% F34 Wilmar 3.55 +2.31% +15.26% D01 DFI Retail USD 3.17 +2.26% -19.75% BS6 YZJ Ship SGD 5.10 +1.59% +46.55% U96 Sembcorp Ind 5.90 +1.03% -1.99% C09 CityDev 7.10 +0.85% -11.25% H78 HK Land USD 8.10 +0.62% +16.55% BUOU Frasers L&C Tr 0.87 +0.58% -12.56% C38U CapLand IntCom Tr 2.24 +0.00% -6.28% J69U Frasers CT 2.07 +0.00% -11.16% G13 Genting Sing 0.61 +0.00% -15.17% AJBU Keppel DC REIT 2.13 +0.00% -5.33% ME8U Mapletree Ind Tr 1.83 +0.00% -12.02% N2IU Mapletree PACT 1.19 +0.00% -19.05% S58 SATS 3.73 +0.00% -2.10% Y92 ThaiBev 0.43 +0.00% -6.52% Z74 Singtel 4.24 -0.24% -6.81% V03 Venture 16.29 -0.79% +7.60% U14 UOL 7.96 -0.87% -8.92% M44U Mapletree Log Tr 1.08 -0.92% -18.18% 9CI CapLand Invest 2.44 -1.21% -9.96% S68 SGX 20.73 -1.24% +22.23% C6L SIA 6.57 -1.35% +2.66% A17U CapAscendas REIT 2.19 -1.35% -22.61% 5E2 Seatrium 2.00 -1.48% -7.41% BN4 Keppel 10.52 -4.71% +1.64% D05 DBS 73.36 -4.99% +30.16% S63 ST Engineering 10.42 -5.01% +23.75% U11 UOB 39.96 -7.31% +13.98% O39 OCBC 29.00 -8.40% +46.76%
π
Week Ahead (12–16 Oct 2026)
U.S. bond
markets are closed Monday for Columbus Day. JPMorgan, Goldman Sachs, Wells
Fargo and Citigroup open third-quarter earnings season on Tuesday, followed by
September CPI on Wednesday and PPI and retail sales on Thursday. Watch how
Treasury yields react to the inflation data after this week’s retreat from
multi-decade highs.
China’s
September CPI and PPI are due Wednesday at 9:30 a.m. Beijing time. Further out,
third-quarter GDP is scheduled for October 19, followed by the fifth plenum of
the 20th Communist Party Central Committee on October 26 to 29.
Singapore
releases advance third-quarter GDP estimates and the MAS Monetary Policy
Statement on Wednesday at 8:00 a.m. After this week’s rout, investors will look
for stabilisation in the banks ahead of third-quarter results from UOB
(November 4), DBS (November 5) and OCBC (November 6).
π️ Overarching Watchpoint
The biggest
binary risk is Wednesday’s U.S. inflation print. A hot September CPI that sends
long-dated Treasury yields back toward their 2002-era highs would pressure
growth stocks and yield-sensitive regional banks, while a softer reading would
extend this week’s retreat in yields.
Source: Some content and data are
excerpted from publicly available market reports.
Unfamiliar with a term? See the Glossary.
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