For the week of Oct 23, global equities were unsettled by renewed doubts over the funding and returns of AI spending, with higher oil prices and Middle East tensions adding to the unease. In the U.S., tech-led selling weighed on the large-cap benchmarks as investors rotated toward defensive and small-cap stocks, and Treasury yields fell. China and Hong Kong slid on the technology rout and tighter scrutiny of online platforms, with Hong Kong the weakest. Singapore edged higher as REIT strength and lower U.S. yields offset weakness in tech-linked and industrial names.
(Refer to the major indices' weekly performance tables
below.)
Symbol Index Name Close (Wk) Change Chg % YTD % $RUT Russell 2000 2,775.90 +54.53 +2.00% +11.85% $DJI Dow Jones 52,215.16 +212.75 +0.41% +8.64% $KLCI KLCI 1,611.56 +3.81 +0.24% -4.08% $STI Straits Times 5,422.16 +6.63 +0.12% +16.70% $SPX S&P 500 7,623.68 -35.76 -0.47% +11.37% $SSE Shanghai 3,690.48 -25.81 -0.69% -7.01% $NDX Nasdaq 100 28,957.53 -230.02 -0.79% +14.68% $CSI300 CSI 300 4,105.33 -65.28 -1.57% -11.33% $N225 Nikkei 225 62,693.16 -2,631.13 -4.03% +24.54% $HSI Hang Seng 23,093.37 -1,093.46 -4.52% -9.90%
πΊπΈ United States
Market Overview
U.S. equities
ended mixed as concerns over AI spending and financing weighed on large-cap
technology shares. The S&P 500 (SPX) fell 0.47% and the Nasdaq 100 (NDX)
lost 0.79%, while the Dow Jones Industrial Average (DJI) gained 0.41% and the
small-cap Russell 2000 (RUT) led with a 2.00% advance.
Index Weekly Performance
-
Dow Jones (DJI): +0.41%
-
S&P 500 (SPX): -0.47%
-
Nasdaq 100 (NDX): -0.79%
Key Highlights and Outlook
1️⃣ AI
Funding Worries Hit Tech
Tech rebounded early in the week
but reversed on Thursday as scrutiny of AI spending and funding returned. Meta
fell more than 7% after raising its spending outlook, and every constituent of
the Philadelphia Semiconductor Index closed lower that day. The index lost 4%
for the week and is down 15% in October.
2️⃣ Rotation Into Defensive
Sectors
The tech sell-off did not become a
broad rout, as money moved into utilities, consumer staples and health care.
The equal-weighted S&P 500 rose nearly 2%, while the Dow, with less tech
exposure, gained 0.4%.
3️⃣ Treasuries Rally, Yield
Below 5%
The 10-year Treasury yield fell
back below 5% from a recent high of 5.3%, reflecting a flight to safety and
nerves about the growth outlook. Markets now price less than a 10% chance of an
October Fed hike, down from about 70% in September.
4️⃣ Oil Rises on Middle East
Tension
Brent closed Friday at $116.72 a
barrel, above its May high, after Houthi drone attacks on Saudi Arabia. Higher
oil is feeding into U.S. inflation, with the PCE deflator expected to rise
sharply.
5️⃣ Housing Weakens, Activity
Holds Up
The NAHB index fell three points to
29, its lowest since 2012, and pending home sales dropped 7.3% month over
month. Elsewhere, initial jobless claims fell to 194,000, the lowest since
July, and the flash Composite PMI was 57.6, though selling prices rose at the
fastest pace since August 2022.
6️⃣ Earnings Strong, Fed Meets
Next Week
Of the 25% of S&P 500 companies
that have reported, more than 80% beat consensus, with earnings growth expected
near 30% this quarter. The Fed is expected to hold rates after its September
hike, possibly with a couple of dissenters favouring another increase.
S&P 500 Sectors in Focus
Energy, Health
Care, Real Estate and Utilities posted the strongest gains among the S&P
500 sector ETFs, as defensive and energy-linked groups attracted flows.
Communication Services was the weakest by a wide margin, followed by
Industrials, while Technology slipped modestly. The SPY benchmark finished
lower on the week. (Refer to the SPX sector ETF weekly performance table
below.)
Symbol Sector Close (Wk) Change Chg % YTD % SPY ★ S&P 500 ETF 759.97 -3.28 -0.43% +11.45% XLE Energy 69.33 +1.09 +1.60% +55.07% XLV Health Care 179.28 +2.57 +1.45% +15.81% XLRE Real Estate 42.57 +0.41 +0.97% +5.50% XLU Utilities 42.56 +0.35 +0.83% -0.30% XLB Materials 51.31 +0.39 +0.77% +13.14% XLP Consumer Staples 88.26 +0.64 +0.73% +13.62% XLF Financials 55.90 +0.38 +0.68% +2.06% XLY Consumer Discret. 113.10 +0.64 +0.57% -5.28% XLK Technology 183.23 -0.24 -0.13% +27.27% XLI Industrials 164.62 -3.14 -1.87% +6.12% XLC Comm. Services 105.51 -4.81 -4.36% -10.37%
Technical Snapshot
The S&P 500
(SPX) closed at 7,623.68, slightly below the prior week's close( 4 days were inside prior week's range, only Friday slightly below). The Nasdaq 100 (NDX)
ended at 28,957.53, also the similar pattern as SPX. The Dow Jones (DJI) at 52,215.16- its 3rd weekly gain. NDX was the weakest
of the three as chip stocks sold off. Chart structure remains a sideways
consolidation across all three indices, with the Fed decision and big-tech
earnings next week the likely triggers for a breakout.
π Weekly charts:
π¨π³ China / Hong Kong
Market Overview
Chinese
equities declined as a technology-led sell-off, driven by worries over AI
investment, financing needs and earnings, hit sentiment. The CSI 300 (CSI300)
fell 1.57% and the Shanghai Composite (SSE) declined 0.69%, while the Hang Seng
Index (HSI) dropped 4.52%, with Hong Kong closed on Monday for the Chung Yeung
Festival and underperforming on selling in internet and biotech shares.
Mainland bank shares were comparatively resilient. (Refer to the major
indices' weekly performance tables above.)
Index Weekly Performance
-
CSI 300 (CSI300): -1.57%
-
Shanghai Composite (SSE): -0.69%
-
Hang Seng Index (HSI): -4.52%
Key Highlights and Outlook
1️⃣
Tech Rout Drives China Lower
AI-linked shares fell on concerns
over investment spending, financing needs and earnings, while losses in U.S.
tech and higher oil added to volatility. The CSI 300 fell into a technical bear market on Thursday, but a Friday rebound left it about 19% below its peak at the weekly close. The Hang Seng Tech Index fell 5% on Thursday, its biggest drop
since April 2025.
2️⃣ Q3 GDP Beats; Demand Stays
Uneven
China's Q3 GDP grew 4.5% year on
year, ahead of the 4.4% poll median. September industrial production rose 5.5%
and retail sales 1.1%, while fixed asset investment fell 7.2% in the first nine
months. The stronger headline may reduce the urgency for broad stimulus, though
domestic demand looks uneven.
3️⃣ Platform and Biotech
Policy Pressure
The market regulator met major
online platforms, including JD.com and Pinduoduo, over product quality and
counterfeits, and Hong Kong-listed e-commerce shares fell Thursday. On Friday,
biotech shares dropped after the U.S. Treasury proposed wider outbound
investment rules that add biotechnology. The proposal is open to consultation
and has not taken effect.
4️⃣ PBoC Studies Policy
Benchmark Change
PBoC Governor Pan Gongsheng said
the central bank is studying whether to make the overnight reverse repo rate,
rather than the seven-day rate, its main policy benchmark to improve
transmission. No change has been made. The one-year and five-year loan prime
rates were left at 3.00% and 3.50%, as expected.
5️⃣ Maybank Securities Stays
Defensive
Maybank Securities maintains a
defensive stance until visibility improves, with Hong Kong seen as more
resilient given its weighting in dividend-yielding financials and
cash-generative companies. It favours Standard Chartered, BOCHK and Zijin
Mining. Next week's Fifth Plenum could be an upside catalyst.
Technical Snapshot
The HSI closed
at 23,093.37, down 4.52% on the week and 9.90% year to date, the weakest of the
ten major indices in this week's table. The SSE ended at 3,690.48, down 0.69%
for the week and 7.01% year to date, holding up better than Hong Kong. The
trend remains weak in both indices, with next week's Fifth Plenum and U.S. tech
earnings the likely swing factors.
Hang Seng Index Weekly Gainers
Only 10 of the
95 Hang Seng Index constituents gained for the week, with one unchanged and 84
lower. Sunny Optical led at +9.45%, followed by Hansoh (+3.97%), BYD Electronic
(+1.91%) and BeOne Medicines (+1.51%). Power Assets was flat. (Refer to the
Hang Seng Index constituents' weekly performance table below.)
Code Company Close (Wk) Wk % YTD % HSI ★ HSI ★ 23,093.37 -4.52% -9.90% 2382 Sunny Optical 63.15 +9.45% -3.66% 3692 Hansoh 33.00 +3.97% -8.54% 285 BYD Electronic 22.46 +1.91% -33.23% 6160 BeOne Medicines 228.40 +1.51% +27.38% 9633 Nongfu Spring 41.52 +0.78% -11.36% 2015 Li Auto 45.08 +0.71% -30.49% 300 Midea 94.60 +0.69% +11.36% 1810 XiaomiHXXD 26.80 +0.53% -31.81% 12 Henderson Land 27.34 +0.51% -2.84% 66 MTR Corp 32.40 +0.06% +8.72% 6 Power Assets 60.55 +0.00% +9.79%
Hang Seng Index Weekly
Decliners
A total of 84
of the 95 constituents declined. Lenovo (-19.32%) and CATL (-19.06%) fell the
most, followed by CMOC (-10.95%), Laopu Gold (-10.67%), SMIC (-10.19%), Alibaba
(-10.11%) and Hua Hong Semiconductor (-10.01%). CATL's slide followed 3Q
results, where net income rose only 14.5% year on year on margin pressure from
tax changes, per Maybank Securities. Tencent fell 7.61% and NetEase 7.44%, and
the three telecom operators dropped between 4.76% and 7.40%. (Refer to the
Hang Seng Index constituents' weekly performance table below.)
Code Company Close (Wk) Wk % YTD % HSI ★ HSI ★ 23,093.37 -4.52% -9.90% 9961 Trip.comHTGD 314.80 -0.06% -43.18% 322 Tingyi 12.35 -0.16% +4.75% 2628 China Life 23.54 -0.34% -14.02% 1997 Wharf REIC 30.32 -0.46% +23.35% 823 Link REIT 38.02 -0.47% +9.44% 1044 Hengan 19.70 -0.51% -29.39% 3 HK & China Gas 7.17 -0.69% +2.21% 2313 Shenzhou Intl 37.04 -0.80% -39.48% 2057 ZTO Express 157.00 -0.82% -3.27% 1113 CK Asset 44.12 -0.85% +12.21% 386 Sinopec 4.46 -0.89% -4.50% 2319 China Mengniu Dairy 18.63 -0.90% +24.95% 1038 CK Infra 67.30 -0.96% +16.84% 939 CCB 9.77 -1.01% +26.98% 388 HKEX 370.80 -1.01% -9.03% 1876 Budweiser APAC 6.01 -1.15% -20.82% 669 Techtronic 129.10 -1.30% +43.60% 2 CLP Holdings 76.05 -1.43% +9.27% 6862 Haidilao 9.23 -1.44% -35.23% 16 Sun Hung Kai 105.50 -1.59% +11.40% 288 WH Group 6.34 -1.78% -26.87% 2600 Aluminum Corp China 7.14 -1.79% -41.33% 2318 Ping AnHPAD 49.02 -2.06% -24.76% 1209 CR Mixc 38.86 -2.07% -9.50% 960 Longfor 4.93 -2.18% -42.35% 101 Hang Lung Prop. 6.25 -2.27% -27.35% 291 CR Beer 19.37 -2.32% -26.13% 1 CK Hutchison 64.35 -2.35% +21.53% 1929 Chow Tai Fook 10.91 -2.42% -11.95% 1099 Sinopharm 15.34 -2.42% -21.09% 6618 JD Health 37.60 -2.49% -32.25% 2388 BOC Hong Kong 48.88 -2.53% +24.00% 1211 BYDHYDD 71.60 -2.92% -24.91% 3988 Bank of ChinaHBND 5.96 -3.01% +33.52% 1299 AIA Group 71.05 -3.07% -11.08% 1378 China Hongqiao 19.02 -3.16% -41.69% 2338 Weichai Power 24.60 -3.23% +30.50% 3968 CM Bank 51.45 -3.38% -2.56% 2020 ANTA Sports 75.30 -3.40% -6.52% 883 CNOOC 23.12 -3.51% +8.54% 6690 Haier 19.41 -3.53% -20.06% 9901 New Oriental 46.42 -3.57% +9.90% 2618 JD Logistics 9.89 -3.65% -13.35% 2331 Li Ning 12.79 -3.69% -31.49% 868 Xinyi Glass 7.79 -3.88% -5.74% 857 PetroChinaHPCD 9.61 -3.90% +14.62% 1519 J&T Global Express 8.93 -4.03% -14.59% 2688 ENN Energy 48.06 -4.17% -30.55% 9888 BaiduHBUD 75.95 -4.41% -42.24% 1928 Sands China 10.98 -4.44% -43.98% 1398 ICBC 7.24 -4.61% +15.10% 241 AliHealth 2.87 -4.66% -43.27% 941 China MobileHCMD 77.10 -4.76% -5.63% 1177 Sino Biopharm 5.00 -4.76% -19.09% 1024 KuaishouHKUD 27.90 -4.78% -56.37% 5 HSBCHSHD 142.50 -4.81% +16.42% 2269 WuXi Bio 45.80 -4.98% +45.67% 1109 CR Land 29.50 -5.02% +8.46% 175 GeelyHGMD 14.25 -5.06% -20.39% 2359 WuXi AppTec 186.00 -5.20% +88.45% 3690 MeituanHMTD 71.65 -5.35% -30.64% 688 COLI 12.46 -5.39% +1.71% 968 Xinyi Solar 1.81 -5.47% -38.89% 9618 JD.comHJDD 100.00 -5.75% -10.39% 27 Galaxy Ent. 31.60 -5.78% -17.54% 1093 CSPC Pharma 8.35 -6.02% -1.01% 836 CR Power 18.57 -6.35% +7.28% 316 OOIL 150.30 -6.41% +19.86% 1801 Innovent Bio 83.20 -6.57% +9.11% 1088 China Shenhua 39.62 -6.86% +2.11% 267 CITIC 11.92 -7.38% -1.16% 9992 Pop MartHPPD 131.70 -7.38% -29.83% 762 China Unicom 5.20 -7.39% -33.16% 728 China Telecom 4.32 -7.40% -19.94% 9999 NetEase 183.00 -7.44% -14.73% 700 TencentHTCD 386.00 -7.61% -35.56% 2899 Zijin Mining 29.46 -7.82% -17.39% 1347 Hua Hong Semi 67.45 -10.01% -9.22% 9988 AlibabaHBBD 97.80 -10.11% -31.51% 981 SMICHSMD 47.06 -10.19% -34.14% 6181 Laopu GoldHLPD 284.60 -10.67% -53.95% 3993 CMOC Group 13.01 -10.95% -32.38% 3750 CATLHCCD 356.80 -19.06% -29.42% 992 Lenovo 22.64 -19.32% +144.49%
π Weekly charts:
πΈπ¬ Singapore
Market Overview
Singapore
equities edged higher, with the Straits Times Index (STI) up 0.12% as REITs led
and U.S. yields fell below 5%. Banks were little changed ahead of 3Q results,
while shipbuilding, tech-linked and commodity names lagged. Eighteen of the 30
index constituents rose, one was flat and 11 fell.
Index Weekly Performance
-
Straits Times Index (STI): +0.12%
Key Highlights and Outlook
1️⃣
REITs Lead on Results, Lower Yields
Frasers Centrepoint Trust (+5.83%),
CapLand Integrated Commercial Trust (+3.14%), Keppel DC REIT (+2.90%) and
CapitaLand Ascendas REIT (+2.76%) led the gainers. Keppel DC REIT's 9M DPU rose
11.7% year on year, and Suntec REIT's Q3 DPU rose 13.4%. Lower U.S. yields
could further support S-REITs.
2️⃣ Banks Steady Before 3Q
Results
DBS rose 0.45%, OCBC was flat and
UOB slipped 0.05%. Maybank Securities is positive on the sector and expects
marginally weaker sequential earnings on lower trading income, partly offset by
fees. It lists 3Q results for UOB on 4 Nov, DBS on 5 Nov and OCBC on 6 Nov.
3️⃣ Shipbuilders, Tech,
Commodities Lag
Yangzijiang Shipbuilding (-6.33%),
Venture (-3.03%), Wilmar (-2.91%) and Genting Singapore (-2.46%) were the
weakest performers. Venture's drop came as global tech stocks sold off. Singtel
fell 1.44% after a S$1 million fine over March mobile outages.
4️⃣ September Inflation Edges
Down to 2.2%
Singapore's September CPI rose 0.2%
month on month and 2.2% year on year, down from 2.3% in August, on lower
inflation for transport, information and communication services, furniture and
clothing. The reading came in below an estimated 2.4%.
Technical Snapshot
The STI closed
at 5,422.16, up 0.12% for the week and 16.7% YTD. The index has formed two weekly almost indential candlesticks at its long-term uptrend support line( drawn from Apr 2025 through Jun 2026 low)--interesting to watchout coming week as a breakout beyond the trading range would lead to cleared direction. REIT gains were offset by weakness in
shipbuilding and tech-linked names. The chart points to sideways consolidation,
with other factos such U.S. tech earnings, the Fed and oil also likely to set the next direction. (Refer
to the STI weekly performance table below.)
Code Company Close (Wk) Wk % YTD % STI ★ STI ★ 5,422.16 +0.12% +16.70% J69U Frasers CT 2.18 +5.83% -6.44% J36 JMH USD 58.65 +5.52% -14.24% U14 UOL 7.92 +4.07% -9.38% C38U CapLand IntCom Tr 2.30 +3.14% -3.77% AJBU Keppel DC REIT 2.13 +2.90% -5.33% A17U CapAscendas REIT 2.23 +2.76% -21.20% Y92 ThaiBev 0.43 +2.35% -5.43% BUOU Frasers L&C Tr 0.91 +2.26% -9.05% N2IU Mapletree PACT 1.17 +1.74% -20.41% C6L SIA 6.63 +1.53% +3.59% U96 Sembcorp Ind 6.01 +1.52% -0.17% C09 CityDev 7.13 +1.28% -10.88% D01 DFI Retail USD 3.33 +1.22% -15.70% M44U Mapletree Log Tr 1.09 +0.93% -17.42% 9CI CapLand Invest 2.40 +0.84% -11.44% ME8U Mapletree Ind Tr 1.80 +0.56% -13.46% S58 SATS 3.60 +0.56% -5.51% D05 DBS 74.44 +0.45% +32.08% O39 OCBC 29.00 +0.00% +46.76% U11 UOB 41.59 -0.05% +18.63% H78 HK Land USD 8.20 -0.61% +17.99% BN4 Keppel 10.00 -0.99% -3.38% S68 SGX 20.77 -1.10% +22.46% Z74 Singtel 4.12 -1.44% -9.45% S63 ST Engineering 10.20 -1.83% +21.14% 5E2 Seatrium 1.81 -2.16% -16.20% G13 Genting Sing 0.59 -2.46% -17.93% F34 Wilmar 3.34 -2.91% +8.44% V03 Venture 15.38 -3.03% +1.59% BS6 YZJ Ship SGD 4.88 -6.33% +40.23%
π Weekly charts:
π
Week Ahead (26–30 Oct 2026)
The FOMC
decision lands Wednesday (28 Oct, 2:00 pm ET), with a hold expected after the
September hike and Chair Warsh's tone in focus. The advance Q3 GDP estimate and
September PCE inflation are both due Thursday (29 Oct, 8:30 am ET; Friday 30
Oct in Singapore), with consensus expecting GDP growth of 3.2% annualised.
Alphabet, Amazon and Microsoft are expected to report earnings, giving fresh
updates on AI spending.
The Fifth
Plenum of the 20th Central Committee runs 26–29 Oct in Beijing, with an
official agenda centred on Party self-governance. Maybank Securities sees any
policy surprise as a possible upside catalyst for Alibaba and Tencent, expects
volatility to stay elevated into the U.S. midterm elections, and notes Standard
Chartered reports 3Q results on 28 Oct.
Singapore will
take its cue from the Fed, U.S. big-tech earnings and oil prices, with S-REITs
sensitive to U.S. yields after the 10-year fell below 5%. The local banks
report 3Q results shortly after the week, with UOB listed for 4 Nov, DBS 5 Nov
and OCBC 6 Nov by Maybank Securities.
π️ Overarching
Watchpoint
The biggest
binary risk is the collision of the Fed decision and hyperscaler earnings.
Reassurance on AI returns could stabilise tech, while another capex-driven
credit scare, or a hawkish Fed with oil near its highs, could extend the
rotation and keep yields elevated.
Source: Some content and data are excerpted from
publicly available market reports.
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