HMH

• STI: The benchmark rebounded 1.53% (79.42 points) to 5,258.59 on Tuesday, with gainers beating losers 390 to 212 on S$2.8 billion turnover.

• Banks: All three lenders rose — OCBC +3.1% to S$28.60, UOB +1.4% to S$37.38 and DBS +0.9% to S$70.37 — as tech clawed back last week's losses.

• US: Hot October CPI (0.4% m/m) lifted Fed rate-hike bets; the S&P 500 fell 0.4%, the Nasdaq 0.7% and Nvidia 5.4%.

• Agenda: Wednesday is a US bond-market holiday; Thursday brings jobless claims plus Applied Materials and Cisco results, Friday brings October PPI.

Singapore Open

The Straits Times Index rebounded 1.53% on Tuesday, recovering part of last week's sharp tech-led selloff. All three banks advanced: $OCBC (O39.SG)$ jumped 3.1% to S$28.60, $UOB (U11.SG)$ added 1.4% to S$37.38 and $DBS (D05.SG)$ rose 0.9% to S$70.37.

Tech names led the rebound. $Yangzijiang Shipbuilding (BS6.SG)$ was the top blue-chip gainer, up 5.5% to S$4.59, while UMS Integration closed 3.6% higher at S$1.75. $Venture (V03.SG)$ reported a 21.9% rise in third-quarter net profit to S$67.8 million, underscoring the resilience of Singapore's electronics manufacturing services chain. UOB's Q3 net profit nearly trebled to S$1.25 billion, though it missed some forecasts.

Singapore Macro

The MAS left policy unchanged in October, but inflation remains the swing factor. Core inflation is running at 2.1%, above the 1.5-2.0% forecast band, and October's manufacturing PMI dipped to 51.4 from 51.7 — growth is cooling even as the AI capex cycle supports trade (MTI lifted its 2026 growth forecast to 4.5-5.5% in August).

For SGX, the transmission runs through rates. Hotter US inflation is pushing up global yields and the dollar, which pressures the Singapore dollar NEER and lifts local funding costs — a headwind for rate-sensitive REITs and a mixed signal for bank net interest margins. Falling crude, in contrast, should cap the energy-driven component of local inflation and relieve transport-sensitive names.

US Overnight

US stocks slipped Tuesday after October CPI ran hot — headline 0.4% m/m versus 0.3% expected, core 0.3% versus 0.2%. Fed Governor Waller flagged a possible 50bp December hike, and markets moved to price another increase. The S&P 500 fell 0.4% to 7,520.93, the Dow 0.3% to 52,231.89 and the Nasdaq Composite 0.7% to 25,065.87. The 10-year Treasury yield topped 5%, up roughly 14 basis points. Microsoft dropped about 3% to US$530.39 after Anthropic unveiled AI office tools that compete with Microsoft 365.

Key Movers

$Nvidia (NVDA.US)$ -5.4% — the selloff extended as the FBI said it was looking into CEO Jensen Huang's affair and related espionage concerns, and Nvidia hired Wachtell Lipton to run the probe. At 10.64x forward earnings the stock is now the Dow's cheapest. Microsoft briefly overtook it as the world's No. 2 company by market value before Nvidia reclaimed the spot.

$AMD (AMD.US)$ +13.3% — the chipmaker rallied on a new Google deal for its EPYC data-center processors and an Oppenheimer upgrade to Outperform with a US$600 target, outperforming Nvidia by about 25% over two sessions as investors rotated within semis.

$Sea (SE.US)$ -1.4% — the Singapore-based Shopee and Garena owner beat on revenue at US$8.6 billion (up 43% y/y) but its GAAP diluted EPS of US$0.78 missed estimates as credit-loss provisions jumped 82% to US$681.5 million. The board added a fresh US$1 billion buyback.

After the US close, $CoreWeave (CRWV.US)$ beat on revenue (Q3 US$3.7 billion) and lifted full-year guidance to US$13.0-13.3 billion with adjusted operating margin above 10%, easing some AI-infrastructure slowdown fears. Shares were initially higher after the print and still moving at the time of writing.

Asia Pre-Market

US equity futures were little changed early Wednesday — S&P 500 futures up about 0.1%, Dow futures a touch lower — as traders digested the CPI print, with the US bond market shut for Veterans Day. WTI crude eased to around US$86 a barrel and Brent to about US$91, extending a slide on Iran de-escalation hopes. Gold fell about 2.6% to roughly US$4,032 an ounce, while Bitcoin steadied near US$73,000 after touching a three-month low near US$72,700. For the SGX open, easing oil is a mild tailwind for transport and energy-sensitive counters, while sticky US yields keep the squeeze on REITs.

US Earnings & Economic Calendar

Two semiconductor-heavy earnings land Thursday evening, both after the US close — worth watching for the read-through to Singapore's chip supply chain.

Japanese megabanks Mitsubishi UFJ, Sumitomo Mitsui and Mizuho round out the week on Friday.

Earnings Spotlight

$Applied Materials (AMAT.US)$ reports fiscal Q4 Thursday after the close, with consensus at $4.06 EPS on $10.30 billion in revenue — up about 87% and 51% year over year respectively. The semiconductor-equipment bellwether is a direct read-through for Singapore's chip-manufacturing ecosystem; its memory, foundry and logic commentary matters for local names such as $Venture (V03.SG)$, UMS Integration and AEM. AMAT slid around 16% last week in the AI rout, so guidance will be closely scrutinised. Friday's October PPI lands the same morning, adding an inflation check on top of the earnings catalyst.

One More Thing

Tuesday's session was a useful tell: money rotated out of Nvidia and into AMD and Sea, and the STI bounced on the same tech-rebound impulse. But hot CPI means the cost of capital is rising again — the 10-year yield back above 5% is the real constraint on how long the rebound lasts. For SGX investors, the framework is simple: if Thursday's jobless claims and Friday's PPI confirm sticky inflation, treat Tuesday's bounce as a rotation rather than a regime change — and watch REIT funding costs and bank NIMs instead of chasing the chip rebound.

Sources: The Business Times; Reuters; CNBC/MarketWatch; TipRanks and MarketBeat (earnings consensus).

This briefing is compiled with AI assistance from market data and wire reports, and reviewed by the Longbridge editorial team before publication.

This briefing is for informational purposes only and does not constitute investment advice.