Market Watch

Wall Street faces a crucial earnings week following a sharp sell-off in AI-linked stocks, with investors increasingly questioning whether enormous technology investments can deliver sustainable returns. Meanwhile, mounting concerns over debt-funded AI infrastructure, France’s fiscal troubles and weakening underlying US consumer spending are adding to market uncertainty.

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Wall Street's first wave of Q3 bank earnings split the field, with Bank of America missing consensus by 17% and JPMorgan underperforming by 6%, even as Goldman Sachs posted a clean result that barely moved its stock. Meanwhile, the Australian dollar has slipped roughly 3% against the greenback over the past six months despite potential Reserve Bank of Australia rate hikes, while Indonesia's equity market lost US$65 billion in a single session following an MSCI index downgrade warning.

Kingsley Jones, Chief Investment Officer at Jevons Global, analyses what early bank results and AI-driven debt issuance reveal ahead of earnings from...

The AI trade is facing renewed scrutiny as semiconductor stocks come under pressure, even as TSMC reports record profits. Meanwhile, US inflation has climbed to 3.7%, driven largely by higher energy prices, while strong retail sales and surging producer prices raise questions about corporate profit margins. We speak to Tim Mulholland, President of TJM Limited, about the semiconductor sell-off, shifting demand for US Treasuries, mixed signals from Wall Street bank earnings and where investors should look for opportunities in an increasingly uncertain market.

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Inflation Pressures Mount as Fed Decision Looms

U.S. September CPI showed renewed acceleration driven by energy prices, with further increases expected into year-end. Real wages are under pressure, with consumer-facing companies including Domino's Pizza and McDonald's already signalling stress.

Laurent Lequeu, independent market analyst and writer for the Macro Butler newsletter, examines how rising inflation and a weakening employment market could push the U.S. towards stagflation, what the bond market's move at the longer end signals about structural inflation and fiscal credibility, and how the interest rate differential and capital flows are shaping...

JP Morgan and Goldman Sachs reported strong results, with equity trading particularly robust and consumer credit card use up 10% or more across most institutions, yet every bank's shares fell on the day.

David Dietze, Chief Investment Strategist at Dietze Wealth Management Group, examines what the bank results reveal about consumer resilience, deal pipelines and loan quality, and how elevated expectations may shape the broader earnings season ahead.

He also weighs the fundamental drivers behind Korea's sharp selloff earlier this week, including emerging Chinese competition in high-bandwidth memory and warnings of overexuberance in the sector, and...

Major US banks including Goldman Sachs, Citigroup and JPMorgan Chase are set to report their earnings this week with analysts expecting S&P 500 earnings to surge 30.6% in Q3. Joe Quinlan, Chief Market Strategist, US Trust-BOA Private Wealth Management, shares his insights into what we can expect as well as how European and Chinese markets might behave in the coming days.

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US equities continue to climb despite elevated Treasury yields, persistent inflation and geopolitical tensions keeping oil above US$100 a barrel. With major US banks kicking off earnings season and fresh inflation data due, investors face another test of whether current valuations can be justified. Meanwhile, Australia's weakening labour market is complicating the outlook for interest rates, while gold attempts a recovery and China introduces fresh stimulus measures. Can markets sustain their momentum as economic and geopolitical risks continue to build?

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With Budget 2027 tabled on the 9th Oct, what will investors need to see to stay confident in Malaysia, especially after foreign funds turned net sellers of Malaysian government bonds in September? Globally, AI-related debt issuance has passed US$575 billion this year, while TSMC’s record quarterly revenue strengthens the case for the AI boom. Meanwhile, Brent crude is back above US$100 a barrel on Middle East disruptions, and gold is struggling to recover from a two-month low. Song Seng Wun, Independent Economist, breaks down what this means for markets in the region.

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Se...

Goldman Sachs and Citi now see the S&P 500 ending the year somewhere between 7,400 and 8,100, and analysts expect third-quarter earnings to grow by more than 30%. Underneath that optimism, there are warning signs. Distressed loans are at their highest level since March 2020, with tech making up more than a third of them, and Treasury yields keep rising. We speak to Tony Nash, CEO of Complete Intelligence, about whether the rally can hold, how much the market trusts Scott Bessent, and whether stress in credit could spread to other sectors.

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Faced with severe supply disruptions across the Middle East and Russia, G7 nations have agreed to release 100 million barrels of crude and diesel reserves. But is this enough? Zameer Yusuf, Lead Analyst for Clean Products at Kpler, joins The Morning Run to break down the global diesel crunch.

He dives into the impact of the G7 intervention, how trade rerouting could push up pump prices in Asia, and why a populist US export ban would backfire on American refineries and consumers alike.

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Weak US jobs data has reduced expectations of another immediate Federal Reserve rate hike, yet long-term Treasury yields remain close to multi-decade highs, creating a difficult backdrop for markets across Asia. Investors are also weighing possible further tightening in Japan and India, continued efforts to revive China’s economy, and whether the extraordinary rally in South Korean equities can continue. Are Asian markets adjusting to a world where borrowing costs remain structurally higher even if the Fed pauses?

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Wall Street reached fresh heights as the Nasdaq hit a new record, yet beneath the surface, investors are navigating rising US Treasury yields, stubborn diesel fuel supply constraints, and sovereign debt jitters across Europe. Joe Quinlan, Chief Market Strategist at US Trust - Bank of America Private Wealth Management, joins The Morning Run to unpack global market dynamics.

He breaks down why tech remains in its "sweet spot," how soaring diesel prices impact broader economic affordability, why bad news in Europe could actually boost large European exporters, and what high bond yields mean for Fed rate policy.<...

US equities remain close to record highs despite a surprisingly weak September jobs report, Treasury yields reaching levels not seen in decades and expectations that the Federal Reserve could raise rates again. With the S&P 500 up nearly 13% this year, investors are increasingly confronting a stark divergence between resilient stocks and a bruising bond sell-off. Can equities keep climbing as borrowing costs rise, or will increasingly attractive bond yields finally start pulling money away from stocks?

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The S&P 500 ended the third quarter higher, but the equal-weighted index fell about 4% in September, so the gains came from a small group of stocks. With AI borrowing being tested in the credit market, the dollar at a three-month high and close to US$8 trillion sitting in money-market funds, investors have to decide whether this rally can spread to more stocks or whether it's getting fragile. We look at where to position for the fourth quarter and what would get that cash moving. We speak to Tim Mulholland, President of TJM Limited.

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Global equities closed the quarter near record highs, even with oil up 40% and the US 10-year Treasury yield above 5.2%. US PCE inflation came in cooler than expected at 3.4%, but rising oil is pulling yields up with it, and Australia is already hiking into 4% inflation. So is the bond market warning about something stock investors don't want to hear? We speak to Vishnu Varathan, Head of Economics & Strategy at Mizuho Bank.

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Investors head into the fourth quarter facing oil above US$100, elevated bond yields and another crucial round of US inflation and employment data that could shape the Federal Reserve’s next move. Meanwhile, Nvidia’s enormous US$150 billion share-buyback programme is highlighting just how much cash the AI boom is generating at its biggest beneficiaries. With bonds offering increasingly attractive returns, are equities still worth the additional risk as markets enter the final months of the year?

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After four brutal years near one-year lows, could China’s mainland stock market finally be quietly carving out a bottom? While the benchmark CSI 300 remains in the red, subtle signs of momentum are beginning to emerge under the surface. Eric Khaw, Senior Portfolio Manager at Amova Asset Management, joins Market Watch to explore whether a true turning point is taking shape for mainland equities.

Eric weighs in on where the true winners and losers are emerging, whether the momentum in technology is broad-based or dangerously concentrated, and how he is positioning for mainland A-shares today.

Higher oil prices, rising Treasury yields and the prospect of further Fed rate hikes are putting pressure on US markets. Joe Quinlan, Chief Market Strategist at US Trust-BOA Private Wealth Management, discusses the risks to corporate earnings, US-China trade and what the latest moves in gold and silver are telling investors.

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Despite a temporary US-China agreement on reciprocal tariff reductions and 10-year Treasury yields reaching 5.23%, global markets face mounting pressure from sticky inflation and rising geopolitical tensions. Laurent Lequeu, Independent Market Analyst and Writer of The Macro Butler newsletter, joins The Morning Run to discuss how capital is reacting and why the current trade truce may break down after the US midterm elections.

Laurent also examines why the Federal Reserve is likely to prioritise sticky inflation over employment numbers with another potential rate hike, whether stock valuations can remain resilient against 5% yields, and why physical gold and real...

Market Watch - Sep 25, 2026

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The Fed has raised rates and says they'll stay high for longer, and Treasury yields are at levels not seen in years. So is that bad news for stocks, and does the AI growth story still hold up? We speak to Patrick Chang, Chief Investment Officer, Segments & Propositions at CIMB, about what's changed in his outlook, how he's thinking about diversification and hedging, and the indicators he's watching over the next few months.

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The Federal Reserve and Bank of Japan have both raised interest rates, putting renewed pressure on Asian central banks as the US dollar remains strong. Meanwhile, China is grappling with weak domestic demand and record-low loan growth even as the yuan strengthens ahead of Xi Jinping’s meeting with Donald Trump, while South Korean equities continue their extraordinary rally. How vulnerable is Asia to another global tightening cycle, and which economies are best placed to navigate it?

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Wall Street's enthusiasm for the Magnificent Seven seems to be back as the Nasdaq closed at a new record high, but questions remain over AI valuations, infrastructure spending and the concentration of market gains. Joe Quinlan, Chief Market Strategist, US Trust-BOA Private Wealth Management, shares his perspectives on if investors should lean back into AI.

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Malaysia’s healthcare sector delivered strong earnings growth in the second quarter, supported by higher patient volumes, rising revenue per patient and growing medical tourism. Yet share-price performance has been mixed, with several major hospital operators underperforming the broader market despite improving fundamentals. Have investors already priced in the sector’s growth prospects, and which healthcare stocks still offer compelling opportunities as valuations become increasingly stretched?

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US equities remain remarkably resilient despite Treasury yields around 5%, oil above US$100 and the Federal Reserve raising interest rates again. Elsewhere, the Bank of Japan and Reserve Bank of Australia are also tightening policy, while investors await a potentially consequential meeting between Donald Trump and Xi Jinping. With gold pushing back towards US$4,400 an ounce despite a stronger dollar, are markets underestimating the risks from higher rates and geopolitical uncertainty?

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Singapore REITs came out of the June quarter with stable occupancy, positive rental reversions and disciplined balance sheets. Share prices tell a different story. The REIT Index is still in negative territory year-to-date while the broader STI is up more than 10 per cent, with high interest rates and rising bond yields keeping the sector under pressure. We ask what's holding it back, whether pure-play data centre REITs are outperforming the diversified ones, and where the house view sees value going forward. We speak to Krishna Guha, Equity Analyst at Maybank Research, Singapore.

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The Federal Reserve raised rates for the first time in three years, and Wall Street went up anyway. The Nasdaq climbed 1.7% as easing oil prices and softer Treasury yields pulled technology stocks higher, but crude is still above US$100 a barrel and the 10-year is hovering near 4.9%. We ask whether that was genuine comfort with tightening or just a relief rally, which parts of the market are most exposed to stagflation, and what the Bank of Japan's expected move to 1.25% means for yen-funded carry trades. We speak to Tim Waterer, Chief Market Analyst at KCM Trade.

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Market Watch - Sep 17, 2026

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Money is pouring into data centres across Southeast Asia, with more than US$11.5 billion invested so far, according to a new report by Tracxn. Most of that money has gone to just five companies based in Singapore, while the actual data centres are going up in Malaysia, Indonesia and Thailand. With sovereign funds, pension funds and borrowed money all piling in, it's worth asking how long this boom can last and who really benefits. We speak to Neha Singh, Founder and Managing Director of Tracxn, about where the money is going.

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Market Watch - Sep 15, 2026

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US Treasury yields have crossed the psychologically important 5% level as markets brace for another Federal Reserve rate hike, while persistent inflation, heavy government borrowing and US$100-plus oil add to the pressure. Yet US equities have remained surprisingly resilient despite the increasingly difficult backdrop. Can corporate earnings continue supporting stocks as borrowing costs climb, and are investors prepared for a broader period of synchronised monetary tightening around the world?

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Oil is back above US$100, bond yields are approaching uncomfortable levels and major central banks are turning increasingly hawkish, raising the risk of a difficult combination of persistent inflation and weaker growth. Meanwhile, investors are weighing whether US Treasuries look attractive at yields near 5%, whether China can shift from export-led growth towards stronger domestic demand, and whether gold can withstand higher rates. Are global markets entering a new tightening cycle, and where can investors find shelter if the energy shock persists?

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US equities slipped overnight as Brent pushed above US$100, nearly 30% off its early-August lows, while longer-dated Treasury yields kept climbing despite the Treasury tripling its bond buyback to US$6 billion. Hebe Chen, Senior Market Analyst at Vantage Markets, tells us which of those two pressures is the bigger threat to stocks right now, what the latest PPI and jobless claims data mean for Fed rate expectations, and why gold is holding up even with yields elevated. We also look at the yen at seven-month highs ahead of a possible BOJ hike, and what a stronger currency does to Japanese...

Bursa Malaysia's REIT Index has had a roller-coaster year, and unlike the benchmark index it remains in the red — even as the 20 companies it tracks delivered a sturdy set of first-half results, with growth in both revenue and dividends. So why the disconnect? Afifah Ishak, Equity Research Analyst at Affin Hwang Investment Bank, joins us to break down the 2Q2026 reporting season: which sub-sectors are outperforming across retail, office, industrial and hospitality, what the removal of the 10% withholding tax on REIT dividends means for retail investors, how rising bond yields are testing the sector's defensive appeal, and why soft to...

Global equity sentiment turned lower as oil prices hit their highest in over three months — but tech has been the surprising bright spot through the latest correction. Tony Nash, CEO of Complete Intelligence, joins us to unpack whether this is a buying opportunity, what's driving diesel and copper to record highs, and why the Atlanta Fed's 4.7% GDPNow forecast has revived talk of a rate hike before year end. He also weighs in on the Japanese yen's surge to a seven-month high against the dollar, and what a stronger yen means for global financial markets.

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Malaysia’s technology sector has been one of Bursa Malaysia’s standout performers in 2026, fuelled by booming investment in AI, semiconductors and data centres. Second-quarter earnings largely lived up to expectations, but the technology index has since retreated from its highs and valuations remain demanding. Which Malaysian companies are capturing the biggest gains from the global AI spending boom, what could derail the sector’s momentum, and is there enough growth ahead to justify its premium valuations?

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China’s August exports grew 25% from a year ago, accelerating from the previous month. But this stronger than expected performance was based on three categories: integrated chips, computing equipment and EVs. Meanwhile, with the Chinese yuan hitting a three and a half year high against the USD recently questions are being asked about more upside to the currency. Finally we look at the move by China’s Finance Ministry which led a 360 billion yuan capital injection exercise over the weekend.

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Strong US jobs data has kept a September Federal Reserve rate hike firmly in play, testing whether equities can continue performing in an environment of elevated borrowing costs and a resilient economy. In Japan, a stronger yen and speculation over a faster pace of Bank of Japan tightening are also putting monetary policy back in focus. Meanwhile, gold has lost some of its momentum since Jackson Hole. Are markets prepared for further rate hikes, and has gold’s rally finally run its course?

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Malaysia’s data-centre story is entering a new phase as the focus shifts from building facilities to actually powering, cooling and connecting them. With electricity capacity emerging as a major constraint, alongside water availability and network connectivity, the investment opportunity could increasingly move from construction players towards utilities, renewable energy providers and connectivity operators. What will determine which projects successfully come online, and which Malaysian companies stand to benefit as the country’s data-centre industry matures?

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A surprisingly strong US jobs report has reinforced expectations that the Federal Reserve could raise rates again, putting even greater focus on this week’s inflation data. At the same time, global bonds are reeling from a sharp sell-off, US equities have lost some momentum and semiconductor stocks are showing fresh signs of life. With the Japanese yen also experiencing another volatile week, where should investors be looking for opportunities as markets adjust to the prospect of tighter monetary policy?

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