Singapore stocks ended lower on Thursday, as regional markets turned in a mixed performance ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping in Washington. The benchmark local index lost 0.5% or 26.54 points to finish at 5,683.37.

The S&P 500 dropped 0.75% to end at 7,706.03, while the Nasdaq Composite shed 1.13% to close at 26,936.04. The Dow Jones Industrial Average was down 352.10 points, or 0.68%, and settled at 51,511.59.

SG

CSE Global secures two major electrification contracts in US worth $190.5mn.

Singapore to prioritise high-value AI infrastructure as Asean markets play to their strengths: Tan Kiat How.

Addvalue’s shareholders give green light for proposed spin-off, proposed dilution.

MetaOptics launches U.S. ADR programme on OTCQX with J.P. Morgan.

Manulife US REIT confirms no US withholding tax on unit transfers.

Far East Orchard buys £60m (S$102mn) London site for student housing, with 444 beds targeted for 2029 completion.

US

SoftBank Group issues $11.1 billion in bonds for OpenAI investment.

Meta debuts new handheld device dedicated to using Muse AI.

Honda plans to invest $2.5 billion to build hybrid vehicle plant in Ohio, Nikkei says.

Qualcomm renews licensing pact with Apple starting in 2027.

Oracle triggers ‘force majeure’ on data center project over power delays, source says.

Starbucks to close another 250 coffeehouses in North America.

Anthropic signs US$11.6 billion cloud deal with Akamai, gets warrant for up to 5% stake.

Costco tops Q4 estimates: Revenue hits $95.7B on massive e-commerce surge.

US yields rise with rate hike views, 30-year bond yield hits highest since 2004.

US weekly jobless claims decrease as labour market regains footing.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

Aspial Lifestyle: Stronger earnings improve credit metrics

Last close: S$0.34; Analyst: Tan Tze Yi

• Revenue and EBITDA rose 26% and 45% YoY to S$464.2mn and S$106.4mn, supported by stronger retail profitability and continued pawn-book growth. Management indicated that the gold cost of existing retail inventory was c.30–40% below current gold prices.
• EBITDA/finance cost coverage strengthened to 6.5x (1H25:4.3x), while debt/tangible equity declined to 2.2x (1H25:3.1x). The S$84.8mn equity raising completed in June 2026 increased the loss-absorption buffer.
• We are positive on Aspial Lifestyle’s credit profile, supported by stronger earnings, improved coverage and a larger capital buffer. The key watchpoint is thin liquidity relative to borrowings and refinancing dependence. Gold-price movements remain the key earnings watchpoint, particularly for retail margins.
• Aspial 2029 bond offers attractive relative value versus MoneyMax, while its wider spread versus ValueMax appears fair given ValueMax stronger credit profile. Within Aspial’s curve, the 2027 trades at a wider spread than the 2029 given lower secondary market liquidity.

VinFast Auto Ltd – Winning at home, outsized abroad

Recommendation: NON-RATED; Last close: US$3.13; Analyst Glenn Thum

• We visited VinFast in Hanoi and Hai Phong on 16–17 September 2026. It sold 154,703 EVs in Vietnam in Jan–Aug 26 (+72% YoY), more than three times Toyota. Overseas, it faces far larger rivals: BYD sold 4.6mn vehicles in 2025, 23 times VinFast’s EV volume (Figure 1), and China’s EV exports more than doubled in 1H26 as its home market weakened. Management conceded that it cannot match China’s scale.
• Macro is mixed. Higher fuel prices since the Strait of Hormuz closure in February 2026 are speeding up EV adoption and policy support across Southeast Asia. But credit in Vietnam is tightening, with average rates on new loans rising to 8.4–10.7% in August (+3% points YoY). A VinFast dealer told us ~70% of buyers need financing and demand from this group has halved. Car loan interest rates are at 10% p.a. in year 1 and floating at 15%+ after that (Figure 2).
• Losses remain large, but costs are improving. FY25 net loss was US$3.96bn on revenue of US$3.59bn. The three best-selling models are gross-margin positive, and underlying 1Q26 gross margin improved to -22.5% (1Q25: -28.1%). Vietnam break-even is targeted by end-2027, including property income. Until then, the founder and Vingroup fund the losses (US$2.5bn of equity in FY25). We think VinFast can dominate Vietnam with its distribution network and the nationwide V-Green charging network.

S&P 500 performance during Fed rate-hike cycles – Generally resilient

Analyst: Zane Aw

• The S&P 500 is generally resilient in a rate-hiking cycle, with weaker performance in the initial months that tends to peak at the 3-month mark with a 1.1% drawdown and improve thereafter over a 12-month horizon.
• Following the start of gradual hiking cycles, the S&P 500 has averaged positive returns in the 1 week to 12 months after, outperforming by an average of 9.3% over a 12-month horizon compared to aggressive hiking cycles.
• Following the start of aggressive hiking cycles, the S&P 500 sees an average peak drawdown of 4.3% 3 months in, with performance improving afterwards and turning positive 12 months after.

Apple Launches First Foldable iPhone Amid Pricing and AI Challenges

Keppel DC REIT Strengthens Japan Expansion with Major Tokyo Data Centre Acquisition

Geo Energy Resources Ltd – De-risked, ready to rumble

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