Market Watch

Wall Street is becoming increasingly selective about AI investment, with Amazon's soaring cloud revenue overshadowed by mounting cash outflows, raising questions about whether technology giants can justify their enormous spending. Tim Mulholland, President of TJM Limited, examines how investors are assessing AI returns alongside resilient US growth, persistent inflation and the Federal Reserve's interest rate outlook. We also discuss oil prices above US$110, gold's resilience despite expectations of higher rates, growing concerns in the Treasury market and how the approaching US midterm elections could influence investment strategies in an already expensive market.

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With the Federal Reserve holding interest rates steady at 3.75% to 4%, investors are reassessing opportunities in fixed income, particularly bonds issued by technology giants financing the AI boom. Patrick Chang, Chief Investment Officer, Group Consumer Bank, CIMB, discusses the bank's decision to upgrade its fixed income allocation from underweight to neutral and why hyperscaler bonds remain attractive despite mounting borrowing requirements. We examine whether widening credit spreads signal opportunity or growing financial risks, what could undermine the investment case, and where investors might find the best returns across the yield curve and broader bond market.

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World markets continue to make gains following Anthropic's IPO filing on Monday - helped also by lower crude oil prices on some positive signs coming from Iran's Supreme Leader. David Dietze, Chief Investment Strategist at Dietze Wealth Management Group, shares his view on how sustainable are these AI-led gains and risks we should be paying attention to.

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Anthropic's IPO filing has revived enthusiasm for AI stocks, but its enormous losses and reliance on a handful of major customers are raising fresh questions about valuations and the sustainability of the investment boom. Meanwhile, Wall Street faces key US growth and inflation data as high borrowing costs weigh on housing, oil prices exceed US$110 and gold retreats despite geopolitical uncertainty. We examine whether corporate investment can sustain the US economy as consumers grow more cautious, and how the approaching midterm elections could reshape expectations for fiscal policy, government spending and financial markets.

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Wall Street faces another critical week as investors await earnings from Alphabet, Microsoft and Amazon alongside the Federal Reserve's interest rate decision. Concerns over AI spending are intensifying, with SoftBank's sharp valuation decline raising questions about whether the technology boom can justify its enormous costs. Meanwhile, China's stock market has entered bear territory, India continues to underperform and Indonesia faces capital outflows following an MSCI warning. We examine the Bank of Japan's policy outlook, the Singapore dollar's growing role in carry trades and whether Australia's inflation fight risks triggering a deeper economic slowdown.

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Wall Street's tech-led sell-off deepened overnight, with the Nasdaq down 2.6% and the S&P 500 off 1.2%, even as the Dow stayed roughly flat. Adding to the unusual mix, spot Brent pushed above US$110 a barrel while the US 10-year Treasury yield fell around 17 basis points, a combination that doesn't fit the usual inflation playbook.

Dilin Wu, Research Strategist at Pepperstone, unpacks what's driving the broad-based AI sector weakness and what this week's Magnificent Seven earnings, including Meta, Tesla, Netflix and SpaceX, signal about AI monetisation timelines ahead of Alphabet, Microsoft and Amazon's results.

She also weighs oil-driven inflation and rate risks, China's 4.5% GDP print against weak domestic demand and property sentiment, and diverging policy paths at the Bank of Korea and Bank of Japan.

Tune in for her take on where the risks are being underpriced.

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Wall Street is weighing whether the AI investment boom can deliver sustainable returns following a sell-off in technology stocks, with Meta's latest earnings and spending plans under scrutiny. Meanwhile, a possible Tesla-SpaceX merger raises questions about shareholder value, while electricity infrastructure delays threaten the profitability of AI data centres. We examine the Federal Reserve's next interest rate decision, the impact of oil prices around US$110 on corporate earnings, whether a weaker dollar could benefit Asian markets, and how the upcoming US midterm elections might reshape investor expectations.

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China’s economy grew 4.5% in the third quarter, supported by strong exports, but weak domestic demand continues to raise questions about the sustainability of its recovery. Meanwhile, Australia’s cooling labour market is complicating the outlook for interest rates, Japan faces surging bond yields and a weakening yen, and Indonesia must balance currency pressures with concerns over its equity market. As economic conditions diverge across Asia, we examine whether central banks are heading in increasingly different directions and what that could mean for regional equities, bonds and currencies.

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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 Tesla and Alphabet. He unpacks the RBA's inflation-versus-growth dilemma, assesses whether Indonesia's sell-off presents a value opportunity, and breaks down China's latest growth figures alongside the broader outlook for global markets.

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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 the yen's outlook.

He also explores China's widening trade imbalance and its reliance on exports over domestic consumption. Tune in for his read on where the Fed, Bank of Japan, and bond traders go from here.

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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 looks ahead to ASML and TSMC results for clues on whether commercial demand is keeping pace with AI capital spending.

Tune in for his read on the consumer-facing earnings to watch, from Bank of America's retail lending to Tesla and Netflix.

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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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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.

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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.

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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 assets remain prime hedges as distrust in government debt and dollar weaponisation grows.

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With Brent crude holding above $100 a barrel and 10-year US Treasury yields pressing past 5.19%, global markets are navigating a complex mix of rising inflation expectations, rate hike pressures, and corporate debt strain. Tony Nash, CEO of Complete Intelligence, joins The Morning Run to unpack where international markets are heading next.

Tony addresses the direct correlation between elevated energy prices and surging bond yields, the growing market unease over AI infrastructure debt following SoftBank’s bond pricing and Oracle’s data center retreat, and how US tariff negotiations could impact corporate margins. He also evaluates the valuation pressure facing small caps and what a stronger US dollar means for Asian currencies and central bank policies.

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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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Following the Federal Reserve's decision to raise its benchmark interest rate by 25 basis points, marking the central bank's first rate increase since July 2023, Vishnu Varathan, Head of Economics & Strategy at Mizuho Bank, joins The Morning Run to analyse the broader market fallout.

Vishnu evaluates what drove Fed Chair Kevin Warsh to act and assessing whether the unanimous decision establishes long-term central bank independence despite pressure from the White House. He also details expected rate paths through 2027, the fiscal risks of ballooning US debt servicing costs, and how widening yield differentials threaten the Japanese yen ahead of the Bank of Japan's upcoming policy meeting.

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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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Japan's first-quarter corporate earnings season delivered a broad-based beat, with over 70% of companies exceeding market expectations against a typical 55% hit rate. The Nikkei, which peaked up roughly 44% before pulling back, still sits around 27% higher year-to-date. James Ying, Client Portfolio Manager at Eastspring Investments in Singapore, covers sector winners and laggards, including autos, banks, utilities, and AI-linked electrical equipment, and whether the semiconductor-driven rally has room to run or demands sharper stock selection.

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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 equities and the carry trade.

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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 tourist numbers are weighing on hospitality and retail names. She also explains the risks to her Overweight call — and shares her top picks.

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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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US markets closed higher overnight, but the calm hides a lot of tension underneath. Oil has pushed to its highest level since July as the Middle East conflict intensifies, and August payrolls land tomorrow after July's big negative surprise, leaving the Fed staring at a possible stagflation problem. Volumes have been thin, Treasury yields are climbing, and the question is whether that's a strong economy or a market that's stopped believing in the AI trade. We speak to Tim Mulholland, President of TJM Limited, on what's actually moving markets right now and where the opportunities are.

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Malaysian corporate earnings for the June quarter came in stronger than almost anyone expected, with more positive surprises and fewer misses than the first quarter. For the first time since December 2020, not a single sector reported earnings that missed expectations overall, helped by strong commodity prices, our position as a net oil and gas exporter, and a resilient tech sector. But even with that showing, RHB is holding its year-end KLCI target at 1,750 points and staying Neutral on sectors like gaming, auto and rubber gloves. We speak to Alexander Chia, Head of Regional Equity Research at RHB Investment Bank, on what the results tell us about where the local bourse goes from here.

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The G20 has wrapped up against a backdrop of geopolitical tensions, trade disputes and rising global bond yields, with US Treasury Secretary Scott Bessent arguing that economic growth is the best answer to America’s mounting debt burden. Meanwhile, markets are pricing in the possibility of another Federal Reserve rate hike, while stronger consumer confidence is adding to expectations that the Bank of Japan could tighten policy again. Can growth really solve America’s debt problem, and are markets prepared for interest rates to remain higher for longer?

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Fresh US economic data, rising global bond yields and renewed Middle East tensions are giving investors plenty to contend with as September gets underway. Meanwhile, Kevin Warsh’s hawkish Jackson Hole message has kept another Federal Reserve rate hike firmly on the table. With Treasury yields testing uncomfortable levels and higher oil prices adding to inflation concerns, how much room do policymakers have to respond, and where should investors be positioning themselves in an increasingly uncertain market?

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Malaysia’s banking sector has just wrapped up its second-quarter 2026 earnings season, offering fresh insights into how the country’s largest lenders are navigating current operating conditions. Chin Jin Han, Research Analyst at Affin Hwang Investment Bank, joins BFM’s Market Watch to break down key earnings drivers, emerging operational pressures, and where the true risks lie for the remainder of the year.

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Kevin Warsh has used his first Jackson Hole address as Fed Chair to put the fight against inflation firmly back at the centre of monetary policy, raising expectations that another rate hike could come as soon as September. Meanwhile, renewed US-Iran tensions are pushing energy prices higher, Treasury yields remain elevated and the Japanese yen is once again under pressure. With US equities coming off a strong August, can markets continue climbing as investors confront the prospect of higher-for-longer interest rates?

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The ringgit has firmed against the US dollar in recent weeks, from around RM4.09 in mid-August to roughly RM4.03 — but how much of that is a Malaysia story, and how much is simply a softer greenback ahead of Jackson Hole? Against the yuan the picture reverses: the ringgit has slipped since May, with one ringgit now buying about 1.67 yuan, down from 1.73 — and China is still our largest trading partner. We look at what could carry this appreciation into September and what might reverse it quickly, how the ringgit is tracking against the Singapore and Australian dollars, and whether it has earned the label of Asian outperformer. We also touch on the yen after this month's joint US-Japan intervention, and which Asian currencies have the most upside from here. We speak to Stephen Chiu, Chief Emerging Markets FX Strategist at Bloomberg Intelligence.

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We look at what yesterday's jobless claims say about the US labour market, and what to listen for when Kevin Warsh delivers his first Jackson Hole keynote as Fed chair tonight. With Treasury yields easing and the dollar near its weakest since May, we ask whether the worst of the bond turmoil has passed, whether the Fed's next move could be a hike rather than a cut, and how investors should be hedging against a devaluing dollar. We speak to Laurent Lequeu, Independent Market Analyst and Writer of The Macro Butler Newsletter.

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Nvidia's earnings are once again taking center stage as the AI market barometer, even as tech behemoths commit close to US$700 billion in AI CAPEX this year alone, increasingly funded through debt. Patrick Chang, Chief Investment Officer at CIMB Bank, joins BFM’s Market Watch to unpack what Nvidia's numbers signal for the broader market, the evolution of AI monetisation, and where the next compelling investment themes lie.

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This week equity markets are being dictated by the escalating trade war between the US and Canada while recovering Treasury yields lent some support. David Dietze, Chief Investment Strategist at Dietze Wealth Management Group, shares his thoughts on these developments as well as signals from the Jackson Hole symposium taking place this week.

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Malaysia’s automotive market continues to defy economic uncertainty, with vehicle sales rising nearly 3% in the first seven months of 2026 and the Malaysian Automotive Association expecting another year above 800,000 units. But beneath the headline numbers, the competitive landscape is shifting as Proton gains ground, Perodua loses market share and Chinese marques make deeper inroads. Can sales maintain their momentum through the rest of the year, and which carmakers are best positioned to benefit?

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Stronger-than-expected US economic data is keeping pressure on Treasury yields and complicating the outlook for interest rates, even as investors await fresh signals from the Jackson Hole Symposium. Meanwhile, a weaker US dollar has supported gold and the Australian dollar, while Nvidia’s upcoming earnings could determine whether the AI-driven technology rally has further to run. Can markets continue climbing if borrowing costs remain elevated, and where should investors be looking for the next catalyst?

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Walmart, Home Depot and Target all reported this week, and the picture they paint is of a K-shaped American consumer, where Walmart's US comparable sales grew at their slowest pace in over six years, even as it gained share among higher-income households. But the bigger threat to equities may not be the consumer at all: it's the long end of the Treasury curve, with Washington now trying to boost buybacks of long-dated government debt to hold rates down. We also look at gold hitting its highest since June while the dollar slides, and whether that divergence widens. We speak to Tim Mulholland, President of TJM Limited.

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While recent FOMC minutes revealed a divide among Federal Reserve members over whether to hike interest rates or await clearer inflation data, global markets quickly pivoted to the US Treasury’s increased long-term bond buybacks. Vishnu Varathan, Head of Economics & Strategy at Mizuho Bank, discusses how these buybacks drove bond yields lower while sparking a rally across equities and precious metals.

He evaluates the trade-offs of this liquidity injection, weighing immediate market relief against lingering concerns over long-term US debt sustainability and structural downward pressure on the US dollar.

Vishnu also unpacks what a weaker dollar means for regional FX markets and the broader monetary outlook across Asian economies.

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A sharp pullback in semiconductor stocks and climbing global bond yields signal growing market fatigue as investors weigh the rising capital costs of scaling artificial intelligence ambitions.

Hebe Chen, Senior Market Analyst at Vantage Markets, joins BFM’s Market Watch to evaluate the outlook for US equities ahead of the July FOMC minutes release, analysing how interest rate expectations and government deficits are impacting broader market liquidity.

She assesses China's emerging "two-speed economy", where resilient manufacturing contrast with sluggish consumer demand, and details why targeted policy support will likely take precedence over broad-based stimulus.

Hebe also examines the rebound in South Korean tech giants SK Hynix and Samsung, alongside the structural factors and central bank buying driving renewed interest in gold as an inflation hedge

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Equities have responded negatively as crude oil prices have moved to their highest in two months while the 30-year US Treasury yield hit its highest level since June 2007. Joe Quinlan, Chief Market Strategist, US Trust-BOA Private Wealth Management, shares his insights into the latest market movements.

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Despite the S&P 500 reaching record highs, deteriorating US retail sales and falling consumer sentiment signal that equity markets may be priced to perfection with a thin margin for error. Dilin Wu, Research Strategist at Pepperstone, joins BFM’s Market Watch to analyse growing macro headwinds, upcoming tech earnings catalysts, and central bank expectations.

She breaks down why the Federal Reserve is likely to keep interest rates on hold through year-end, evaluates the hawkish stance of the Reserve Bank of Australia and its impact on the Aussie dollar, and explains why Japan’s FX intervention offers only temporary relief for the Yen.

Dilin also assesses gold's recent technical breakout, highlighting continuous central bank purchasing and institutional inflows as key drivers for medium- to long-term upside.

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Falling car sales for ten consecutive months and JD.com's first quarterly revenue drop in over a decade underscore China's persistent household consumption slowdown, even as AI tech exports continue to drive growth.

Carlos Casanova, Senior Economist at UBP, joins BFM’s Market Watch to analyse why massive consumer savings are not translating into domestic spending and what structural reforms are needed to stabilise sentiment.

He breaks down the policy paradox of China’s high-value tech export boom, outlines Beijing’s long-term strategy for gradual Yuan appreciation to boost imports and the Yuan's internationalisation.

He also offers his outlook on Japan’s second-quarter GDP data and Bank of Japan rate hike expectations.

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The Black Sea is becoming an increasingly dangerous front in the Russia-Ukraine war, as attacks on ports, warships and commercial infrastructure threaten some of the world's most important grain and energy routes. A major Ukrainian strike on Russia's Novorossiysk port has damaged grain export facilities and added pressure on Moscow to divert cargo through alternative routes, while Türkiye is proposing a moratorium on attacks against commercial shipping. With disruption already affecting Russian wheat exports, the Black Sea is increasingly being discussed alongside Hormuz and Bab el-Mandeb as another vulnerable global trade chokepoint. Could continued attacks reshape agricultural trade and global food security, and how great is the risk of the conflict spilling into the wider region?

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US inflation came in softer than feared, and markets took it as a green light — indices are sitting at or near record highs. We ask Tony Nash what the CPI print actually tells us about where inflation is heading, and whether it's enough to move the Fed. Also on the table: whether investors should be taking profit or letting the winners run, the oil price reaction to reported attacks on ships in the Strait of Hormuz, and what a weaker yen means for markets after intervention from the US and Japan.

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Singapore’s three banks, DBS, OCBC and UOB, announced strong second quarter earnings recently, which significantly impacted the movement of Singapore’s stock market . Thilan Wickramasinghe, Head of Research Singapore & Regional Head of Financials at Maybank Investment Banking Group, talks about if current valuations justify the premiums.

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Investors are navigating increasingly divergent signals from the world's major central banks as inflation and interest-rate expectations shift. The Reserve Bank of Australia has kept rates at 4.35% but left the door open to further tightening, while markets are watching fresh US inflation data for clues on whether the Federal Reserve could raise rates again this year. Meanwhile, the Japanese yen is weakening despite recent intervention, and gold has rallied as expectations for higher US rates fade. With monetary policy increasingly moving in different directions, what does this mean for currencies, bonds and precious metals in the months ahead?

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US equities have pulled back after reaching record highs, but investors continue to navigate a complicated mix of geopolitical tensions, shifting interest-rate expectations and enthusiasm over artificial intelligence investment. The US-Iran standoff remains a key risk for oil and inflation, while weaker labour market signals have reduced expectations for further Federal Reserve tightening. At the same time, the AI investment boom is broadening beyond chipmakers into the companies supplying the infrastructure behind it, while a softer US dollar has helped gold regain momentum. With markets still trading near historic highs, can the rally continue, and where are the most attractive opportunities for investors now?

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After two consecutive months of net selling, foreign investors returned to Bursa Malaysia in July, helping push the FBM KLCI up 3.7% over the month. Imran Yassin Yusof, Head of Research at MBSB Research, explores whether this was a genuine shift in sentiment, or just selective buying of Malaysian blue chips when other Asian markets were struggling.

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US equity markets touched new record highs following a shock contraction in non-farm payroll figures, as investors priced in a more dovish Federal Reserve interest rate trajectory ahead of key CPI inflation data. Kingsley Jones, Chief Investment Officer at Jevons Global, joins BFM’s World Market Watch to navigate these global market signals and what to watch ahead.

He breaks down why Wall Street’s relief rally could prove short-lived if CPI inflation surprises to the upside, evaluates whether Big Tech is overspending on AI infrastructure versus emerging algorithmic and embodied AI innovations in China, and analyses the Reserve Bank of Australia’s rate outlook alongside a strengthening Australian dollar

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Following an all-time high near $126,000, Bitcoin has retraced nearly 50% to trade around $64,000. A massive $19 billion liquidation event, triggered by macro trade tensions, escalating geopolitical risks, and capital rotation toward AI equities, has tested market resilience. However, the absence of widespread systemic platform failures highlights a maturing industry compared to past cycles.

Zhong Yang Chan, Head of Research at CoinGecko, joins BFM’s Market Watch to analyse current crypto market dynamics. He compares this pullback to historical drawdowns, breaks down how institutional ETF flows and perpetual futures data signal potential recovery, and evaluates Russia's cross-border crypto moves amid global sanctions.

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Despite the S&P 500 recently testing new highs, rising geopolitical risks and persistent inflation expectations are fueling concerns over Federal Reserve rate policy ahead of crucial labor data. At the same time, record US equity ownership, elevated market leverage through ETFs, and surging long-end Treasury yields pose critical headwinds for equity valuations. Tim Mulholland, President of TJM Limited, joins BFM’s Market Watch to evaluate where equities go from here.

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Despite resilient US services sector activity, persistent inflationary pressures and a softening labor market point toward growing stagflationary risks.

Meanwhile, unprecedented currency joint action by US Treasury Secretary Scott Bessent and Japanese authorities has temporarily checked dollar-yen volatility, even as markets grapple with Federal Reserve Chairman Kevin Warsh’s reduced-communication strategy and China’s widening domestic-export economic divide.

Vishnu Varathan, Head of Economics & Strategy at Mizuho Bank, joins BFM’s Market Watch to navigate these global market dynamics.

He evaluates whether the Fed may be forced to hike interest rates before cutting them, analyses the fair value baseline for the Japanese yen, and explains why a "policy bazooka" remains elusive for China's domestic economy.

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Following a brief pull-back, US equities have surged back toward record highs, driven by a dramatic rebound in Big Tech and broadening market participation across transportation, defense, and financials. However, with shifting Federal Reserve communications under Kevin Warsh, persistent debt concerns, and geopolitical risks keeping energy and food prices volatile, investors face a tricky landscape.

Michele Schneider, Chief Strategist at MarketGauge, joins BFM’s Morning Brief to analyse whether the current Tech rally is a sustainable bull run or a late-cycle trap reminiscent of 1999–2000. She breaks down critical price levels for SpaceX and Nvidia, evaluates the Fed's reduced transparency strategy, and outlines the macro risks that could derail corporate earnings.

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After surging over 120% from the start of the year to its peak in June, South Korea’s KOSPI index experienced severe volatility in July, enduring nine separate circuit-breaker halts amid a global pullback in semiconductor stocks. While heavyweights Samsung Electronics and SK Hynix led the initial AI-driven rally, the rapid rise of retail-driven single-stock leveraged ETFs amplified the subsequent market sell-off.

Terence Ng, Associate Director of Equities at AIIMAN Asset Management, joins BFM’s Morning Brief to break down the mechanics behind the KOSPI’s extreme price swings.

He discusses whether the recent slump offers an attractive entry point for long-term investors, how retail leverage impacted market stability, and where non-tech sector opportunities lie across Korean equities.

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US equities extended their gains following last week's market rebound, but key questions remain over whether the worst of the tech and AI volatility is behind us. Meanwhile in Asia, a 10% pullback in Japan's Nikkei 225 has global investors weighing their entry points.

Joe Quinlan, Chief Market Strategist at US Trust-BOA Private Wealth Management, joins BFM's Morning Brief to share his global outlook. He discusses whether it is time to buy the dip in Japanese equities, what a strengthening yen means for the US economy, and what the Treasury yield curve signals about the Federal Reserve's rate trajectory.

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China's economy is losing momentum, central banks are weighing their next moves, and geopolitical tensions continue to reshape energy markets. Laurent Lequeu, Independent Market Analyst & Writer at the Macro Butler newsletter joins us to unpack the forces driving the global economy and what investors should watch next.

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The Malaysian tech sector has been riding the global AI wave, with its fortunes closely tied to demand for AI-related products. But the big question is: can this strong spending on AI continue, and will our local tech players keep reaping the rewards? To get some insights, we speak with Lee Meng Horng, Senior Equity Analyst at RHB Investment Bank.

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US GDP and core PCE data landed this week, and markets clawed back ground after the post-FOMC selloff, though sentiment in semiconductor and AI stocks remains fragile. The conversation unpacks what the data says about US inflation and growth, where the Fed goes from here, and why Singapore's Straits Times Index keeps hitting record highs.

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Artificial intelligence continues to dominate investor attention especially in Asia. Given the recent volatility in North Asian tech hardware and with China's AI ambitions, where should investors allocate capital next? Will China and Singapore markets continue to outperform?

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China's technology sector has found a new source of optimism after memory chipmaker CXMT's blockbuster stock market debut reignited interest in the country's AI and semiconductor ambitions. But with global technology stocks facing valuation pressures and China's broader economy still uneven, investors are questioning whether the rally marks the start of a sustained recovery or a burst of speculative enthusiasm. Where are the best opportunities in China's equity market, and can the AI story drive the next leg of growth?

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Investors are navigating a pivotal week for Asian markets, with the Federal Reserve weighing its next move, fresh US tariffs threatening regional trade, and China preparing to signal its economic priorities at the mid-year Politburo meeting. At the same time, leadership uncertainty at Bank Indonesia and a slight tightening by Singapore’s central bank are adding to the policy mix. What do these developments mean for growth, currencies, and investment across the region?

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World equity markets recovered on the back of three nights of relative lull in the US-Iran war, although concern over AI and tech prospects kept the Nasdaq in negative territory for four straight sessions. Hebe Chen, a senior market analyst at Vantage Market, share her insights along with expectation from central bank rate decisions from the US and Australia.

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Malaysia's automotive sector has continued to outperform expectations, with vehicle sales rising in the first half of the year despite economic uncertainty. National brands remain dominant, but Chinese automakers are rapidly gaining market share while electric and hybrid vehicle adoption continues to accelerate. As the industry heads into the second half of the year, can strong demand withstand policy changes, inflationary pressures, and a slowing replacement cycle?

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Investors are becoming less willing to overlook soaring AI spending by Big Tech, even as companies continue to post strong revenue growth - this is evident from the performance of the Nasdaq recently. Kingsley Jones, Chief Investment Officer at Jevons Global, share his perspectives on this and more.

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Investors are balancing a resilient US economy against rising geopolitical and policy risks, with higher oil prices, shifting Federal Reserve expectations, and renewed tariff uncertainty all shaping market sentiment. Semiconductor stocks have rebounded after a sharp sell-off, but questions remain over whether the recovery can be sustained. As markets head into a pivotal period, what should investors be watching across equities, commodities, and monetary policy?

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Rising US fuel prices, renewed geopolitical tensions, and a weakening Japanese yen are forcing investors to reassess the outlook for inflation, interest rates, and global markets. With the Federal Reserve expected to keep rates on hold for now and the Bank of Japan weighing further tightening, attention is turning to how central banks will respond to shifting economic conditions. What do these developments mean for currencies, bonds, commodities, and investors in the months ahead?

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Foreign tourist arrivals have returned to Malaysia, reaching 26.6 million in 2025 and surpassing pre-pandemic levels of 26.1 million in 2019. However, should Malaysia focus on attracting higher-spending visitors rather than simply increasing tourist numbers? We speak to Redza Abdul Rahman, Director of Research at BIMB, for some answers.

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Global markets are navigating a complex mix of geopolitical tensions, resilient economic data, and shifting expectations for interest rates. Despite renewed conflict in the Middle East, oil prices remain well below recent highs, while investors continue to assess the outlook for equities, bonds, and safe-haven assets such as gold. As the second half of the year unfolds, what are the key risks and opportunities shaping global markets?

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The artificial intelligence boom has fuelled a rally in Asian stock markets to record highs as investors rushed to join the AI bandwagon. But the recent market sell-offs have raised concerns that the massive AI infrastructure investments may not result in the short-term profits to justify the lofty valuations of these stocks. Is this latest pullback simply a temporary bout of profit-taking, or does it signal the start of a more prolonged downturn? We speak to Herald van der Linde, Head of Equity Strategy of the Asia Pacific at HSBC.

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Wall Street chalked up another red day with equities pressured by elevated crude oil prices thanks to the US-Israel war on Iran, while tech stocks continue to be sold off. Joe Quinlan, Chief Market Strategist at US Trust-BOA Private Wealth Management, shares his insights into the latest market movements and what we can expect going forward.

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The past week saw equities slump as the US-Iran war escalated and investors sold of tech and AI stocks. Laurent Lequeu, Independent Market Analyst & Writer at the Macro Butler Newsletter, shares his insights into equity markets as well as commodities in the weeks ahead.

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AI and data centres may grab the headlines, but someone has to supply the concrete and metal to build them. RHB Investment Bank has an Overweight call on Malaysia's basic materials sector, with top picks Press Metal and Malayan Cement offering an estimated 25–37% upside. Equity analyst Iftaar Rusli walks us through how a 4% stronger ringgit cuts both ways for producers, why Indonesia's coal regulations matter for Malayan Cement's margins, and whether post-war reconstruction in the Middle East could be the sector's next big order book.

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What can we expect from Wall Street's earnings season to AI-driven chip stocks, oil prices and US interest rates expectations? Tim Waterer of KCM Trade breaks down the key themes shaping global markets and what investors should be watching next.

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US equities managed to register gains on comments from the Federal Reserve indicating that inflation may have peaked and should be edging down in coming quarters. Tony Nash, an economist at Main Street Alpha, shares some perspective on what to expect even as the Iran war continues to cast a shadow on US consumer prices going forward.

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Renewed tensions in the Middle East have pushed oil prices higher, reviving concerns over inflation, interest rates, and the global growth outlook. Yet investors have continued to favour emerging markets and AI-related stocks, highlighting the resilience of risk assets despite rising geopolitical uncertainty. As oil, bonds, equities, and technology pull markets in different directions, where should investors be looking in the second half of the year?

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