{"id":79323,"date":"2025-10-16T10:28:00","date_gmt":"2025-10-16T02:28:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=79323"},"modified":"2025-10-15T17:12:22","modified_gmt":"2025-10-15T09:12:22","slug":"weekly-securities-newsletter-16-october-2025","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/weekly-securities-newsletter-16-october-2025\/","title":{"rendered":"Weekly Securities Newsletter: 16 October 2025"},"content":{"rendered":"\n<div class=\"wp-block-uagb-image uagb-block-50ebcba7 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2-1024x260.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2-1024x260.png\" alt=\"\" class=\"uag-image-66099\" width=\"2952\" height=\"750\" title=\"WSN Banner\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong><strong>The Golden Road Ahead<\/strong><\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Chart of the Week: <br>Falling Rates and Ongoing Market Buying Support Gold\u2019s Upside<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. inflation remains stable\u2014neither accelerating nor slowing meaningfully. In September, the Fed cut rates by 25 bps as cooling labor data prompted policy easing, while the dot plot indicated room for two more cuts this year. This has driven real rates lower, reducing gold\u2019s opportunity cost and boosting investor demand.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 1: <br>AI Tailwinds and Rate-Cut Bets Lift Global Equities on Renewed Risk Appetite<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Positive AI momentum continues as OpenAI signs a record chip supply deal with AMD, while Nvidia CEO Jensen Huang highlighted surging AI computing demand and plans to invest in Musk\u2019s xAI. Tech stocks rallied, and infrastructure spending in AI-related utilities added further strength. All four major U.S. indices closed higher, with the Philadelphia Semiconductor Index up 5.5%.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 2: <br>Strong Risk Appetite Weighs on Bonds; U.S. Shutdown Uncertainty Drives Safe-Haven Flows into Gold<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fed minutes showed most officials expect to maintain an accommodative stance this year, with an October rate cut nearly certain. However, the government shutdown has halted key data releases from the Labor and Commerce Departments, adding policy uncertainty as the Fed may have to decide without updated economic inputs. Meanwhile, buoyant global risk sentiment and strong U.S. equities have pressured bonds, while the strength of Asian equities has weighed on Asian investment-grade debt amid risk-on flows.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">What\u2019s Trending: <br>U.S. 3Q Outlook Turns Positive; Earnings Upgrades Led by Communication Services, Tech, and Financials<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Of the 112 S&P 500 companies issuing guidance for 3Q, 56 provided positive guidance \u2013 a 50% ratio, above the 5-year average of 43% and the 10-year average of 39%. The number of positive outlooks was also the highest since 3Q21. According to FactSet, optimism is largely driven by the tech sector\u2019s confidence in AI\u2019s long-term potential, with 36 tech firms giving positive guidance \u2013 exceeding all other sectors combined.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">In Focus 1: <br>\u201c15th Five-Year Plan\u201d to Emphasize Tech Self-Reliance; Policy Support to Favor Technology Stocks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The CCP Politburo held a meeting in late September and announced that the Fourth Plenary Session will convene from October 20\u201323 to review recommendations for the \u201c15th Five-Year Plan.\u201d The meeting reaffirmed two key priorities\u2014advancing green, low-carbon transformation and strengthening technological self-reliance\u2014while emphasizing the continued development of \u201cnew quality productive forces.\u201d<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">In Focus 2: <br>China Tech Giants Outperform Sharply, Yet Global Investors Remain Underexposed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Earnings forecasts show that China\u2019s eight major tech giants (note 1)\u2014all listed in Hong Kong and accounting for over 40% of MSCI China\u2019s weight\u2014are benefiting from AI development and DeepSeek-related applications, driving double-digit revenue growth above 12%. This far outpaces the overall China market\u2019s 8% and just 7% (ex-top 8), underscoring the sector\u2019s strong relative performance. The trend suggests a trajectory similar to the U.S. in the AI era, and with Beijing\u2019s continued push for tech self-reliance, Hong Kong-listed tech names stand to gain further.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-9b755ae4\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-80bc606a wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/Weekly%20Securities%20Newsletter\/KGI_Global%20Markets%20Weekly%20Kickstart_13%20Oct%202025_Client.pdf\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Read Full Report<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-538fa70e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-a3b933c6\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-09ce9008\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-5ae64502\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-a5d8cbdf wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-2a8e253e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-3e950960\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent<\/p>\n","protected":false},"author":10,"featured_media":78162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-79323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-markets-weekly-updates"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-150x150.jpg?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-199x300.jpg?wsr",199,300,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-768x1155.jpg?wsr",768,1155,true],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-681x1024.jpg?wsr",681,1024,true],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false]},"uagb_author_info":{"display_name":"Keith Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"uagb_comment_info":0,"uagb_excerpt":"China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/79323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=79323"}],"version-history":[{"count":4,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/79323\/revisions"}],"predecessor-version":[{"id":79663,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/79323\/revisions\/79663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/78162"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=79323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=79323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=79323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}