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📊 MARKET UPDATE: MIDDLE EAST TENSIONS RETURN AS OIL JUMPS; AI DATA-CENTER SPENDING ACCELERATES Markets are starting Tuesday on a cautious footing as the U.S.-Iran conflict enters its sixth month, with hopes of a near-term diplomatic breakthrough fading and concerns growing over a renewed escalation. 🌍 MIDDLE EAST: CEASEFIRE RISKS RENEWED CONFLICT 🇺🇸🇮🇷 The temporary U.S.-Iran truce expired Monday, with neither Washington nor Tehran signaling plans to extend it. President Donald Trump threatened further military action and warned Oman against interfering with U.S. objectives, while Iranian officials reportedly said Tehran could shift from a defensive posture to an offensive one if diplomacy fails. ⚠️ The key risk for markets remains the Strait of Hormuz, through which a significant share of global oil shipments normally passes. 🛢️ OIL: SUPPLY RISK RETURNS Crude prices reacted immediately to the escalation: 🔺 Brent: +2.7% → US$90.87/bbl 🔺 WTI: +2.6% → US$84.50/bbl Oil prices were also higher in early Asian trading. 📌 Market implication: A sustained disruption around the Strait of Hormuz could keep energy prices elevated, adding pressure to inflation and potentially complicating expectations for global interest-rate cuts. 📉 WALL STREET: RISK SENTIMENT SOFTENS U.S. equities moved lower as geopolitical risks returned: 🔻 S&P 500: -0.50% 🔻 Nasdaq Composite: -0.32% 🔻 Dow Jones: -0.51% Asian markets opened mixed on Tuesday. Investors are increasingly balancing two competing forces: ➡️ Rising geopolitical and inflation risks ➡️ Strong structural demand for AI and technology infrastructure ———————————————————————— 🤖 AI & DATA CENTERS: NVIDIA EXPANDS FINANCING ROLE Nvidia is taking a bigger role in financing the global AI infrastructure buildout. 💰 The chipmaker will provide up to US$105 billion in financing for a new AI data center project for OpenAI in Ohio. 🏗️ The initial phase will support approximately 4.25GW of computing capacity, with an option to expand by another 3.75GW. 📅 Capacity is expected to come online in phases from 2028. 💡 Why it matters The deal highlights how AI infrastructure investment is evolving beyond simply selling GPUs. Nvidia is increasingly becoming part of the financing ecosystem supporting hyperscalers, AI labs and data-center developers. ⚠️ However, the growing use of vendor-backed or circular financing structures is also raising questions over how much of the AI investment boom is ultimately being funded by the same companies benefiting from it. ———————————————————————— ⚖️ META: LEGAL RISKS MOVE INTO FOCUS Meta is facing a major lawsuit in California alleging that its platforms encouraged addictive behavior among teenagers and children. ⚠️ Lawyers have warned of potentially “astronomical” financial consequences if Meta ultimately loses. The case is being viewed by some industry observers as a potential “Big Tobacco moment” for social media. 📌 Investor takeaway: Beyond advertising growth and AI spending, regulatory and litigation risks remain an important valuation consideration for major social-media platforms. ———————————————————————— 🌏 ASIA MARKET WATCH Asian investors will be watching closely for: 🇯🇵 Japan: Yen movements and the potential for further currency intervention remain important for exporters, importers and regional FX markets. 🇰🇷 South Korea: Semiconductor and technology stocks remain highly sensitive to developments in the AI infrastructure investment cycle. 🌏 Regional markets: Higher oil prices could create a mixed environment for Asia — benefiting energy producers while increasing costs and inflation risks for major oil-importing economies.

Curated Headlines for 18 August 2026 South China Morning Post China’s pharma contractors rally as US supply chain pressures face industry resistance https://www.scmp.com/business/companies/article/3364303/chinas-pharma-contractors-rally-us-supply-chain-pressures-face-industry-resistance?module=top_story&pgtype=subsection Ingenic launches IPO, joining wave of mainland China chipmakers raising funds in Hong Kong https://www.scmp.com/tech/tech-trends/article/3364263/ingenic-launches-ipo-join-wave-mainland-china-chipmakers-raising-funds-hong-kong?module=top_story&pgtype=subsection The Business Times Iran threatens to go on offensive in Strait of Hormuz if diplomacy with US fails Trump said on Aug 17 that Iran ‘should put up the white flag of surrender’ https://www.businesstimes.com.sg/international/global/iran-threatens-go-offensive-strait-hormuz-if-diplomacy-us-fails Anthropic’s revenue run rate tops US$65 billion: source Anthropic is projecting 2028 revenue of roughly US$190 billion to US$200 billion https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/anthropics-revenue-run-rate-tops-us65-billion-source The Wall Street Journal Investment Firm General Atlantic Is Eyeing an IPO Again The company manages around $130 billion and had filed to go public in 2023 https://www.wsj.com/finance/investment-firm-general-atlantic-is-eyeing-an-ipo-again-53d8ee7f?mod=lead_feature_below_a_pos3   Barron’s 30-Year Yield Rises to Highest Level Since 2007 as Oil and Treasury Supply Bite Bonds https://www.barrons.com/articles/30-year-treasury-yield-high-d97d62f8?mod=hp_minor_pos24&_gl=1

🌏 Market Update: Middle East Tensions, AI Momentum & Asia in Focus Markets begin the week balancing renewed Middle East uncertainty, oil-supply concerns and continued enthusiasm around AI, while investors turn their attention to key economic data from China. 🛢️ Middle East: Hormuz Remains a Key Risk The prolonged U.S.-Iran conflict is increasingly weighing on U.S. military personnel, with U.S. Central Command commander Adm. Brad Cooper acknowledging mental-health concerns aboard the USS Abraham Lincoln following reports that a sailor went overboard during its extended Middle East deployment. 🇺🇸 President Donald Trump has also said the Strait of Hormuz could eventually become U.S. territory if Iran is defeated. Tehran has rejected the claim, while negotiations over reopening the strategically important waterway remain unresolved. ⚠️ Any prolonged disruption to Hormuz remains a major risk for global energy markets, given the waterway's importance to international oil flows. ⛽ Oil Supply Concerns Return U.S. oil inventories are facing renewed pressure as the Strategic Petroleum Reserve (SPR) falls below 300 million barrels, its lowest level since the early 1980s. 📉 The sharp decline in reserves has raised concerns over how much additional crude the U.S. can release if supply disruptions persist. ⚠️ Analysts have also warned that rapid withdrawals could create operational risks for the underground salt caverns used to store the SPR. ———— 🇺🇸 Trump Orders Reduction in South Korea Military Exercises President Trump has ordered the Pentagon to significantly scale back planned military exercises with South Korea. The decision comes amid disagreements over Seoul's position on Iran, the cost of military exercises and Trump's desire to maintain dialogue with North Korean leader Kim Jong Un. 🇰🇷 However, the annual Ulchi Freedom Shield exercises are still proceeding as scheduled. ———— 🇨🇳 China: Economic Data & Tax Crackdown in Focus Investors will be watching China's latest: 📊 Retail Sales 🏗️ Fixed-Asset Investment 🏭 Industrial activity The data should provide further clues on the strength of domestic consumption and investment in the world's second-largest economy. Meanwhile, Beijing continues to tighten scrutiny of offshore wealth. 💰 Recent tax rules have clarified how offshore trusts are treated for individual income-tax purposes, including taxation of relevant income and gains. The move forms part of China's broader effort to strengthen tax compliance among wealthy individuals with overseas assets. ———— 🤖 AI Investment Continues to Accelerate AI remains one of the strongest themes driving investor interest. 🚀 Anthropic Revenue Surges Anthropic's revenue reportedly surged more than 14-fold year-on-year in Q2, highlighting the rapid commercial adoption of generative AI. 📈 The growth is also strengthening expectations that Anthropic could pursue a major IPO, adding another potential blockbuster listing to the AI sector. 🔵 Berkshire Hathaway Builds Alphabet Position Alphabet has become the third-largest equity holding in Berkshire Hathaway's portfolio following an investment of roughly US$10 billion. 💡 Berkshire's increased exposure highlights growing institutional confidence in Alphabet's AI and cloud businesses.

Curated Headlines for 17 August 2026 Barron’s Stock Futures Little Changed Ahead of Retail Earnings https://www.barrons.com/articles/stock-futures-trading-sunday-8dfe9f84?mod=hp_minor_pos22&_gl=1 Walmart, Target, Home Depot, Fed Minutes, and More to Watch This Week https://www.barrons.com/articles/walmart-target-home-depot-stoicks-fed-minutes-8143d1aa?mod=hp_minor_pos24&_gl=1   South China Morning Post Shein is eyeing a valuation rivalling H&M. Will the market buy it? https://www.scmp.com/business/china-business/article/3364009/shein-eyes-valuation-rivalling-hm-will-market-buy-it?module=top_story&pgtype=subsection From chasing robots to chasing profits: the numbers moving markets https://www.scmp.com/business/markets/article/3363998/chasing-robots-chasing-profits-numbers-moving-markets?module=top_story&pgtype=subsection The Business Times Oil edges higher as Middle East tensions linger Global benchmark Brent crude rose 0.5% in early Asia trading, with the US dollar little changed against major peers https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-edges-higher-middle-east-tensions-linger Stripe clinches over US$7 billion deal to buy AI firm OpenRouter OpenRouter provides access to hundreds of AI models https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/stripe-clinches-over-us7-billion-deal-buy-ai-firm-openrouter The Wall Street Journal Stock-Picking Funds Are Performing as Poorly as Ever Just 13% of U.S. large-cap funds have outperformed indexes over the past decade, new data show https://www.wsj.com/finance/investing/stock-picking-funds-are-performing-as-poorly-as-ever-fee28e30?mod=hp_lead_pos4

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Curated Headlines for 14 August 2026 South China Morning Post AI demand drives triple-digit profit growth for Chinese chip foundries SMIC, Hua Hong https://www.scmp.com/tech/tech-trends/article/3363929/ai-demand-drives-triple-digit-quarterly-profit-growth-chinese-foundries-smic-hua-hong?module=top_story&pgtype=section Chinese carmakers could capture 15% to 30% of European market by 2035: Citi analysts https://www.scmp.com/business/china-evs/article/3363903/chinese-carmakers-could-capture-15-30-european-market-2035-citi-analysts?module=top_story&pgtype=section The Business Times AMD looks to raise US$4 billion to US$5 billion in debt offering: source Semiconductor companies are increasingly turning to capital markets to fund AI-related investments https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/amd-looks-raise-us4-billion-us5-billion-debt-offering-source Google unveils Gemini 3.7 Flash AI model for coding and agent workflows, but top AI model still delayed Delays to Gemini 3.5 Pro have left investors questioning Google’s roadmap https://www.businesstimes.com.sg/international/global/google-unveils-gemini-3-7-flash-ai-model-coding-and-agent-workflows-top-ai-model-still-delayed The Wall Street Journal U.S. Sending Fresh Aircraft Carrier to Middle East Amid Iran War Strain USS George Washington is set to replace USS Abraham Lincoln, which has been deployed for more than 250 days https://www.wsj.com/politics/national-security/u-s-sending-fresh-aircraft-carrier-to-middle-east-amid-iran-war-strain-d0d6e98d?mod=hp_lead_pos2   Barron’s Reddit Will Join the S&P 500. The Stock Jumps 11%. https://www.barrons.com/articles/reddit-avalonbay-communities-s-p-500-965af874?mod=hp_minor_pos24&_gl=1

📊 Market Update: U.S. Inflation Eases, AI Infrastructure Leads - U.S. inflation remained relatively contained in July, providing some relief for markets and reducing immediate pressure on the Federal Reserve to raise interest rates. 🇺🇸 U.S. Inflation Comes in Line - July headline CPI rose 0.1% month-on-month and 3.4% year-on-year, matching expectations. Core CPI, which excludes food and energy, increased 0.2% MoM and 2.5% YoY. - The annual headline rate eased from 3.5% in June, suggesting that inflationary pressures are moderating despite ongoing energy and geopolitical risks. - The softer inflation data has reduced expectations of an immediate Fed rate hike. Markets are now placing considerably less emphasis on a September increase, with attention shifting toward the subsequent inflation, employment and energy-price data. 📈 Wall Street Remains Supported by Technology - U.S. equities remained relatively resilient, with the S&P 500 supported by continued strength in technology and AI-related infrastructure stocks. - Investors remain focused on whether the enormous capital expenditure plans of hyperscalers and AI developers can translate into sustainable earnings growth. 🛢️ Oil Remains a Key Inflation Risk - Oil prices remain volatile as investors monitor developments surrounding the Strait of Hormuz and the broader Middle East conflict. - WTI recently traded around the US$83/barrel area, with supply disruption concerns continuing to provide support to crude prices. Any sustained increase in energy prices could complicate the Federal Reserve's inflation outlook, particularly if higher fuel costs begin filtering into transportation, goods and services. - This remains one of the key risks to the otherwise improving U.S. inflation picture. 🇦🇺 RBA Remains Focused on Inflation - The Reserve Bank of Australia previously left its cash rate unchanged at 4.35% in June, while emphasizing that inflation remained too high and that further tightening could not be ruled out. - However, the August RBA meeting has now taken place, so the latest policy decision should be incorporated before distributing this update to clients. The RBA's official calendar confirms the August 10–11 meeting and August 11 policy announcement. 🤖 AI Infrastructure Continues to Outperform - AI infrastructure remains one of the strongest themes across global technology markets. - Companies exposed to data-center networking, optical connectivity and AI hardware infrastructure continue to benefit from the rapid expansion of hyperscaler capital expenditure. Recent strength in names such as: - Coherent — optical and laser technologies - Astera Labs — AI connectivity and semiconductor infrastructure - Arista Networks — high-speed data-center networking highlights how the AI investment cycle is expanding beyond GPU manufacturers into the broader AI infrastructure ecosystem.

Curated Headlines for 13 August 2026 South China Morning Post China’s EV sales slide again amid fading incentives, weak demand and persistent price war https://www.scmp.com/business/china-business/article/3363737/chinas-ev-sales-slide-again-amid-fading-incentives-weak-demand-and-persistent-price-war?module=top_story&pgtype=section Hong Kong seeks tech exposure to take on Nasdaq amid Beijing’s rising AI dominance https://www.scmp.com/business/china-business/article/3363741/hong-kong-seeks-tech-exposure-take-nasdaq-amid-beijings-rising-ai-dominance?module=top_story&pgtype=subsection The Business Times Oil prices edge up as investors weigh US-Iran talks deadlock against lower demand Forecasters revised down their oil demand outlooks as US-Iran talks stall https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-edge-investors-weigh-us-iran-talks-deadlock-against-lower-demand Gold rises to over two-month high as US inflation data dampens rate hike bets Traders are now pricing in about a 40% chance of an interest rate hike at the next Fed meeting, down from 46% https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-rises-over-two-month-high-us-inflation-data-dampens-rate-hike-bets The Wall Street Journal Trump Says Hormuz Is Under U.S. Control. Few Ships Are Listening. With limited bursts of firepower, Iran is able to make the waterway too risky to cross https://www.wsj.com/world/middle-east/trump-says-hormuz-is-under-u-s-control-few-ships-are-listening-485ba60e?mod=hp_lead_pos2 In-Line Inflation Reading Buys the Fed More Time to Defend Its Forecast Consumer-price index comes in as expected: not soft enough to take rate increase off the table, not firm enough to force one https://www.wsj.com/economy/central-banking/inflation-federal-reserve-interest-rates-296d1430?mod=hp_major_pos1

Curated Headlines for 12 August 2026 South China Morning Post Shein set to take orders for Hong Kong IPO next week, eyeing US$35b valuation: sources https://www.scmp.com/business/banking-finance/article/3363623/shein-set-take-orders-hong-kong-ipo-next-week-eyeing-us35b-valuation-sources?module=top_story&pgtype=section Gold breakout rally sends Chinese bullion stocks near highs as central banks keep buying https://www.scmp.com/business/china-business/article/3363620/gold-breakout-rally-sends-chinese-bullion-stocks-near-highs-central-banks-keep-buying?module=top_story&pgtype=subsection The Business Times Oil prices continue climb on US-Iran deal doubts; stocks retreat https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-continue-climb-us-iran-deal-doubts-stocks-retreat Resilient Europe turns into a winning bet for money managers https://www.businesstimes.com.sg/companies-markets/resilient-europe-turns-winning-bet-money-managers The Wall Street Journal Iran Is Defying U.S. Pressure by Becoming a ‘Survival Economy’ Tehran’s leaders focus on subsistence in bid to outlast sanctions and a naval blockade https://www.wsj.com/world/middle-east/iran-is-defying-u-s-pressure-by-becoming-a-survival-economy-5e8edf9f?mod=hp_lead_pos1 Inflation Reports Could Test Warsh’s Tough Talk The Fed chairman has promised to bring inflation down. Upcoming data could determine whether he has to raise rates soon to do it. https://www.wsj.com/economy/central-banking/inflation-reports-could-test-warshs-tough-talk-3866e365?mod=hp_major_pos3 Barron’s CoreWeave Reports Solid Earnings. The Stock Jumps. Neocloud CoreWeave reported solid second-quarter earnings results on Tuesday afternoon. Its shares were up 14% in after-hours trading, after rising 2.4% in regular hours. https://www.barrons.com/articles/coreweave-earnings-stock-price-066fec34?mod=hp_minor_pos24

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🌏 Market Update: Oil Supply Risks Return as AI Investment Accelerates - Oil markets are once again under pressure as hopes for a near-term U.S.-Iran agreement fade, raising concerns that disruptions to global energy supplies could persist. - The U.S. Strategic Petroleum Reserve (SPR) has now fallen below 300 million barrels, reaching 298.7 million barrels in the latest weekly data — its lowest level since 1983. The reserve declined by 6.1 million barrels over the week. The historically low SPR leaves Washington with less of a buffer should another major supply disruption occur, although the SPR is only one component of overall U.S. and global oil inventories. 🛢️ Oil Extends Rally - Brent crude climbed roughly 5% to US$87.72 per barrel on Monday, extending its gains to a fourth consecutive session, while WTI rose around 5% to US$82.13. - The latest rally reflects renewed concerns that the Iran conflict could continue to restrict oil flows through the Strait of Hormuz, particularly as negotiations between Washington and Tehran remain uncertain. President Donald Trump has recently signaled that the U.S. is willing to wait for economic pressure to build in Iran rather than immediately pursue another major military escalation. - For investors, the key risk is that a prolonged disruption could keep energy prices elevated and complicate the outlook for global inflation and interest rates. 📈 Asia Markets Edge Higher - Despite renewed oil concerns, Asian equities were modestly firmer in early trading, while U.S. stock futures were mixed. Technology and semiconductor stocks remain central to investor sentiment, but higher oil prices could create a more challenging backdrop for equities if energy inflation begins to feed into broader consumer and corporate costs. 🤖 Nvidia Takes AI Financing to Wall Street - While energy markets are dealing with supply constraints, the AI infrastructure boom continues to accelerate. Nvidia announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish financing platforms designed to mobilize more than US$500 billion of third-party capital for AI infrastructure. - The initiative is significant because it moves AI infrastructure beyond the traditional model of hyperscalers funding data centers directly from their balance sheets. - Instead, institutional investors, private-credit providers and other sources of capital could finance AI compute infrastructure, potentially allowing companies to expand GPU capacity without carrying the entire capital burden themselves. For Nvidia, this could create another mechanism for sustaining demand for its GPUs and networking infrastructure. 💡 AI Infrastructure Becomes an Investment Theme - The development reinforces a broader shift in the AI cycle: compute infrastructure is increasingly being treated as an investable infrastructure asset rather than simply corporate IT expenditure. - Academic research is already beginning to examine AI compute as a distinct asset class, reflecting the growing scale of capital being committed to GPUs and data centers. - The opportunity is substantial, but so are the risks. Investors will increasingly need to assess whether AI infrastructure can generate sufficient cash flows to justify the enormous amount of capital being deployed. 🧠 Meta Steps Up Open-Source AI Push - Meta is also intensifying competition in AI, with CEO Mark Zuckerberg signaling a stronger push toward open-weight models. - Meta's Muse Spark model is part of its latest AI development strategy, while the company is also working on smaller models designed for local or consumer-device deployment. The broader strategy is aimed at challenging closed-model leaders such as OpenAI and Anthropic. - The move highlights another important trend in the AI market: competition is increasingly shifting from simply having the most powerful model to controlling the AI ecosystem — including models, chips, cloud infrastructure and devices.

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Curated Headlines for 11 August 2026 South China Morning Post Global AI trade revival brightens outlook for Chinese tech stocks after record sell-offs https://www.scmp.com/business/china-business/article/3363261/global-ai-trade-revival-brightens-outlook-chinese-tech-stocks-after-record-sell-offs?module=top_story&pgtype=subsection China’s X Square Robot submits confidential filing for Hong Kong IPO, sources say https://www.scmp.com/tech/tech-war/article/3363028/chinas-x-square-robot-submits-confidential-filing-hong-kong-ipo-sources-say?module=top_story&pgtype=subsection The Wall Street Journal Nvidia, Wall Street Firms Strike AI Financing Deal Targeting $500 Billion Apollo, Blackstone and BlackRock were among the firms that committed to the deal https://www.wsj.com/business/deals/nvidia-wall-street-firms-strike-ai-financing-deal-targeting-500-billion-c50377db?mod=hp_lead_pos5   The Business Times Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade Brent crude futures closed US$4.17, or 4.99%, higher at US$87.72 a barrel https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-climbs-5-iran-us-both-demand-compensation-and-hormuz-hopes-fade Intel plans US$15 billion share sale as turnaround rally lifts stock Tech giant is looking to fund the build-out of its chip contract manufacturing business https://www.businesstimes.com.sg/companies-markets/intel-plans-us15-billion-share-sale-turnaround-rally-lifts-stock Microsoft plans to unveil next-gen AI chip in September: report Tech firm said to have talked with TSMC to secure production capacity for over 300,000 units for delivery in 2027 https://www.businesstimes.com.sg/companies-markets/microsoft-plans-unveil-next-gen-ai-chip-september-report

📊 Singapore Banks & Tech Giant: Q2 / 1H 2026 Earnings Highlights & Forecasts 🏦 DBS Group (SGX: D05) - Earnings Date: 6 August 2026 (Q2 / 1H 2026 Results) - Financial Results: Record Q2 Net Profit of S$3.08B (+9% YoY), bringing 1H26 Net Profit to a record S$6.01B (+5% YoY). - Key Highlights: Record wealth management fees (+42% YoY to S$919M) and treasury customer sales offset narrowing Net Interest Margins (NIM fell 18 bps to 1.87%). Declared an interim dividend of S$0.81/share (S$0.66 ordinary + S$0.15 capital return). - Forecast / Outlook: Raised full-year 2026 guidance. Upbeat on continued wealth management momentum and balance sheet growth despite central bank rate cuts. 🏦 OCBC Bank (SGX: O39) - Earnings Date: 7 August 2026 (Q2 / 1H 2026 Results) - Financial Results: Record Q2 Net Profit of S$2.22B (+22% YoY, beating expectations), driving 1H26 Net Profit to a record S$4.19B (+13% YoY). - Key Highlights: Non-interest income jumped 51% YoY in Q2, powered by record wealth management fees (+45% YoY) and strong insurance performance from Great Eastern (+68% YoY). Raised interim dividend by 15% YoY to S$0.47/share. - Forecast / Outlook: Upgraded 2026 loan growth guidance to high single-digit to low double-digit growth (from mid-single-digit previously). Total income expected to grow in 2026 even as NIM normalizes. 🏦 UOB (SGX: U11) - Earnings Date: 7 August 2026 (Q2 / 1H 2026 Results) - Financial Results: Q2 Net Profit reached S$1.48B (+10% YoY, beating consensus), with 1H26 Net Profit up 3% YoY to S$2.92B. - Key Highlights: Driven by record wealth management fees (+16% YoY in 1H26) and non-recurring asset divestment gains. Announced strategic sale of UOB Asset Management to Allianz Global Investors for S$555M. Declared an interim dividend of S$0.88/share (+3.5% YoY). - Forecast / Outlook: Trimmed full-year fee income guidance to low single-digit growth (from high single-digit previously) while keeping NIM targets at 1.75%–1.80%. Focused on expanding wealth and regional ASEAN trade flows. 🔬 Venture Corp (SGX: V03) - Earnings Date: 6 August 2026 (Q2 / 1H 2026 Results) - Financial Results: 1H26 Net Profit rose 5.6% YoY to S$119.3M, with revenue up 7.4% YoY to S$1.35B (11.9% YoY growth on constant currency). Revenue grew 15.6% QoQ in Q2, signalling strong sequential momentum. - Key Highlights: Rebound driven by AI-related infrastructure demand across test instrumentation, networking, and semiconductor domains (+18.7% YoY in Portfolio B). Maintained a zero-debt balance sheet with S$1.11B in net cash. Raised interim dividend by 20% to S$0.30/share. - Forecast / Outlook: Turnaround strategy taking hold as tech cycle destocking eases and enterprise AI/networking demand expands into 2H 2026.

📈 Market Update: Oil Rebounds as Iran Talks Stall, Copper Hits Record High - Hopes for a near-term breakthrough in U.S.-Iran negotiations faded after the Trump administration's target of reaching an agreement by Thursday passed without a deal. - Iran reportedly unveiled a proposal for commercial shipping through the Strait of Hormuz, restricting access for U.S. and Israeli-linked vessels while allowing passage for other countries. According to Iranian state media, the restrictions would remain in place until countries that "caused damage to Iran" provide compensation. - Washington swiftly rejected the proposal, with U.S. officials reiterating that any future agreement must guarantee free and unrestricted navigation, with no tolls, permits or discriminatory treatment for commercial shipping. 🛢️ Oil Prices Rebound Renewed uncertainty surrounding the Strait of Hormuz pushed energy prices higher after several sessions of declines. - Brent crude rose 3.8% to settle at US$82.49 per barrel. - WTI crude gained 2.8% to US$77.29 per barrel. - Both benchmarks extended gains in Friday's Asian session, rising more than 1% as investors monitored developments in the Middle East. The latest rebound highlights how sensitive energy markets remain to any disruption involving the world's most important oil shipping corridor. 🔴 Copper Extends Rally to Record High - Oil wasn't the only commodity attracting attention. - Copper climbed to a fresh all-time high of around US$6.90 per pound, driven by tightening global supplies and robust demand from electrification, power infrastructure and artificial intelligence-related data center construction. - The continued strength in copper reinforces expectations that long-term investment into AI infrastructure and energy transition projects remains robust despite broader market volatility. 🚀 Tech Watch: SpaceX and SoftBank - Attention remains on SpaceX after the first tranche of insider lock-up shares became eligible for trading. The stock finished higher on Thursday despite ongoing concerns over heavy AI-related capital expenditure, although shares remain roughly 50% below their post-IPO peak reached in mid-June. - Meanwhile, SoftBank Group extended losses in early Friday trading, falling nearly 5% despite reporting earnings that exceeded expectations. Investors remain cautious over the company's aggressive AI investment strategy and elevated capital commitments.

Curated Headlines for 7 August 2026 South China Morning Post  Swire Pacific posts record first-half profit as investment surges to fresh high  https://www.scmp.com/business/china-business/article/3363213/swire-pacific-posts-record-first-half-profit-investment-surges-fresh-high?module=top_story&pgtype=section  How SAIC’s recharged venture with GM plans to catch up with top EV makers in China  https://www.scmp.com/business/china-evs/article/3363081/how-saics-recharged-venture-gm-plans-catch-top-ev-makers-china?module=top_story&pgtype=section  The Business Times  OCBC Q2 profit rises 22% to S$2.22 billion, beating expectations  Earnings beat the S$1.91 billion consensus forecast in a Bloomberg survey of analysts, with the bank declaring an interim dividend of S$0.47 per share  https://www.businesstimes.com.sg/companies-markets/ocbc-q2-profit-rises-22-s2-22-billion-beating-expectations?ref=home-grouped-story-1  UOB Q2 profit climbs 10% to S$1.48 billion, edging past estimates  The lender declared a dividend of S$0.88 per share for the period  https://www.businesstimes.com.sg/companies-markets/uob-q2-profit-climbs-10-s1-48-billion-edging-past-estimates  Airbnb posts higher quarterly revenue on global travel demand, World Cup boost  https://www.businesstimes.com.sg/property/airbnb-posts-higher-quarterly-revenue-global-travel-demand-world-cup-boost  The Wall Street Journal  SpaceX True Believers Propel Shares Past End of Epic Lockup  Some analysts are raising an eyebrow. Retail sees an ‘insane opportunity’ to buy.  https://www.wsj.com/business/spacex-true-believers-propel-shares-past-end-of-epic-lockup-271ffc59?mod=hp_lead_pos2

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📈 Market Update: Wall Street Mixed as AI Spending Faces Scrutiny, Asia Extends Gains - U.S. stock futures edged higher after the Dow Jones Industrial Average notched another record close and extended its winning streak to five sessions. The S&P 500 snapped a four-day run of gains, while the Nasdaq Composite slipped modestly as investors rotated out of some high-growth technology names. 🌍 Hormuz Deal Hopes Keep Oil Under Pressure - Investor sentiment was supported by reports that Iran and Oman are in the final stages of drafting an agreement governing commercial shipping through the Strait of Hormuz, potentially paving the way for greater stability along one of the world's most important energy corridors. Reuters reported that the proposal could grant Tehran greater oversight of commercial traffic while preserving shipping access. - President Donald Trump said a U.S.-Iran agreement to reopen the strait "could happen" as soon as Wednesday or Thursday, extending the timeline suggested earlier by Treasury Secretary Scott Bessent. Optimism over negotiations weighed on energy prices, with both Brent and WTI crude futures moving lower in Asian trading. 🌏 Asia Markets Advance Asian equities traded mostly higher, tracking the resilience on Wall Street and benefiting from easing oil prices. - 🇯🇵 Japan's Nikkei 225 advanced as exporters and technology shares gained amid improving risk sentiment. - 🇰🇷 South Korea's Kospi rose, led by semiconductor heavyweights as investors remained constructive on AI-related demand. - 🇹🇼 Taiwan's Taiex outperformed, supported by strength across the AI semiconductor supply chain. - 🇭🇰 Hong Kong's Hang Seng Index traded modestly higher as technology shares stabilized. - 🇸🇬 Singapore's STI edged higher alongside regional markets. 🏦 Fed Officials Keep Rate Hike Expectations Alive - Federal Reserve Governor Lisa Cook reinforced the central bank's hawkish stance, saying she remains prepared to support additional policy tightening if inflation remains persistent. - Cook warned that after several years of above-target inflation, the risk of inflation becoming entrenched has increased, shifting market expectations toward a greater possibility of another rate hike later this year. 🤖 AI Spending Remains Wall Street's Biggest Debate Investors continue to reward AI revenue growth while becoming increasingly cautious about the enormous capital required to sustain it. - SpaceX fell sharply after investors focused on surging AI-related capital expenditure despite another earnings beat. Elon Musk reiterated that the company aims to reach US$1 trillion in annual revenue by 2030, one year earlier than previously projected. - Nvidia gained after Musk said SpaceX intends to standardize its AI infrastructure around Nvidia processors. - AMD declined despite strong earnings, as investors questioned rising AI investment spending. - Meta unveiled Muse Code, its first AI coding assistant as competition among enterprise AI platforms continues to intensify. - Alphabet remained under pressure following leadership changes within its AI division and growing investor concerns over rising AI capital expenditure after lifting its 2026 capex outlook to as much as US$205 billion.