Core Viewpoint - Singapore REITs have faced challenges due to high financing costs and investor sentiment but are expected to recover as interest rates decline, making it a favorable time to consider quality REITs [1][14]. Group 1: Market Overview - Singapore REITs have been under pressure for the past two years due to high interest rates and dampened investor sentiment [1]. - The outlook is likely to improve with anticipated interest rate cuts, which typically boost distributions and support asset values [1][14]. Group 2: Individual REIT Analysis - **Mapletree Pan Asia Commercial Trust (MPACT)**: - Owns properties across multiple countries and reported a DPU of S$0.0201 for 2QFY2025/2026, up 1.5% YoY [3]. - Committed occupancy fell to 88.9% from 96.4% YoY, with NPI down 2.2% YoY to S$163.9 million [4]. - VivoCity achieved 100% commitment and 14.1% rental reversion [4][5]. - **Mapletree Industrial Trust (MIT)**: - Manages S$8.5 billion in assets and reported a DPU of S$0.0318 for 2QFY2025/2026, down 5.6% YoY [6]. - Occupancy rate was 91.3%, with a weighted average rental reversion of 6.2% for its Singapore portfolio [6][7]. - Average borrowing cost declined to 3.0%, with data center demand as a long-term growth driver [7]. - **AIMS APAC REIT (AA REIT)**: - Reported a DPU of S$0.0472 for 1HFY2026, up 1.1% YoY, with portfolio occupancy at 93.3% [9]. - Achieved positive rental reversions of 7.7% in 1HFY2026 and has stable income from essential industries [10]. - **CapitaLand Ascendas REIT (CLAR)**: - DPU dipped 0.6% YoY to S$0.07477 in 1H2025, with aggregate leverage rising to 39.8% by September 2025 [11][12]. - Achieved rental reversions of 7.6% for renewed leases in 3Q2025, supported by a strong sponsor [12][13]. Group 3: Investment Outlook - Lower interest expenses are expected to boost distributable income and attract investors back to REITs [14]. - REITs with strong sponsors and quality assets are likely to lead the recovery as interest rates decline [16]. - MPACT, MIT, CLAR, and AA REIT are highlighted as potential beneficiaries of the anticipated rate cuts [16].

Economic Indicators - Japanese corporate spending on factories and equipment rose by 2.9% in July-September compared to the same period last year, indicating resilience in the economy despite U.S. tariffs [1][12] - The yen gained 0.2% to 155.84 per dollar, moving away from its 10-month low of 157.90, which raised concerns about potential yen-buying interventions from Tokyo [2][12] Currency Market Dynamics - Finance Minister Satsuki Katayama noted that recent fluctuations in the foreign exchange market and the rapid weakening of the yen are not fundamentally driven [4][12] - The dollar has experienced a broad pullback, providing some relief to the yen, although it remains only 0.9% stronger for the year and is near lows against the euro and sterling [6][12] Federal Reserve Outlook - Markets are pricing in an 87% chance of a 25 basis point rate cut by the Federal Reserve in the upcoming meeting, influenced by recent shifts in Fed easing expectations [7][12] - The dollar faced its worst week in four months, impacted by the potential nomination of Kevin Hassett as the next Fed chair and expectations of a dovish policy shift [8][12] Other Currency Movements - The euro slightly increased by 0.02% to $1.1600 against a weaker dollar, while the British pound remained stable at $1.3240 after a positive budget announcement [6][7][12] - The Australian dollar decreased by 0.08% to $0.6543, and the New Zealand dollar fell by 0.09% to $0.5733, reflecting broader market trends [9][12] Cryptocurrency Performance - Bitcoin dropped by 3.6% to $87,881.82, while ether fell by 5% to $2,871.59, indicating volatility in the cryptocurrency market [10][12]

Market Performance - The Dow Jones Industrial Average increased by over 3%, the S&P 500 surged nearly 4%, and the Nasdaq rose more than 4% during the Thanksgiving-shortened week [1][2] - The S&P 500 is projected to reach 7,000 by the end of 2025, reflecting a 19% gain, following two consecutive years of over 20% surges [3] Future Projections - Analysts predict the S&P 500 could hit 7,700 in 2026, indicating a 10% increase from the 2025 forecast [3] - Deutsche Bank forecasts the S&P 500 will finish 2026 at 8,000, representing a 17% increase from the recent close [5] - JPMorgan anticipates the S&P 500 could end 2026 at 7,500, with potential to reach 8,000 if the Federal Reserve continues to cut rates [5] Economic Outlook - The Roaring 2020s scenario is expected to continue, with GDP growth, consumption, and corporate profits remaining strong [4] - Analysts highlight above-trend earnings growth, an AI capital spending boom, and rising shareholder payouts as key factors supporting market performance [6]

Core Insights - XRP is projected to increase by 65% as it approaches its all-time high, driven by new Wall Street products and institutional interest [1] - Currently, XRP's price is down 40% from its July peak of $3.65, trading at $2.20, but it has gained 50% year-to-date, outperforming Bitcoin and Ethereum [2] - Spot ETFs linked to XRP have attracted $644 million in investments in November, contrasting with significant sell-offs in Bitcoin and Ethereum ETFs [3] Market Dynamics - The launch of new XRP ETFs by Franklin Templeton and Grayscale indicates growing institutional interest in the cryptocurrency [3] - Macro conditions are favorable for a crypto rally, with expectations of easing financial conditions and potential interest rate cuts by the Federal Reserve [4] - The CME FedWatch tool indicates an 85% probability of a 0.25% interest rate reduction in December, which could further support the crypto market [4][5]

Market Overview - U.S. markets experienced a quiet day due to the Thanksgiving holiday, leading to reduced trading volumes, while global markets continued to rise on optimism regarding potential interest rate cuts by the U.S. Federal Reserve [1][8] - Major U.S. stock indices closed higher on November 26, 2025, with the S&P 500 up 0.7%, Nasdaq Composite up 0.8%, and Dow Jones Industrial Average up 0.7%, marking four consecutive sessions of gains [2] Federal Reserve Insights - The Federal Reserve's next FOMC meeting is scheduled for December 10, 2025, with a 79% probability of a quarter-percentage-point rate cut anticipated by traders [4] - The Beige Book indicated a stagnant job market and moderate inflation, with signs of softening in the labor market, further supporting rate-cut expectations [4] Corporate Developments - In the technology sector, Oracle (ORCL) shares rose by 4% following a bullish outlook from Deutsche Bank, while Nvidia (NVDA) and Microsoft (MSFT) gained 1.4% and 1.8% respectively, reflecting strong investor confidence in AI [5] - Conversely, Alphabet (GOOGL) saw a decline of 1.1%, and Deere & Company (DE) dropped 5.7% due to a negative forecast for the current year [5] - Gambling companies in the UK, including Flutter Entertainment (FLTR) and Entain (ENT), are facing challenges due to anticipated government tax increases [6][7] Upcoming Earnings Reports - The Cooper Companies (COO) is expected to report a year-over-year increase in earnings for the quarter ended October 2025 on December 4 [11] - Innocan Pharma Corporation (INNO) reported revenues of US $21.6 million for the nine months ended September 30, 2025 [11] - Wipro (WIPRO) announced a strategic alliance with the Indian Institute of Science to advance research in various AI technologies [11] - Paytm's parent company, One97 Communications, received approval from the Reserve Bank of India to operate as a payment aggregator [11] - Asian Paints (ASIANPAINT) plans to invest approximately ₹340 crore in a new paint manufacturing facility in the UAE [11] - Studds Accessories reported a 17.9% rise in quarterly profit and approved a new warehouse in Spain for European distribution [11] - Samvardhana Motherson International (SAMI) saw a 2.55% rise in intraday trading, reaching a high of ₹114.65 [11]

Market Overview - European stocks are showing mixed performance as investors digest regional economic news and await the European Central Bank's monetary policy meeting minutes [1] - The pan European Stoxx 600 was roughly flat at 574.11, while the U.K.'s FTSE 100 decreased by 25.52 points or 0.26% to 9,666.05 [2] - Germany's DAX increased by 82.87 points or 0.35% to 23,778.10, and France's CAC 40 rose by 5.37 points or 0.07% to 8,101.80 [2] Company Performance - In the U.K. market, notable gainers included St. James' Place, Land Securities, Centrica, and Natwest Group [2] - Conversely, Imperial Brands fell by more than 3%, while other companies like Anglo American Plc and British American Tobacco saw losses between 1% to 1.7% [3] - In Germany, Deutsche Boerse climbed over 4%, with Siemens Energy gaining about 2.3% [3] - In France, Pernod Ricard gained nearly 2%, while companies like Hermes International and Kering showed weakness [4] Consumer Sentiment and Economic Indicators - A monthly survey indicated that German consumer confidence is expected to improve in December, despite deteriorating economic and income expectations [4] - The forward-looking consumer sentiment index improved to -23.2 from -24.1, slightly below the forecast of -23.6 [5] - The Eurozone Economic Sentiment Indicator increased to 97.0 in November from 96.8 in October, marking its highest level since April 2023 [5]

Core Insights - The infrastructure and specialty-construction markets are experiencing growth due to robust public infrastructure spending, benefiting companies like Primoris Services Corporation (PRIM) and MasTec, Inc. (MTZ) [2] - Recent Federal Reserve rate cuts are further enhancing growth prospects for these companies, with expectations of additional cuts in the near future [3] Company Analysis: Primoris Services Corporation (PRIM) - Primoris Services is focused on cost control and disciplined capital management, capitalizing on strong demand across various sectors including power delivery and renewable energy [5][7] - The One Big Beautiful Bill Act, which includes tax incentives and significant defense spending, is expected to provide a substantial volume of projects for Primoris in the coming years [6] - For the first nine months of 2025, Primoris reported a 65.7% year-over-year increase in adjusted EPS to $4.54, with an optimistic outlook for 2025 adjusted EPS raised to $5.35-$5.55 [7] - Despite strong demand, Primoris faces margin pressures, with third-quarter 2025 margins contracting by 120 basis points to 10.8% due to various operational challenges [8] Company Analysis: MasTec, Inc. (MTZ) - MasTec is benefiting from strong activity in communications and clean energy markets, with a record backlog of $16.78 billion as of September 30, 2025, reflecting a 21.1% year-over-year increase [11] - The Pipeline Infrastructure segment has shown a revenue growth of 20% year-over-year, driven by increased spending on grid reliability and energy transition infrastructure [12] - However, MasTec is facing challenges such as project delays and fluctuations in capital spending, which have impacted revenue visibility [13][14] Stock Performance & Valuation - Over the past three months, MasTec's stock performance has outpaced that of Primoris and the broader construction sector [15] - Historically, MasTec has traded at a premium valuation compared to Primoris, with current estimates indicating a stronger growth trajectory for MasTec [16][18] - The Zacks Consensus Estimate for PRIM's 2025 EPS indicates a 31.3% year-over-year growth, while MTZ's estimate suggests a 60.8% increase [19][20][21] Investment Recommendation - While Primoris Services shows steady growth and strong demand, it is hindered by margin pressures and operational challenges [22] - MasTec, despite facing some project delays, has a stronger growth outlook and backlog strength, making it a more favorable investment option at this time [24]

Group 1: Federal Reserve Interest Rate Outlook - The odds of the Federal Reserve lowering interest rates in December have increased significantly in just one week, with a Federal Open Market Committee meeting scheduled for December 9 and 10 [13][14] - As of November 24, the probability of a 0.25% rate cut was 84.4%, compared to 50.1% just a week earlier [14] Group 2: AI Stocks Valuation - AI stocks, particularly Palantir, are experiencing strong revenue, earnings, and cash flow growth, but their valuations are considered sky-high and difficult to justify [1] - SoundHound AI is highlighted as a less favorable example, as it is not profitable and relies heavily on acquisitions for revenue growth, with no disclosed organic revenue growth [2] Group 3: Market Comparisons - There is a belief that a bubble exists in the AI sector, but not all AI-related stocks are overvalued, indicating a need for careful differentiation among companies [3] - The current market conditions differ from the dot-com bubble of the late 1990s, primarily due to the absence of rising interest rates, which were a significant factor in the previous bubble's burst [4][5]

Group 1: Market Performance - Hong Kong retail funds recorded gross sales of US$82.6 billion in the first three quarters of this year, surpassing the full-year total for 2024, with a year-on-year increase of 35% [1][4] - Net sales reached US$15.7 billion year to date, marking the highest level in the past decade and a 44% increase compared to the previous year, exceeding the US$12.3 billion net inflows recorded for all of 2024 [1][2] Group 2: Fund Categories - Fixed-income funds were the primary driver of growth, attracting US$10.8 billion in net inflows during the first three quarters [3] - Mixed-asset funds saw a reversal in outflow trends, drawing in US$1.7 billion [3] - Money market funds, traditionally favored for their safety and income generation, attracted US$2.9 billion but experienced net outflows for the first time since August [4] Group 3: Market Outlook - Expectations of interest rate cuts have contributed to the recent net outflows from money market funds, as indicated by industry experts [5] - Continued central bank easing throughout 2026 is anticipated to benefit fixed-income markets, with solid support expected from bond markets next year [5][6] - Analysts predict lower interest rates in the US and Europe due to weaker labor market trends and declining inflation [6]

Market Performance - U.S. equity markets experienced gains on November 25, 2025, with the Dow Jones Industrial Average rising 664.18 points, or 1.4%, to close at 47,112.45, marking its largest one-day gain since August 22, 2025 [2] - The S&P 500 increased by 60.76 points, or 0.9%, finishing at 6,765.88, now just 1.8% away from its all-time high [2] - The Nasdaq Composite rose 153.59 points, or 0.7%, closing at 23,025.59, while the Russell 2000 index saw the largest gains at 2.1% [2] Economic Indicators - U.S. retail sales rose by 0.2% in September, below the expected 0.3%, while the Producer Price Index (PPI) increased by 0.3%, with the core PPI rising only 0.1% [4] - November U.S. consumer confidence data was reported at 88.7, the lowest since April [4] - Upcoming economic data includes GDP estimates, wholesale inventories, durable goods orders, and consumer spending metrics [5] Corporate News - Alphabet (GOOGL) shares surged 3.85% following the launch of its AI platform, Gemini 3, seen as a competitor to OpenAI's ChatGPT [6] - Nvidia (NVDA) and Advanced Micro Devices (AMD) shares fell 3.53% and 6.86%, respectively, due to reports of Meta Platforms considering Google's AI chips for its data centers [6] - Best Buy (BBY) shares rose 3.5% after reporting better-than-expected fiscal Q3 2026 earnings and raising its full-year outlook [6] - Abercrombie & Fitch (ANF) shares soared over 30% after a strong fiscal Q3 2026 profit report [6] - Kohl's (KSS) shares surged 36.4% after reporting a surprise profit [6] - Zoom Video Communications (ZM) shares climbed 12.87% following strong Q3 revenue growth and an increased share buyback program [6] Post-Market Earnings - Keysight Technologies (KEYS) shares jumped 8.41% after exceeding quarterly earnings estimates [11] - Alibaba (BABA) reported stronger revenue but fell short on profit forecasts, leading to a 2.1% decline in its U.S.-listed stock [11] - Dell Technologies (DELL) and HP Inc. (HPQ) reported earnings with a focus on AI server solutions and the AI PC market, respectively [11] - Other companies reporting included Autodesk Inc. (ADSK), Workday, Inc. (WDAY), and Nutanix, Inc. (NTNX) [11]