Market Watch

Apple’s fiscal fourth-quarter revenue rose 12% to just under US$115 billion, narrowly topping Wall Street estimates even as sales in the key Chinese market fell short of projections. The tech giant's results land amid heightened scrutiny over hyperscaler AI spending, just as Americans head to the polls for pivotal US midterm elections that could reshape control of Congress.

Joe Quinlan, Chief Market Strategist at Bank of America, joins The Morning Run to unpack Apple's performance and assess whether its measured AI strategy shields it from heavy industry spending pressures. He also explores what a divided Congress or potential blue wave would mean for the markets, alongside key indicators to watch in the upcoming US employment report.

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Markets weigh the price of the AI build-out

Wall Street's three main indices fell on Friday, with the Nasdaq posting its worst session since early June after Alphabet dropped roughly 12% on its earnings report as free cash flow turned negative. The plunge, paired with Meta's recent US$90 billion capital raise, has heightened investor unease over whether hyperscaler spending on AI can be sustained without straining corporate balance sheets.

Kingsley Jones, Chief Investment Officer at Jevons Global, joins Market Watch on The Morning Run to unpack the diverging fortunes within the Magnificent 7, from Microsoft and Apple's balance sheet resilience to the pressures mounting on fellow tech titans.

He examines what Apple’s new CEO John Ternus must demonstrate to justify its US$5 trillion valuation milestone, how investors should position their portfolios between equities and short-term Treasuries, and the macro implications behind the Reserve Bank of Australia's rate outlook and the Bank of Japan's hawkish pivot.

Tune in for his take on where the risks and opportunities now sit.

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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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Benny Lee, Chief Market Strategist at Jupiter Securities talks about:

-- If the reaction from Fitch’s downgrade of Malaysia’s credit rating was just a knee jerk reaction or something more ominous

-- Outlook for the week ahead

-- If Maybank could see some interest following the announcement of its new CEO

-- Why Eversendai and Ahmad Zaki Resources are on his radar

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Joe Quinlan, Chief Market Strategist at US Trust-BOA Private Wealth Management, discusses Japan GDP, tensions on the Korean Peninsula and President Trump’s anti-China trade statements

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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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