Analyst Highlights
- IPOs: RPGL ($8.48M), SLGB ($5.0M), TCGL ($10.2M), OWLS secondary (4.73M shrs); Aptera direct listing added liquidity without raising capital.
- Rates: Haven bid pushed 2Y below 3.4% and 10Y below 4%; futures priced a Dec 25bp cut with potential follow-ups into mid-2026.
- Metals: Gold strength continued amid dollar diversification; silver leadership driven by supply squeeze and industrial demand, reinforcing reflation-adjacent exposures.
- Crypto: BTC drawdown erased ≈$600B in crypto cap; “treasury” premium collapse hit retail; miners outperformed on AI colocation revenue per MW.
- Policy & Geopolitics: Softer tariff rhetoric reduced tail risk; US–China planning ministerial talks; Pakistan–Afghanistan ceasefire improved regional risk tone.
- AI/Infra: Non-NVDA chip momentum and hyperscale build-outs persisted; large data-center financing and stablecoin capital plans underscored liquidity for AI and payments rails.
IPO’s in the week
- Republic Power Group Ltd (RPGL, Nasdaq Capital) — a Singapore-based ERP and IoT-integrated solutions provider — priced its IPO on Oct 14, 2025 at $4.00 for 2.12M shares, raising $8.48M, as it shifts from custom projects toward SaaS subscriptions for broader adoption.
- Smart Logistics Global Ltd (SLGB, Nasdaq Capital) — PRC-focused B2B contract logistics provider leveraging digital analytics and FTL hubs — priced its IPO on Oct 15, 2025 at $5.00 for 1.00M shares, raising $5.0M, to expand its smart logistics infrastructure and services.
- TechCreate Group Ltd. (TCGL, NYSE MKT) — a Singapore-based digital payments & cybersecurity provider — priced its IPO on Oct 15, 2025 at $4.00 for 2.55M shares, raising $10.2M; flagship AI-RTE powers real-time payments (RTP) across ASEAN.
- Aptera Motors (SEV, Nasdaq Capital) — completed a direct listing on Oct 16, 2025 (no new capital raised), making 31.74M Class B shares tradeable at a $40.85 reference price; the solar EV maker remains pre-revenue/in development, and early trading declined, with the listing aimed at liquidity for existing holders.
- OBOOK Holdings Inc. (OWLS, Nasdaq Global) — Taiwan-based OwlTing in blockchain payments (OwlPay), hospitality PMS/OTA, and e-commerce — IPO on Oct 16, 2025 at $10.00 for 4.73M shares (secondary), to scale cross-border stablecoin/fiat payments.
- Acco Group Holdings Ltd (ACCL, Nasdaq Capital) — Hong Kong and Singapore-focused corporate services provider — filed to list, targeting 1.4M shares at $4.00–$6.00 (approx. $9.66M raise) to expand its IT-driven secretarial, accounting, and IP registration services.
Markets Weekly
- S&P 500 closed at 6,664.01, up 9.29 points and 0.14% for the week.
- Russell 1000 (IWB) closed at 364.57, up 0.53 points and 0.15% for the week.
- Russell 2000 closed at 2,452.17, down 9.25 points and 0.38% for the week.
- Russell 3000 closed at 3,789.45, up 3.01 points and 0.08% for the week.
- CBOE closed at 20.78, down 4.53 points and 17.9% for the week.
- Dow Jones closed at 46,190.61, up 123.03 points and 0.27% for the week.
- Nasdaq Composite closed at 22,679.97, down 14.64 points and 0.06% for the week.
- Bitcoin (USD) closed at 109,123.67, down 6,147.41 points and 5.33% for the week.
- Ethereum (USD) closed at 4,007.14, down 238.33 points and 5.61% for the week.
- Solana (USD) closed at 189.68, down 18.69 points and 8.97% for the week.
- XRP (USD) closed at 2.4025, down 0.2040 points and 7.83% for the week.
- Gold closed at 4,279.80, down 34.67 points and 0.80% for the week.
- Silver closed at 50.85, up 0.72 points and 1.44% for the week.
- WTI Crude closed at 57.73, down 1.76 points and 2.96% for the week.
- Brent Crude closed at 61.49, down 1.83 points and 2.89% for the week.
- Trump called 100% China tariffs “not sustainable,” signaling a potential softening after weeks of trade brinkmanship.
- Traders revived the “TACO” trade (Trump Always Chickens Out), buying tariff-driven dips on bets he’ll again backtrack.
- Treasuries rallied on haven demand amid bank-credit jitters and the shutdown; 2Y <3.4%, 10Y <4%, with a Dec 25bp cut priced and possibly two more by mid-2026.
- Gold’s surge is fueling windfalls across emerging markets, with spot near $4,265/oz amid a record rally and rotation away from the US dollar.
- Silver’s surge is outpacing gold on a supply squeeze and strong industrial demand; spot ~$51.9/oz, with inventories tight.
- Retail investors lost ~$17B chasing Bitcoin via “treasury” firms as share-premium collapses wiped out gains.
- Bitcoin extended its slide, down ~4% to $103,550 (lowest since June), with the week-long rout erasing ~$600B in crypto value and undercutting its “digital-gold” haven claims.
- Bitcoin fell ~4% to $103,550 (lowest since June) as a week-long rout erased ~$600B in crypto value—undercutting its “digital-gold” case.
- Wall Street races to push riskier crypto ETFs; ~130 altcoin filings await SEC review, stoking investor-protection concerns after liquidity gaps.
- DRW’s Don Wilson blasted crypto exchanges for making markets on their own venues, urging truly neutral platforms and broader use of FCMs as buffers.
- Crypto miners are outpacing Bitcoin as they pivot to AI/HPC; a miners index is up 150%+ YTD as investors favor higher revenue/MW and margins from AI colocation.
- Huobi founder Li Lin to launch a $1B Ether accumulator with veteran backers—flagging rising institutional demand and potential steady buy-side flow in ETH.
Politics Weekly
- US–China to hold trade talks next week in Malaysia as Treasury Sec. Scott Bessent and Vice Premier He Lifeng prep a Trump–Xi meeting.
- Trump called threatened tariffs “not sustainable,” signaling de-escalation as the truce on paused tariffs and rare-earth flows nears November expiry.
- UK pushes Beijing to approve its £100m embassy rebuild, while the UK weighs China’s planned mega-embassy in London, with a decision due in weeks.
- US “No Kings” protests—2,600+ events—opposed Trump’s agenda amid a day-18 federal shutdown over health-care subsidies.
- Zelenskiy says the war should be frozen along current lines before talks; Putin still demands all of Donetsk, and Zelenskiy doubts he’s ready to negotiate.
- Kazakhstan’s energy ministry is monitoring oil output after a drone strike hit Russia’s Orenburg gas plant, halting gas intake from Kazakhstan’s Karachaganak field.
- Trump urged Russia and Ukraine to “stop at the battle line” and “make a deal,” declined Tomahawk aid, and plans to meet Putin in Hungary.
- Trump vowed to halt U.S. aid to Colombia and called President Gustavo Petro a “drug dealer”; Petro rebutted on X, saying Trump is misled and citing anti-trafficking efforts.
- Perfect — it’s clear, balanced, and within two lines.
- Pakistan and Afghanistan agreed to an immediate ceasefire in Doha talks, with mechanisms to consolidate lasting peace and stability.
- Bolivia votes in a presidential runoff between Rodrigo Paz and Jorge “Tuto” Quiroga amid its worst crisis since the 1980s; both vow spending cuts and closer US ties.
Technology Advancements in the week
- Cantor Fitzgerald eyes ~$25B if Tether raises ~$15B at a ~$500B valuation underscoring stablecoins’ growing mainstream clout.
- Meta & Blue Owl close ~$30B for Hyperion AI data center in Louisiana; Meta ~20%, Blue Owl majority, with Morgan Stanley arranging ~$27B debt + ~$2.5B equity via SPV.
- OpenAI’s chip deals with AMD and Broadcom highlight AI demand beyond Nvidia; NVDA −~3.5% since the pact as OpenAI’s spending cements a kingmaker role.
- Cambricon’s quarterly sales jumped 14× as China replaces restricted Nvidia gear, swinging to ¥567m profit on ¥1.73b revenue, fueling domestic AI-chip demand.
- Suno is in talks to raise $100M+ at a $2B+ valuation (≈4× prior), with $100M+ ARR and ongoing label negotiations to settle legal disputes over its AI music generator.
- US auto delinquencies +51.5% since 2010; 1.6% of loans 60+ days past due (Jul 2025), with stress spreading to prime/near-prime borrowers.
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