The weak US jobs report is probably the biggest thing I’m watching. Payrolls unexpectedly fell by 23,000, yet the S&P 500 and Nasdaq both hit record highs as investors bet weaker employment gives the Fed more room to cut rates. For now, “bad news is good news” seems to be back, but upcoming CPI and PPI data will be key to confirming the story.

In Singapore, I’m impressed by the STI’s 9th straight weekly gain, with DBS continuing its post-earnings rally. I’m paying less attention to headline profit beats and more to guidance, fee growth and management’s outlook. With the market closed today for National Day observed, I’ll be watching how banks and the STI perform when trading resumes tomorrow.

Looking ahead, CoreWeave, Tencent, CPI, JD.com and SMIC are high on my watchlist. After the big AI rally, I think the market will demand more than strong headline numbers — orders, customer demand, capacity and forward guidance will matter even more. I’ll be watching for the companies that can genuinely beat elevated expectations.