Asian Markets Bracing for More Red on Valuation Pressure

Singapore’s stock market just wrapped two straight days in the red, bleeding over 30 points (down 0.6%) in the process. The Straits Times Index is hovering just above 4,540, and Tuesday doesn’t look much brighter.

Here’s what went down Monday:

The STI barely flinched, slipping just 2.48 points (0.05%) to close at 4,543.59. Pretty muted action across the board—financials, property, and industrials all mixed. Some bright spots though: DFI Retail Group was absolutely cooking with a 2.57% surge, and Singapore Technologies Engineering popped 2.24%. On the flip side, Genting Singapore stumbled 0.63% and Yangzijiang Shipbuilding lost 0.87%.

The bigger picture isn’t pretty. Wall Street got hammered Monday afternoon—the Dow nosedived 1.18% (557 points), NASDAQ dropped 0.84%, and the S&P 500 fell 0.92%. The sell-off centers on one thing: valuation jitters ahead of Nvidia’s earnings call Wednesday. Traders are also sweating the delayed U.S. economic data from the government shutdown, which could shift expectations on interest rates before the Fed’s December meeting.

Energy watch: Oil prices dipped too. December WTI crude slid 0.13% to $60.01/barrel as supply-demand concerns keep weighing on sentiment.

Bottom line? Asian markets will likely follow Wall Street’s playbook today—expect more downside pressure, especially in tech.