The Brief: Asia's economy, 13 October 2026

Economies

AMRO lifts ASEAN+3 growth to 4.9%, defies geoeconomic competition: The regional macroeconomic office upgraded its 2026 outlook from 4.8%, keeping 2027 stable at 4.7%, even as experts note rising pressure on the region's open economic model.

Markets

Sheng Siong shares fall after Maybank downgrades rating, cuts price target: Singapore's Sheng Siong Group saw its shares drop 2.1% on Monday after Maybank revised its rating to "hold" and lowered the supermarket chain's target price from S$3.22 to S$3.12.

ANTA Sports completes $1.8bn PUMA stake buy from Artémis: The Chinese sportswear giant now holds 29.06% of PUMA, becoming its largest shareholder and advancing its global expansion strategy.

Vietnam Gold Prices Rise 0.91% on Global Bullion Gains: Saigon Gold Jewelry Company's gold bars reached VND144.3 million per tael on Friday, mirroring a global market rally driven by a weaker US dollar.

Banking & Fintech

DBS, OCBC, UOB Shares Drop as Yield Surge Threatens Q3 Earnings: DBS, OCBC, and UOB saw falls of over 4%, with the Straits Times Index tumbling 3.5% in its worst performance since April 2025 amid analyst warnings.

Industries

Firmus Technologies cancels ASX listing over AI valuation concerns: Australian data centre operator Firmus Technologies withdrew its planned IPO, citing investor scrutiny of artificial intelligence infrastructure funding and execution risks.

Philippine Property Slump to Extend to Late 2027, Pre-Sales Down 7%: Major developers like Ayala Land and SM Prime saw combined residential pre-sales fall in the first half of 2026, driven by excess supply and high borrowing costs.

Philippine Airlines extends Riyadh flight suspension: The flag carrier cited an evolving security situation at King Khalid International Airport, impacting flights PR654 and PR655 until late November.

Singapore Tightens Data Centre, Cloud Rules for Resiliency: Major data centres and cloud providers in Singapore must now meet stricter security and energy efficiency standards under a new bill passed on 7 October 2026.

IOI Properties seeks secondary SGX listing, launches private fund: Malaysian developer IOI Properties Group is in discussions for a secondary listing on the Singapore Exchange, alongside plans for a new private fund seeded by its S$12 billion prime Singapore office portfolio.

India Office Absorption Climbs 26% in Q3 as New Supply Reaches Record: Net office absorption in India's top eight cities reached 14.1 million square feet in Q3 2026, driven by Bengaluru and Hyderabad, even as new completions surged.

FedEx Report: AI Demand Drives APAC Semiconductor Supply Chain Expansion: A new FedEx report reveals 35% of chipmakers plan to expand across Asia Pacific, with demand for AI and EVs reshaping regional logistics for critical components.

Vietnam Industrial Park Profits Drop 40% Despite FDI Surge: Registered foreign direct investment in Vietnam rose 76.4% to $50.4 billion in the first nine months of 2026, but industrial park developers saw H1 net profits fall due to land handover delays and rising costs.

Wealth

Indian Corporate FDs Offer Up to 8.95%; Muthoot Capital Leads: Muthoot Capital Services provides the highest yield on three-year corporate fixed deposits, with other firms like Manipal Housing Finance also offering competitive returns.