The Brief: Asia's economy, 29 October 2026

Economies

Singapore to Balance Economy, Climate as 2027 ASEAN Chair: As Singapore prepares for its 2027 ASEAN chairmanship, it faces the challenge of aligning economic stability with urgent climate action, as regional survey data shows economic concerns outweigh green initiatives.

South Korea's Q3 GDP Expands 1% on Chip Exports, Beats BOK Forecast: The Bank of Korea reported stronger-than-expected growth, with facilities investment and intellectual property also rising, making a $40,000 per capita GNI likely.

Markets

OMERS Acquires La Trobe Financial Stake From Brookfield: Canadian pension fund OMERS is taking a minority interest in the Australian alternative asset manager, following a prior investment this year by Asia-focused Axight.

Asian Equities Climb on Anthropic IPO, Rate Decisions Loom: Asian equities surged on October 27 as AI bellwether Anthropic filed for its US IPO, while Meta Platforms planned a US$95 billion equity raise ahead of key central bank meetings.

KKR Funds Acquire Majority Stake in India's Cisternina Logistics: KKR's funds have secured a controlling interest in the Indian bulk liquid and gas storage and logistics provider, formalising the agreement on 30 September 2026.

Saigon Gold Bars Rise 0.21% as Vietnam Prices Rebound: Gold bar prices from Saigon Jewelry Company reached VND142 million (US$5,497.60) per tael on Tuesday, reflecting a broader global uptick in the precious metal.

Hong Kong IPOs stall: Four listings halted since July 2026: Hong Kong's IPO market faces pressure as four companies, including robotics maker Changzhou Microintelligence, halt listings since July 2026, aiming to raise HK$2.1 billion.

Vietnam Dong Dips 0.04%, Yen Weakens 0.16% Ahead of BOJ: The Vietnamese dong saw a marginal 0.04% dip against the US dollar to VND26,040 on Tuesday, as the Japanese yen also eased 0.16% to 157.73 per dollar.

Banking & Fintech

StraitsX, Visa Expand Stablecoin Card Issuing to 100 Markets: Singapore's StraitsX partners with Visa to launch stablecoin-backed card programmes in over 100 markets, building on US$6 billion in annualised Asian transaction volume.

UOB Targets S$900M AI Value by 2030, Expands ASEAN AI: Singapore's UOB aims to generate S$900 million in economic value from artificial intelligence initiatives by 2030, integrating advanced AI across its key Southeast Asian markets.

Industries

Singapore HDB Finalises 11,000 Homes for Maju Forest, Gillman Barracks: Singapore's Housing & Development Board (HDB) will deliver 9,500 public and 1,500 private units, with development works beginning from late 2027 and more green space retained.

China approves DeepSeek, MiniMax for global AI deployment: The move, announced by China Central Television, reveals Beijing's intent to support international commercialisation for its artificial intelligence sector, despite potential export controls.

Singapore commits S$150m to AI materials research, corporate AI: Singapore's government announced a significant investment in a new AI-driven materials research platform and launched initiatives to embed artificial intelligence across its corporate sector.

AirTrunk Secures A$4.25bn Green Loan for Sydney Data Centre: The Blackstone-backed hyperscaler obtained financing from 32 institutions to expand its SYD3 campus in Western Sydney, targeting completion by mid-2028.

Singapore, Malaysia, Hong Kong firms lead 2026 Enterprise Awards: The annual awards, organised by The Business Times and OCBC, recognised nine companies for innovation and sustainable solutions, with nearly 40 per cent of 600 applications from outside Singapore.