Stocks decline as AI concerns deepen: Weekly Market Recap

How much do you really need to retire in Singapore?

I've been thinking about this question recently. Not because I have a particular retirement age in mind, but because I wonder what it would take to have the freedom to do more of the things we enjoy.

So when I read this week's announcement that Singapore's retirement age will rise to 65 and the re-employment age to 70 from January 2029, it got me thinking.

For me, the bigger question isn't necessarily how long we can continue working, but whether we have the financial freedom to choose when we want to retire, rather than having to keep working because we need to.

I explored this in my recent conversation with MoneyOwl CEO Chuin Ting Weber, where we discussed how much we really need to retire in Singapore and how we can plan towards that goal.

One takeaway that stayed with me was that rather than focusing on a single retirement savings target, it may be more helpful to start with the lifestyle we want and how much monthly income we need to support it.

That's also why we spend so much time at Beansprout looking at ways to build a sustainable stream of income for our future selves.

With the latest 5-year Singapore government bond yield of 2.09%, we looked at whether T-bill yield could rise above 1.95% in the upcoming auction on 4 November. 

For those looking to earn higher income from their investments, we also shared how we choose bond funds for sustainable income, rather than simply chasing the highest yield.

We also took a closer look at CICT's latest results, where net property income grew 13.8%, and what this could mean for investors looking to build a reliable stream of dividends.

Ultimately, I believe retirement planning isn't just about having enough money to stop working.

It's about giving ourselves more choices in life, whether that's continuing to work, spending more time with loved ones, or pursuing something we enjoy.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

📊 US stocks retreat as AI concerns weigh on technology shares

What happened? 

US technology stocks came under heavy selling pressure as earnings reports from major companies raised concerns about the financial sustainability of the AI boom.

This came despite positive sentiment earlier in the week following Anthropic's IPO filing, which had initially boosted investor interest in AI stocks.

Google parent Alphabet fell 12.6% on Thursday after reporting negative free cash flow of US$9.1 billion in the third quarter, as heavy AI infrastructure spending weighed on cash generation.

Intel slumped 28.6% on Friday after issuing a weaker earnings outlook and warning that it would not generate positive cash flow this year, amid slowing PC demand and rising memory chip costs.

What does this mean?

Investors are becoming increasingly concerned about whether massive investments in AI infrastructure will translate into sustainable earnings and cash flow.

The latest earnings reports highlight how rising AI spending is putting pressure on companies' finances, even as demand for AI continues to grow.

This has raised questions about how long companies can sustain elevated spending and when these investments will generate sufficient financial returns.

Why should I care?

The sell-off in technology shares weighed on US markets, with the Nasdaq Composite falling 2.0% and the S&P 500 declining 0.6% for the week.

In Singapore, the Straits Times Index declined 0.8%, dragged down by technology stocks.

However, property stocks and S-REITs held up better as government bond yields stabilised, with City Developments, Hongkong Land and Mapletree Logistics Trust among the notable gainers. 

Read our analysis of the the Singapore property sector here.

🚗  Moving This Week

• CapitaLand Integrated Commercial Trust reported a 10.0% year-on-year increase in gross revenue to S$1.31 billion and a 10.4% rise in net property income (NPI) to S$965.4 million for 9M26. The office portfolio recorded stronger performance, with NPI rising 25.2% year-on-year to S$352.8 million. Retail NPI declined 5.2% to S$310.2 million. Read our analysis here
• CapitaLand Ascendas REIT’s rental reversion strengthened to 9.9% in 3Q2026, up from 5.2% in the previous quarter. Portfolio occupancy improved to 90.1% from 89.1% in 2Q, although it remained below 91.3% a year earlier. For the first nine months of 2026, rental reversion stood at a healthy 9%. Read more here
• Mapletree Industrial Trust's 2QFY2027 DPU fell 6.6% year-on-year to 2.97 cents, bringing first-half DPU to 6.08 cents, down 5.7%. Net property income declined 3.5% to S$119.8 million, weighed down by weaker North American contributions, divestments and currency effects. Portfolio occupancy slipped to 89.7% from 90.7% in the previous quarter. Read more here
• Mapletree Logistics Trust's 2QFY2027 DPU edged up 0.1% year-on-year to 1.816 cents, while distributable income rose 0.9% to S$93.3 million. Revenue increased 1.4% to S$180 million, supported by its Joo Koon redevelopment, an India acquisition and Singapore rental growth. First-half DPU was also largely flat at 3.632 cents. Read more here
• CapitaLand Ascott Trust reported resilient operating performance in 3Q26, with gross profit from its operating portfolio rising 4% year-on-year on a same-store basis. Portfolio revenue per available unit (RevPAU) averaged S$164, with occupancy at 84%. Read more here
• Keppel REIT reported a 24.4% year-on-year increase in distributable income from operations to S$179.9 million for 9M2026, supported by acquisitions and stronger portfolio performance. Portfolio occupancy remained high at 96.0%, with positive rental reversions of 12.0%, while NPI rose 12.7% to S$181.8 million. Read more here
• CapitaLand India Trust’s 9M2026 net property income rose 4% year on year in INR terms, but fell 6% in Singapore dollar terms due to rupee depreciation. Committed occupancy remained stable at 91%, while trailing 12-month rental reversions were strong at +23%. Read more here
• iFast reported a 24.5% year-on-year increase in 3Q2026 net profit to S$32.4 million, while revenue rose 23% to S$167 million. Assets under administration reached a record S$36.76 billion, up 20%. The company proposed a quarterly dividend of 3.2 cents per share and raised its full-year dividend guidance to at least 12 cents per share. Read more here
• Mi Material, a manufacturer of semiconductor packaging materials used in AI and memory chips, listed on the SGX Mainboard on 28 October 2026 at an IPO price of S$1.80 per share. Its IPO and cornerstone placement totalled approximately S$215 million, valuing the company at S$891 million. Read our report here. 

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

Will T-bill yields rise above 1.95%? What to expect at the Singapore T-bill auction on 4 November

The closing yield on the 6-month Singapore T-bill was at 1.92% on 29 October 2026. We look at the latest bond yields, auction demand and issuance size ahead of the 4 November auction.

🤓 What we're looking out for next week

Key dates

• Monday, 2 Nov: Phillip SGD Money Market ETF ex-dividend. Elite UK REIT earnings. Apple earnings. Webinar on Mi-Material
• Tuesday, 3 Nov: UI Boustead REIT, GuocoLand, Mapletree Industrial Trust ex-dividend. SIA Engineering, Parkway Life REIT earnings. AMD earnings
• Wednesday, 4 Nov: iFast Corporation, Mapletree Logistics Trust, Tiong Woon ex-dividend. Manulife US REIT, UOB, CapitaLand Investment, Centurion Accommodation REIT results.
• Thursday, 5 Nov: First REIT ex-dividend. DBS Group earnings. 
• Friday, 6 Nov: Frasers Property Ltd, AvePoint, Frasers Logistics and Commercial Trust, SingPost earnings

Get the full list of stocks with upcoming earnings and upcoming dividends. 

Found this insight helpful? Follow Beansprout on Telegram, Youtube, Facebook and Instagram, and add Beansprout as your preferred source on Google so you never miss an update.