Wall Street Sinks, Singapore Soars: Meme Gold and AI Aftershocks
Add BT as a preferred source
Wall Street indices experienced a sharp decline yesterday, with the technology-heavy Nasdaq falling 2%, driven by intensified investor selloffs of tech shares. Asian markets also retreated from their recent highs. This global pullback followed a surprisingly strong US Jobs report, which tempered expectations for near-term interest rate cuts.
In contrast, the Singapore market is performing positively, having surpassed the 5,000 level, coinciding with the delivery of Budget 2026 by Prime Minister Lawrence Wong yesterday.
On this week’s Market Focus Weekly, a podcast from The Business Times, host Howie Lim sits down with Gary Tan, portfolio manager for the Intrinsic Emerging Markets equity team at Allspring Global Investments. The AI-tech rout does not seem to be abating. Gold and silver have been trading like meme stocks, they say but at least Budget 2026 has offered some reassuring hand holding. And US economic data has been inconclusive to say the least.
Why listen
Dissecting US economic data so far
Does data indicating a weaker US economy typically have a positive effect on emerging markets because it increases the likelihood of rate cuts?
Gold’s ‘whiplash’ price swings
Will gold prices stay higher for longer, continuing their meme stock like trade swings?
Singapore’s forward looking Budget 2026
Will an injection into the EQDP strengthen the ecosystem which graced a whole new 5000-level yesterday?
Budget 2026, with its central focus on cultivating a comprehensive domestic AI ecosystem, signals a strategic pivot. By personalising AI adoption through subsidised training and by injecting capital into the EQDP, the government is not merely aiming to prop up the local bourse; it is committed to building a resilient, high-value ecosystem that allows growth to percolate down to the small and mid-cap companies, according to Tan.
The question now isn’t just about weathering the global tech rout, but about whether Singapore’s measured, holistic strategy can truly cement its early lead, transforming volatility into opportunity for the long term.
Listen now.
Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
