Huawei’s “τ-law” may reflect genuine engineering progress, but timing near export-control reviews suggests strategic signaling as well. SMIC’s sharp rally looks vulnerable to profit-taking unless operational evidence confirms sustainable margin and yield improvements.

Singapore’s softer core CPI strengthens expectations that Monetary Authority of Singapore could adopt a more accommodative stance. That generally supports Singapore REITs through lower financing pressure, while banks may face modest net interest margin compression if rates trend lower.