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Upslope Capital Management added Intercontinental Exchange (NYSE:ICE) as a new position in its third-quarter 2026 investor letter, citing a valuation decline tied to noise around perpetual futures and market disdain for economically defensive businesses. ICE closed at $157.69 on October 21, 2026, with a market capitalization of $88.53 billion and a 52-week range of $121.79 to $176.05. According to the letter, about 55% of net revenue comes from Exchanges, 25% from Fixed Income & Data Services and 20% from Mortgage Tech, with roughly 35% of revenue generated outside the U.S., mostly in Europe. The Mortgage Tech segment, which touches about 90% of U.S. mortgages, is described as operating in trough-like conditions, though roughly 45% of its revenue comes from origination and closing products that could benefit from a housing recovery.
- THU AM News : September home sales decline amid rising mortgage rates ; DOJ part of coalition suing to block manufacturer acquisition
Wisconsin home sales fell 2.4% year over year to 6,284 in September as the average 30-year mortgage rate rose to 6.86%, its highest since January 2025, according to the Wisconsin Realtors Association. Listings rose 3.8%, but new listings fell 5.1% and affordability dropped 5.5%, while the median price rose 1.5% to $342,000. Separately, the Wisconsin DOJ joined the FTC and 11 other states in suing to block North Carolina-based PlayPower from acquiring Wisconsin-based BCI Burke, arguing the deal would raise prices and reduce innovation. The lawsuit says the two firms compete directly on price, lead times and quality, and that five companies, including both, hold up to 90% of the domestic market. The companies did not immediately respond to requests for comment.
- US Home Builder Pessimism Peaks | Armstrong Economics
Builder confidence fell to 29 in October, below the 31 economists expected and the lowest since June 2012, according to the NAHB. The average 30-year mortgage rate has risen to 7.40%, its highest in nearly three years. 43% of builders cut prices in October by an average of 6%, 65% offered sales incentives, and prospective buyer traffic dropped to 18. The author argues that high mortgage rates, rising construction costs, and the Fed's limited control over long-term rates leave builders and first-time buyers squeezed.
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The author argues that Proposition 37, a California ballot measure offering down payment assistance of up to 17% of the purchase price for new homes, may benefit home builders more than buyers. Eligible households earn less than 200% of area median income, and the author cites a family of four earning up to $166,800 in Madera County or $375,800 in Santa Clara County as falling within the range. Assistance would be repaid through a fixed-rate second mortgage, and its interest rate could exceed the already high first-mortgage rates, which hover around 7%. The author warns that the financing terms are unclear and that the 'qualified builder option' could boost demand for new homes without making them meaningfully more affordable.
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- Not Stocks or Real Estate, This Is the First Group of Shares to Benefit as Interest Rates Fall
Mr. Đỗ Bảo Ngọc, General Director of Kirin Securities (CSI), says falling interest rates will affect sectors differently. Construction and infrastructure construction stand to benefit directly from lower borrowing costs and better disbursement progress, while real estate and securities benefit indirectly and later. Securities shares are notable because they fell sharply during the rate-hike period, but the gains become clear only when liquidity improves and capital flows back. Banks may face pressure on net interest margin (NIM) when they cut lending rates to support businesses, although overall bank profits do not necessarily fall by the same amount.
- A High-Profile Stock Faces Simultaneous Net Selling by 16 Funds
HPG remained on the net-selling list for a fourth consecutive month, with 16 funds net selling about 8.3 million shares in September 2026, mainly from PYN Elite, DCDS, DCDE and LVF, according to FiinGroup. Banking was the only sector net bought above VND 1,000 billion (about VND 1,034 billion), while real estate saw net selling of about VND 2,212 billion and financial services about VND 1,347 billion. Funds recorded net outflows of VND 8,600 billion in Q3, the seventh consecutive quarter of withdrawals, bringing nine-month outflows to nearly VND 31,700 billion, up 34.2% year on year. The average return of equity funds fell 6% in Q3, with 87 of 88 funds posting negative results.
- Gloomy market: investor cash on securities accounts falls to a three-year low
Investor deposits at securities companies were estimated at about VND 72,000 billion at end-Q3 2026, down over 12% from the previous quarter and the lowest since end-Q2 2023, marking the second straight quarterly decline. Compared with a record of about VND 131,000 billion at end-Q3 2025, balances have shrunk by about VND 59,000 billion, or roughly 45%. The decline is broad: VPS still leads with VND 12,834 billion but fell 11% in the quarter, TCBS dropped more than 31% to VND 6,225 billion, and SSI stands at VND 5,572 billion, while Vietcap rose over 122% to VND 5,067 billion. Average matched trading value on HoSE was only about VND 14,000 billion per session, down about 23% from the previous quarter and 63% year on year, reflecting more cautious investor sentiment.
- Q3 2026 securities firm update: big names report "backward" profits, two losses of hundreds of billions emerge in the sector
Based on 81 securities firms that have reported, total pre-tax profit in Q3 2026 reached about VND 11,000 billion, down 43% year on year, with 58 firms in profit and 23 reporting losses. TCBS led with VND 2,152 billion, up over 6% and its highest level in company history, while SSI earned VND 1,295 billion (down 27%) and VPS VND 1,119 billion (down nearly 20%). Meanwhile, HDS's quarterly profit more than tripled year on year, ABS rose 552%, and VIX's profit plunged nearly 94% to about VND 192 billion. Nine-month cumulative results stayed strong for many, including TCBS up nearly 13%, SSI up 8% and VPS up nearly 27%.
- A Key Indicator Hints at the Possibility of VN-Index Entering a “New Wave”
The State Bank of Vietnam on October 18 asked credit institutions to cut lending rates for priority sectors, and several commercial banks have also cut deposit and lending rates, raising hopes that capital costs will ease. However, Mr. Đỗ Bảo Ngọc, General Director of Kirin Securities (CSI), says a single rate cut is not enough to move money significantly, and the downtrend must be sustained over the medium term. Liquidity is the most important indicator to watch; continued rate cuts alongside stronger trading value in Q4 or early Q1 next year would be a clearer sign that money is returning. Some experts say a sustained uptrend requires liquidity above VND 20,000 billion per session and large-cap stocks leading, conditions not yet met even though P/E and P/B have fallen to low levels. The article argues investors need not wait for VN-Index to break out to find opportunities, but a sharp stock decline alone is not reason enough to buy.
- A Vietnamese Woman Has Just Added More Than VND 4,000 Billion to Her Fortune
Phạm Thu Hương, wife of billionaire Phạm Nhật Vượng, saw her fortune rise nearly USD 160 million (about VND 4,150 billion), or 4.05%, on October 22, reaching about USD 4.1 billion according to Forbes. She ranks 1,035th among the world’s billionaires and is Vietnam’s third-richest person. The gain followed a strong session for Vingroup’s VIC shares, which rose more than 4% to VND 232,900 per share, their second straight gain after hitting the ceiling price on October 21. VIC is up nearly 40% since the start of 2026, with a market capitalization of VND 1.8 million billion. Phạm Nhật Vượng’s fortune is about USD 36.2 billion, up about 3.53%. Known for her low profile, Hương has been Vice Chairwoman of Vingroup’s Board since 2011 and co-founded the VinFuture Foundation with Vượng in 2020.
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