Headline news: VinFast’s valuation outperformed Ford and GM as shares of the EV group surged on the debut

Events: Thailand’s Constitutional Court is expected to rule on an appeal by the Move Forward party against parliament’s refusal to allow leader Peta Limjaroonrat to serve as prime minister. The five-day Asia Pacific Orchid Conference opens at the Singapore Expo.

Indicators: The RBNZ makes a decision on the interest rate: Bank of America analysts expect the official cash rate to remain at 5.5 per cent. China publishes house price data for July. The Japan National Tourism Organization publishes data on the number of foreign visitors arriving in July.

Companies: JD.com and China’s Tencent Music report quarterly earnings. Hong Kong-based Australian exchange and clearing house Endeavor Group and Australian beverage and leisure retailer also reported.

Shares in Singapore-based Sea Technology Group sank on Tuesday after it reported revenue numbers that fell short of analysts’ expectations and signaled the end of a cost-cutting campaign that began last year.

Shares of the Nasdaq-listed company fell 28.7 percent on Tuesday, after announcing pre-market earnings. It generated $3.1 billion in revenue in the first quarter, down about 3.2 percent from estimates.

And while its net income of $510 million exceeded expectations by 15 percent, the company said it will increase our investment in e-commerce.

The announcement signals the end of a cost-cutting drive that began in 2022. The company’s closing price on Tuesday was 88 percent below its October 2021 high.

US oil and gas giant Occidental Petroleum deepened its push for carbon sequestration on Tuesday with a $1.1 billion deal to buy technology group Carbon Engineering.

The purchase is the latest sign that Occidental, known for its Oxy bar, is betting on a boom in the carbon management business — capturing and storing or reusing emissions — as the energy transition gains momentum.

The company is already working with Carbon Engineering to develop “Direct Air Capture,” an emerging technology that seeks to strip emissions directly from the atmosphere. The DAC project developed by Oxy in Texas was one of two that received generous cash grants from the federal government last week.

Cava, one of the most prominent companies listed on US stock exchanges this year, surprised Wall Street with profits in its first quarter as a public company.

The Mediterranean-inspired fast-food chain earned 23 cents a share in the three months ended July 9, surprising analysts who expected a 2-cent loss per share, according to a Refinitiv poll. Revenue of $173 million also exceeded estimates.

Shares were up 5.8 percent in extended trading and more than doubled from their listing price in June, as investors showed enthusiasm for the chain, which has nearly 300 outlets in the United States.

The valuation of Vietnamese electric vehicle startup VinFast has surpassed those of the “Big Three” automakers in Detroit after the company’s loss-making shares rose following its Nasdaq debut.

VinFast closed at $37.06 on Tuesday, well above the $10 price agreed upon when the automaker merged with a special purpose acquisition company to make its public market debut.

Its market capitalization topped $85 billion at Wall Street’s closing bell, clearing individual valuations of Ford, General Motors and Fiat-Chrysler owner Stellantis by at least $27 billion.

VinFast billionaire founder Pham Nhat Phong owns about 99 percent of its shares. The low flotation of VinFast public shares makes them vulnerable to large price fluctuations.