🦎 IGGY MORNING BRIEF, 8 July 2026

☕ SGX opens 9 AM SGT. Here is the setup.

Wall Street pulled back after two strong sessions. Dow -0.25%, S&P 500 -0.45%, Nasdaq -1.16%. Weakness was led by semiconductors after Samsung flagged a cautious outlook despite record profit, alongside reports China’s DeepSeek is developing its own AI chip. Oil jumped over 5% on a tanker attack near Hormuz and tighter Iranian supply, with VIX ticking up to 16.13. Takeaway: AI trade still volatile, and a soft US session does not automatically translate to SGX weakness.

STI closed strong at 5,342.24 (+1.57%) despite late US softness. Banks drove the move with solid turnover in DBS, OCBC, UOB. Brent now above 76 and USD/SGD at 1.2919. Today’s focus is not Wall Street follow-through, but whether bank-led momentum holds after a hot run.

👁 $DBS(D05.SG) +2.59% to 68.64

Zone 2 Watchlist. Capital is strong and earnings at record levels. Current headline yield relies on capital return running through end-2027, not just ordinary dividend. This is a yield structure issue, not balance sheet risk.

👁 $OCBC Bank(O39.SG) +3.33% to 26.34

Zone 1 Fortress on balance sheet strength. Ordinary yield under 4% at current price, below my hurdle. Income case improves only on price pullback or dividend growth.

👁 $UOB(U11.SG) +2.89% to 41.69

Still Preliminary. Holding until 7 Aug earnings before assigning a formal grade.

SingTel lagged yesterday (-1.57%) while banks rallied. Not the main story, but worth noting. No confirmed early movers yet this morning.

Game plan: Watch if Tuesday’s bank rally has continuation or fades after softer US tech sentiment. Oil above 76 adds a cost pressure angle across sectors. No change to framework. Strong price action is not a reason to relax yield discipline.

Not financial advice. Iggy’s Forensic Compliance Standards apply.