🦎 IGGY MORNING BRIEF, 28 JUL 2026

☕ Good morning, Iguanas. SGX opens at 9 AM SGT. Here is what I am watching before the bell.

OVERNIGHT US SUMMARY

Wall Street closed mixed. The Dow added half a percent while the Nasdaq slipped a fifth of a percent, dragged lower by a sharp fall in Nvidia and AMD on worries over circular AI financing arrangements. Oil dropped hard as Washington and Tehran paused hostilities and resumed talks, which took some heat out of the broader market ahead of Wednesday's Fed decision.

SGX PRE-OPEN PULSE

STI closed at 5,620 points on Monday. MAS surprised the market yesterday morning with a second straight tightening of its currency policy, slightly steepening the Singapore dollar's appreciation path to lean against energy driven inflation. USD/SGD sits at 1.2914, Brent crude eased to about 85.87 US dollars a barrel overnight.

IGGY'S GAME PLAN

I am watching how the market digests a second consecutive MAS tightening this week, that is not a small move for a central bank that rarely surprises. Separately, MAS handed a three year prohibition order to a former REIT chief investment officer yesterday over unit price manipulation allegations from 2019 and 2020, worth a mention because it is exactly the kind of governance risk my forensic checklist tries to catch before the headlines do. I am not making any calls off either story yet, just noting them. What would change my read is if Wednesday's Fed decision surprises in either direction.

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