- See Earnings Calendar – 3Q25 results season for Singapore banks kicks off with DBS reporting its results on 5 Nov 25, followed by UOB on 6 Nov 25 and OCBC on 7 Nov 25.
Maintain MARKET WEIGHT.
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- NIMs are under pressure due to lower benchmark interest rates, such as SORA, although the pace of decline is expected to be slower in 2H25 and 1H26.
Macro uncertainties linger.
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- In Singapore, 3Q25 GDP growth of 2.9% has outperformed expectations. Singapore’s outlook is clouded by external risks, especially from US protectionist trade policies and global demand uncertainties. Ministry of Trade and Industry expects a moderation in GDP growth to 1.5 to 2.0% in 2026, slightly lower than the 2025 forecast of 1.5- 2.5%, due to weaker external demand, especially from major economies like the US and China, and headwinds facing the manufacturing sector.
Fed switches emphasis to supporting economic growth.
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