--- title: "SG Morning Brief｜DBS, OCBC Hit Records as STI Tops 5,800" type: "News" locale: "en" url: "https://longbridge.com/en/news/298144898.md" description: "STI closed Friday at 5,801.96 (+0.94%) as DBS and OCBC hit records. US markets are shut for Labor Day after a hot jobs report lifted Fed hike odds. Focus turns to Apple's Sept 9 event, Oracle earnings and August CPI." datetime: "2026-09-07T00:08:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/298144898.md) - [en](https://longbridge.com/en/news/298144898.md) - [zh-HK](https://longbridge.com/zh-HK/news/298144898.md) generator: "portal-rs" --- # SG Morning Brief｜DBS, OCBC Hit Records as STI Tops 5,800 ### Key Points • **STI:** closed Friday at 5,801.96, up 0.94% — DBS and OCBC both finished at record highs. • **US overnight:** a 162,000-job August payrolls beat lifted Fed September-hike odds to 58%; the S&P 500 slipped 0.4%. • **Today:** US markets are closed for Labor Day, so there is no overnight lead — SGX opens at 9am SGT. • **Watch this week:** Apple's Sept 9 iPhone event, Oracle earnings (Thursday) and August US CPI (Friday, 8:30pm SGT). ### Singapore Open The Straits Times Index added 54.25 points, or 0.94%, to close Friday at 5,801.96, extending a 2026 run that has the benchmark up roughly 25% year-to-date. The banks did the heavy lifting: **$DBS (D05.SG)$** rose 0.66% to S$76.15 and **$OCBC (O39.SG)$** climbed 0.55% to S$31.07, both record closes, while **$UOB (U11.SG)$** added 0.34% to S$40.78. **$Singtel (Z74.SG)$** was the day's standout blue chip, up 1.8% to S$4.52, while **$Singapore Airlines (C6L.SG)$** slipped 0.43% to S$6.89. The bank rally is a wealth-management story as much as a rates story. In Q2, DBS posted net profit of S$3.08 billion (+9% year-on-year), OCBC a record S$2.22 billion (+22%) and UOB S$1.48 billion (+10%), with surging fee and trading income more than offsetting compressed net interest margins. Macquarie and Citi have both lifted targets on the trio in recent weeks. With Wall Street shut today, SGX opens without an overnight lead, and the question is whether local funds keep chasing banks at record levels. ### Singapore Macro MAS's September survey of professional forecasters, released last week, lifted the median 2026 GDP estimate to 5% from 3.5% in June, while trimming 2026 headline inflation to 2.1% and core inflation to 1.9%. That follows MTI's Aug 11 upgrade of its official GDP range to 4.5%-5.5%, explicitly citing the acceleration in global AI-related capital expenditure. Q2 GDP grew about 5.9% year-on-year. The transmission to SGX is direct: an AI-fuelled growth upgrade supports loan growth and corporate activity, the two things Singapore banks monetise, while MAS's April tightening and a firmer SGD NEER help cap imported energy-driven inflation. That keeps Singapore's "growth up, inflation contained" mix intact — a backdrop that has kept global funds rotating into SGD assets as a haven even as the US debates another rate hike. ### Weekend Wrap Apple confirmed its Sept 9 product event (10am PT; 1am Thursday SGT), John Ternus's first as CEO, where the first foldable iPhone — widely dubbed the iPhone Ultra — is expected alongside new iPhones, Apple Watch and Siri AI. Separately, Citi lifted its gold forecasts to US$4,800 an ounce on a 0-3 month view and US$5,000 over 6-12 months, arguing easing oil prices would revive emerging-market physical demand. ### US Overnight (Friday Close) Friday's much stronger-than-expected August jobs report — 162,000 payrolls versus roughly 53,000 expected — pushed Treasury yields higher and stocks lower. The **S&P 500** fell 0.38% to 7,718.60, the **Nasdaq Composite** lost 0.29% to 26,506.99 and the **Dow** dropped 0.51% to 53,414.25. For the week, the S&P 500 rose 0.1%, the Nasdaq 0.4% and the Dow fell 0.3%. The 10-year Treasury yield climbed to about 4.78%, near its highest since early 2025, and the 2-year to 4.37%. CME FedWatch put odds of a hike at the Sept 15-16 FOMC meeting at 58%. Semiconductors bucked the tape, with the PHLX Semiconductor Index up 3.4%. **Key Movers:** **$Nvidia (NVDA.US)$ +0.84% to $230.36** — the chipmaker closed near a record after confirming its roughly $13 billion acquisition of open-weight AI platform Hugging Face, seen as insurance against custom-chip rivals eroding its CUDA moat as inference displaces training. Nvidia's market value now sits around $5.56 trillion. **$Intel (INTC.US)$ +4.51% to $95.80** — Intel rallied on a bullish note from Global Equities Research and broad chip strength, extending a turnaround year in which the stock is up roughly 148% YTD on foundry wins including Tesla as a 14A customer. **$UiPath (PATH.US)$ -16.63% to $15.19** — the automation software maker reported Q2 revenue of $410.3 million (+13% YoY) and adjusted EPS of $0.15, but a CFO change and valuation concerns overwhelmed the raised full-year guidance. ### Asia Pre-Market US equity and index futures are closed for Labor Day, so there is no futures tape to read this morning. In other markets, WTI crude is around $91.5 a barrel in early electronic trade (Friday's settlement was $91.22), gold sits near $4,430 an ounce, and Bitcoin is holding around $80,000. For SGX, the cleanest signal is Friday's close: banks and the STI finished on the front foot, and the main risk this week is imported from the US — a hot August CPI on Friday would cement a September Fed hike and pressure long-duration global tech. ### This Week's US Earnings and Economic Calendar The earnings week is headlined by **Oracle** (Thursday, after the US close — early Friday morning SGT). Adobe, Kroger, Chewy and Macy's also report. On the data front, August PPI lands Thursday and the August CPI on Friday, both at 8:30am ET (8:30pm SGT); the European Central Bank sets rates Thursday evening SGT. **Earnings Spotlight: $Oracle (ORCL.US)$** — consensus is for Q1 FY2027 revenue of about $19.13 billion (up roughly 28% year-on-year) and adjusted EPS near $1.30, with cloud revenue expected to surge 58-64%. Oracle is the AI-infrastructure barometer of the week: its backlog and cloud-capacity commentary will test whether the AI capex trade can keep powering semis, and the print lands just a day before August CPI. ### One More Thing Watch the distinction between a rate-fear rotation and an AI-capex unwind. A strong jobs market lifting hike odds is not bearish for everything — it supports banks, cyclicals and Singapore's earnings-driven STI — but it is a headwind for long-duration tech valued on distant cash flows. Friday's tape (semis +3.4% while the Dow fell) suggests money is rotating within equities rather than leaving the market. For SGX investors, the practical question is whether the bank-led local rally can keep running independently of US rate anxiety — and Friday's CPI will be the first real test. *Sources: Associated Press; Barron's; SGX; MAS; Oracle Investor Relations.* *This briefing is compiled with AI assistance from market data and wire reports, and reviewed by the Longbridge editorial team.* *This briefing is for informational purposes only and does not constitute investment advice.* ### Related Stocks - [ORCL.US](https://longbridge.com/en/quote/ORCL.US.md) - [ORCX.US](https://longbridge.com/en/quote/ORCX.US.md) - [ORCU.US](https://longbridge.com/en/quote/ORCU.US.md) - [ORCS.US](https://longbridge.com/en/quote/ORCS.US.md) - [D05.SG](https://longbridge.com/en/quote/D05.SG.md) - [O39.SG](https://longbridge.com/en/quote/O39.SG.md) - [STI.SG](https://longbridge.com/en/quote/STI.SG.md) - [DBSDY.US](https://longbridge.com/en/quote/DBSDY.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [U11.SG](https://longbridge.com/en/quote/U11.SG.md) - [UOVEY.US](https://longbridge.com/en/quote/UOVEY.US.md) - [Z74.SG](https://longbridge.com/en/quote/Z74.SG.md) - [SGAPY.US](https://longbridge.com/en/quote/SGAPY.US.md) - [C6L.SG](https://longbridge.com/en/quote/C6L.SG.md) - [MQG.AU](https://longbridge.com/en/quote/MQG.AU.md) - [MQBKY.US](https://longbridge.com/en/quote/MQBKY.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [PATH.US](https://longbridge.com/en/quote/PATH.US.md) - [ADBE.US](https://longbridge.com/en/quote/ADBE.US.md) - [KR.US](https://longbridge.com/en/quote/KR.US.md) - [CHWY.US](https://longbridge.com/en/quote/CHWY.US.md) - [M.US](https://longbridge.com/en/quote/M.US.md) - [ORCL-D.US](https://longbridge.com/en/quote/ORCL-D.US.md) - [S59.SG](https://longbridge.com/en/quote/S59.SG.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) ## Related News & Research - [5 Names That Showed Signs of Life After Friday's CPI Report](https://longbridge.com/en/news/298939391.md) - [Here's the severance package Oracle offered laid-off US employees](https://longbridge.com/en/news/298952902.md) - [Larry Ellison Cancels His Plan to Sell Oracle Stock | ORCL Stock News](https://longbridge.com/en/news/298812231.md) - [Net Insight teams with Oracle to offer live media orchestration on Oracle Cloud Marketplace](https://longbridge.com/en/news/298544672.md) - [Last Minute Thought: Buy or Sell Oracle Stock as Earnings Loom? 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