--- title: "SG Morning Brief｜STI, DBS Gain as Oil Slides; Nasdaq Hits Record" type: "News" locale: "en" url: "https://longbridge.com/en/news/299693228.md" description: "STI added 0.3% to 5,675.23 as DBS, OCBC and UOB rose. Overnight, the Nasdaq closed at a record on Meta's AI rally while oil slid 4% and the Fed flagged further hikes. Costco reports Thursday." datetime: "2026-09-22T00:04:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/299693228.md) - [en](https://longbridge.com/en/news/299693228.md) - [zh-HK](https://longbridge.com/zh-HK/news/299693228.md) generator: "portal-rs" --- # SG Morning Brief｜STI, DBS Gain as Oil Slides; Nasdaq Hits Record ## Key Points - STI closed Monday at 5,675.23, up 0.3% (19.12 points), with the three local banks higher as oil slid. - $DBS (D05.SG)$ rose 0.7% to S$77.36, $OCBC (O39.SG)$ gained 0.9% to S$31.67, and $UOB (U11.SG)$ added 0.8% to S$42.10. - Overnight the Nasdaq hit a record (+2.26%) as Meta's AI agent Muse went viral, while WTI crude slid about 4%. - Watch this week: a heavy slate of Fed speakers dominates the calendar, and Costco reports Thursday after the close. ## Singapore Open Singapore shares closed higher on Monday (Sep 21), tracking a firm regional session as easing oil prices lifted sentiment. The Straits Times Index (STI) added 0.3% or 19.12 points to 5,675.23, with decliners still edging advancers 282 to 262 as 1.2 billion securities worth S$1.6 billion changed hands. The three local banks led the advance. $DBS (D05.SG)$ rose 0.7% or S$0.50 to S$77.36, $OCBC (O39.SG)$ gained 0.9% or S$0.29 to S$31.67, and $UOB (U11.SG)$ added 0.8% or S$0.32 to S$42.10. The sector keeps drawing support from the Fed's shift back to a higher-rate regime, which props up net interest margins; UOB is seen as the most rate-sensitive of the trio. $Singapore Airlines (C6L.SG)$ stays under a cloud after UOB Kay Hian cut the carrier to a sell rating, citing jet fuel near all-time highs amid Middle East tensions; Brent still holds above US$100 a barrel despite the pullback. On the STI, Seatrium was the worst performer, down 3.3% to S$2.05, while DFI Retail Group led gainers, up 3.2% to US$3.22. ## Singapore Macro Singapore's economy is riding the AI trade hard. The September MAS Survey of Professional Forecasters lifted the median 2026 GDP forecast to 5.0% from 3.5% in June, powered by an electronics and semiconductor upcycle; non-oil domestic exports (NODX) growth was revised up to 17.0% from 6.1%, and manufacturing to 8.4% from 5.0%. Electronics exports have been surging as AI-related data-centre investment stays elevated, with one report putting the latest jump at 131.8%. Inflation is contained, with 2026 headline inflation trimmed to 2.1% and core to 1.9%. But the policy angle is what matters for investors: 45% of forecasters now expect MAS to tighten at the October review, which would steepen the Singdollar NEER. The transmission is a bank-versus-REIT split: firmer local rates support bank net interest margins, while leveraged S-REITs face higher financing costs and a stronger Singdollar. ## US Overnight Wall Street rallied on Monday as sliding oil and AI optimism lifted mega-cap tech. The S&P 500 gained 1.49% to 7,764.70, the Dow added 366.19 points (0.71%) to 52,048.83, and the Nasdaq Composite jumped 2.26% to a record 27,122.09, its first new high since June. The 10-year Treasury yield slipped 3 basis points to 4.96%. The spark was $Meta (META.US)$, up 11.4%, its best day in over a year, after its AI assistant Muse topped Apple's US App Store and Google Play. The viral consumer-AI moment reignited the complex: $Intel (INTC.US)$ jumped 12.14% to $121.78, and $AMD (AMD.US)$ climbed about 10% to a record $615.52, taking its market value past US$1 trillion. Cheaper oil did the rest. WTI crude sank more than 4% to around US$92 a barrel as US-Iran de-escalation efforts advanced. That eased inflation jitters even as last week's 25-basis-point Fed hike to 3.75%-4.00%, the first since 2023, stays front of mind; markets price roughly a 53% chance of another hike next month. ## Asia Pre-Market US futures are steady-to-slightly-firmer in early Asian trade after Monday's strong close. WTI holds near US$92 a barrel; gold futures settled at US$4,383.9 an ounce, down 0.9% on the prospect of more Fed tightening; Bitcoin climbed about 6% to roughly US$85,000 in a clear risk-on signal. For the SGX open, the read-through is straightforward: cheaper oil supports $Singapore Airlines (C6L.SG)$ and the wider market, higher-for-longer US rates keep favouring the banks, and the AI-led Nasdaq record is a positive backdrop for Singapore's semiconductor and tech-services names. ## This Week's US Earnings Calendar Consumer names dominate a relatively light week. AutoZone reports before Tuesday's open; Costco is the heavyweight on Thursday. | Company | Timing (SGT) | Consensus EPS | | ---------------------- | ------------------------------- | ------------- | | AutoZone (AZO.US) | Tue, pre-market (from ~8pm) | $54.30 | | Paychex (PAYX.US) | Wed, pre-market (from ~8pm) | $1.32 | | General Mills (GIS.US) | Wed, pre-market (from ~8pm) | $0.72 | | Cintas (CTAS.US) | Wed, pre-market (from ~8pm) | $1.35 | | Costco (COST.US) | Thu, post-market (~4am SGT Fri) | $6.53 | ## Earnings Spotlight: Costco $Costco (COST.US)$ is the week's headline print, due Thursday after the close (about 4am SGT Friday). Consensus calls for fiscal-Q4 earnings of about $6.53 per share, up 11.2% year on year, on revenue of roughly $94.9 billion, up 10.1%. The retailer has already pre-reported net sales near $93.9 billion with digitally enabled comparable sales up 19.5%, so the focus turns to margins, membership-fee income and any fee-hike update. Shares trade near a ~46x forward multiple and need a clean beat to justify that premium. ## US Economic Calendar It is a light data week but a heavy one for Fed speakers, with at least 10 policymaker appearances as markets hunt for the next rate signal. Times below are SGT, with ET in brackets. | SGT | ET | Event | Consensus | | ------------ | ------------ | ------------------------------------- | --------- | | Wed, 9:45pm | Wed, 9:45am | S&P Global flash PMIs (Sep) | — | | Thu, 8:30pm | Thu, 8:30am | Initial jobless claims | — | | Thu, 10:00pm | Thu, 10:00am | New home sales (Aug) | — | | Fri, 8:30pm | Fri, 8:30am | Durable goods orders (Aug) | -0.3% | | Fri, 10:00pm | Fri, 10:00am | UMich consumer sentiment (Sep, final) | — | ## One More Thing This tape is being pulled by two opposing forces: falling oil, which is disinflationary and good for consumers, and a Fed that is hiking rather than cutting, which drags on duration-sensitive assets. For SGX investors the cleanest frame is the bank-versus-REIT split: higher rates lift bank net interest margins and the Singdollar, but raise financing costs for leveraged S-REITs. As long as the AI export boom keeps growth near 5% and oil keeps sliding, banks and manufacturing names should hold up; if inflation forces another hike, expect REITs and high-yield proxies to lag. Friday's durable goods and this week's Fed speakers are the next signposts. *Sources: The Business Times, CNBC, Barchart, Trading Economics.* *This briefing is compiled with AI assistance from market data and wire reports, and reviewed by the Longbridge editorial team before publication.* *This briefing is for informational purposes only and does not constitute investment advice.* ### Related Stocks - [COST.US](https://longbridge.com/en/quote/COST.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [FBL.US](https://longbridge.com/en/quote/FBL.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [METW.US](https://longbridge.com/en/quote/METW.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [METD.US](https://longbridge.com/en/quote/METD.US.md) - [O39.SG](https://longbridge.com/en/quote/O39.SG.md) - [D05.SG](https://longbridge.com/en/quote/D05.SG.md) - [U11.SG](https://longbridge.com/en/quote/U11.SG.md) - [STI.SG](https://longbridge.com/en/quote/STI.SG.md) - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [QQQM.US](https://longbridge.com/en/quote/QQQM.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [ONEQ.US](https://longbridge.com/en/quote/ONEQ.US.md) - [QQEW.US](https://longbridge.com/en/quote/QQEW.US.md) - [QQQE.US](https://longbridge.com/en/quote/QQQE.US.md) - [TQQQ.US](https://longbridge.com/en/quote/TQQQ.US.md) - [QLD.US](https://longbridge.com/en/quote/QLD.US.md) - [PSQ.US](https://longbridge.com/en/quote/PSQ.US.md) - [SQQQ.US](https://longbridge.com/en/quote/SQQQ.US.md) - [QID.US](https://longbridge.com/en/quote/QID.US.md) - [COTG.US](https://longbridge.com/en/quote/COTG.US.md) - [COSW.US](https://longbridge.com/en/quote/COSW.US.md) - [FBY.US](https://longbridge.com/en/quote/FBY.US.md) - [FBYY.US](https://longbridge.com/en/quote/FBYY.US.md) - [METU.US](https://longbridge.com/en/quote/METU.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [C6L.SG](https://longbridge.com/en/quote/C6L.SG.md) - [U10.SG](https://longbridge.com/en/quote/U10.SG.md) - [5E2.SG](https://longbridge.com/en/quote/5E2.SG.md) - [D01.SG](https://longbridge.com/en/quote/D01.SG.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [AZO.US](https://longbridge.com/en/quote/AZO.US.md) - [PAYX.US](https://longbridge.com/en/quote/PAYX.US.md) - [GIS.US](https://longbridge.com/en/quote/GIS.US.md) - [CTAS.US](https://longbridge.com/en/quote/CTAS.US.md) - [UOVEY.US](https://longbridge.com/en/quote/UOVEY.US.md) - [S59.SG](https://longbridge.com/en/quote/S59.SG.md) - [S51.SG](https://longbridge.com/en/quote/S51.SG.md) ## Related News & Research - [Manus raises more than $500 million after Meta exit](https://longbridge.com/en/news/301289020.md) - [Meta Platforms, Inc. $META Shares Sold by Balefire LLC](https://longbridge.com/en/news/301469674.md) - [Costco Wholesale Corporation $COST Stock Acquired by Martin Capital Partners LLC](https://longbridge.com/en/news/301237164.md) - [Meta may ditch the idea of a cloud business for Muse. 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