---
title: "SG Morning Brief｜STI Sinks 3.5% as Bank Selloff Deepens"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/301333220.md"
description: "The STI slid 3.5% to 5,412.96 on Thursday as DBS, OCBC and UOB sank 4-5% in a two-day, bank-led rout. Overnight, the Nasdaq fell 1.25% after OpenAI's revenue miss hit AI stocks, while oil jumped on fresh Iran tensions."
datetime: "2026-10-09T00:06:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/301333220.md)
  - [en](https://longbridge.com/en/news/301333220.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/301333220.md)
generator: "portal-rs"
---

# SG Morning Brief｜STI Sinks 3.5% as Bank Selloff Deepens

• **STI:** slid 3.5% to 5,412.96 on Thursday, capping a two-day drop of about 5%.

• **Banks rout:** $DBS (D05.SG)$ -4.7% to S$73.85, $OCBC (O39.SG)$ -4.3% to S$29.00, $UOB (U11.SG)$ -5.2% to S$40.25.

• **US overnight:** Nasdaq -1.25% to 27,193.34 as an OpenAI revenue miss hit AI and chip names; Dow +0.1% to 51,231.64.

• **Oil:** WTI +3.9% to ~$91.8/bbl and Brent +4.1% to ~$104 on fresh Iran tensions before Trump cooled the market.

• **Today:** Delta Air Lines Q3 pre-market; U. Michigan consumer sentiment at 10.00pm SGT.

## Singapore Open

Singapore's benchmark took a second straight heavy hit on Thursday, closing 3.5% lower at 5,412.96 after Wednesday's 1.6% drop. The move was a reset in the three banks that together make up roughly 59% of the index: $DBS (D05.SG)$ fell 4.7% to S$73.85, $OCBC (O39.SG)$ lost 4.3% to S$29.00 and $UOB (U11.SG)$ sank 5.2% to S$40.25, all from near-record levels. The selling began with OCBC's 5.9% slide on Wednesday, and analysts framed Thursday as profit-taking and a valuation reset rather than a bank-specific problem, amplified by higher bond yields and oil-driven inflation risk. Defensives fared better: $Singtel (Z74.SG)$ eased 1.4% to S$4.24 and $Singapore Airlines (C6L.SG)$ slipped 1.2% to S$6.60.

## Singapore Macro

The global rate-and-oil shock lands just before a key local event: MAS's Monetary Policy Statement and third-quarter advance GDP are due no later than 14 October, 8.00am SGT. Economists at OCBC and Standard Chartered expect MAS to deliver another very slight steepening of the S$NEER slope, similar to July, because Brent above US$104 feeds directly into imported inflation for a small, energy-importing economy. The transmission runs through the SGD and local rates: a faster-appreciating currency keeps short-end SGD rates below US rates, but a 10-year Treasury yield near 5.30% still lifts Singapore government bond yields, squeezing REIT funding costs and bank margins — part of why the bank-led selloff has hit the STI so hard.

## US Overnight

US stocks finished mixed on Thursday as new OpenAI details spooked the AI trade. The Nasdaq Composite fell 1.25% to 27,193.34 and the S&P 500 lost 0.47% to 7,765.36, while the Dow added 51.77 points (0.1%) to 51,231.64 on energy and defensive strength. The VIX jumped 6.1% to 16.0, and the 10-year Treasury yield touched 5.305% as oil-driven inflation fears kept Fed hike bets alive.

## Key Movers

**$Nvidia (NVDA.US)$ -2.9%** — the AI bellwether fell after OpenAI told investors it hit roughly US$50 billion in annualized revenue at end-September, about US$20 billion below estimates, overshadowing Nvidia's newly authorised US$235 billion buyback through January 2028.

**$AMD (AMD.US)$ -3.9%** and **$Taiwan Semiconductor (TSM.US)$ -3.1%** followed the chip complex lower; TSM slid despite record Q3 revenue of about NT$1.49 trillion (US$46.7 billion) as investors locked in gains into its pre-earnings quiet period.

Elsewhere the tape rotated: $Chevron (CVX.US)$ rose with crude, $Chipotle (CMG.US)$ jumped about 6% on a report $Starbucks (SBUX.US)$ has explored a takeover, $MicroStrategy (MSTR.US)$ slid ~6.8% as Bitcoin weakened, and $Palantir (PLTR.US)$ added ~2% on a Goldman Sachs upgrade to Buy with a US$230 target.

## Asia Pre-Market

US futures were little changed early Friday SGT, with S&P 500 e-minis up about 0.1% and Nasdaq futures near flat, as oil's pullback from intraday highs offset the tech-led selling. WTI settled up 3.9% near US$91.8 a barrel and Brent up 4.1% near US$104 after a tanker attack off Qatar and reports the US could escalate against Iran — before Trump said there would be no strike before the midterms, knocking crude off its highs. Gold traded around US$4,120 an ounce, near a two-month low, while Bitcoin held around US$81,000, down about 1.6% over 24 hours. For SGX, the question is whether the bank rout extends or buyers step in after a ~5% two-day reset.

## Today's US Earnings and Economic Calendar

| Company               | Timing (SGT window)      | Consensus EPS            |
| --------------------- | ------------------------ | ------------------------ |
| Delta Air Lines (DAL) | Pre-market (~7.00pm SGT) | $1.92 on ~$17.6B revenue |

| SGT     | ET      | Event                                        | Consensus           |
| ------- | ------- | -------------------------------------------- | ------------------- |
| 10.00pm | 10.00am | U. Michigan Consumer Sentiment (Oct, prelim) | \~47.6 (prior 48.1) |

**Earnings Spotlight: $Delta Air Lines (DAL.US)$** — Delta reports Q3 before the US open (about 7.00pm SGT), with consensus at $1.92 EPS on roughly US$17.6 billion in revenue versus company guidance of $2.00-2.50. With jet fuel elevated near US$92 a barrel, Delta's commentary on fuel costs and premium-travel demand is an early consumer read — and a reference point for $Singapore Airlines (C6L.SG)$, which reports later in the year. The next hard macro catalyst is September CPI on 14 October; a hot print would firm December Fed-hike odds and pressure rate-sensitive names across the Pacific.

## One More Thing

The question after a ~5% two-day STI wipeout is whether this is rotation within the market or capital leaving it. Watch how the banks trade into the 14 October MAS decision and the 13-14 October big-bank earnings: if DBS, OCBC and UOB stop falling on bad news and the 10-year yield stabilises below 5.30%, the reset is likely valuation-driven and contained. If yields keep climbing and the chip rout deepens, treat any bounce in Singapore financials as a bear-market rally, not a bottom.

*Sources: CNBC, Investing.com, Reuters, OCBC Global Markets Research.*

*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.*

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**