---
title: "SG Morning Brief｜DBS Misses Q3, STI Flat as Dow Soars 1,500"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/304356844.md"
description: "The STI closed flat at 5,268.63 as UOB slid 5% on a Q3 miss; DBS's Q3 profit of S$2.81b also missed forecasts. US stocks surged on the Democratic sweep, oil tumbled, gold and bitcoin rallied."
datetime: "2026-11-05T00:14:10.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/304356844.md)
  - [en](https://longbridge.com/en/news/304356844.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/304356844.md)
generator: "portal-rs"
---

# SG Morning Brief｜DBS Misses Q3, STI Flat as Dow Soars 1,500

-   **STI** closed at 5,268.63 (-0.01%) on Wednesday — flat even as UOB slid 5% — with 392 gainers against 198 losers on turnover of 1.3 billion shares.
-   **DBS reported Q3 this morning**: net profit of S$2.81 billion, down 5% y/y and below the S$2.95 billion consensus, on a 65% plunge in markets trading income.
-   **US overnight**: the Dow soared 1,569 points (+3.03%) to 53,356.12 after Democrats swept Congress; the S&P 500 added 1.58% to 7,688.62.
-   **Oil tumbled ~8.4%** to US$88.04/bbl (WTI) on Middle East de-escalation hopes; gold topped US$4,000/oz and bitcoin reclaimed US$80,000.
-   **Today's watch**: US jobless claims (9.30pm SGT) and Friday's nonfarm payrolls (9.30pm SGT) — the final inputs before the Fed's December decision.

## Singapore Open

The STI inched down 0.01% to 5,268.63 on Wednesday as investors braced for the local banks' results season, with gainers beating losers 392 to 198. The session's focus was $UOB (U11.SG)$, which fell 5% to S$38.44 after Q3 net profit of S$1.25 billion — up 182% y/y off a low S$443 million base — missed the S$1.38 billion consensus, with net interest margin narrowing 6bp to 1.68% and management cutting its 2026 margin guidance.

The baton passed to $DBS (D05.SG)$ this morning. Singapore's largest bank reported Q3 net profit of S$2.81 billion, down 5% y/y and below the S$2.95 billion consensus, dragged by a 65% slump in markets trading income to S$152 million. It declared an 81-cent dividend (66 cents ordinary plus 15 cents capital return). $OCBC (O39.SG)$ follows tomorrow (Nov 6); DBS closed at S$70.7 (-0.1%) and OCBC at S$27.85 (-0.2%) on Wednesday.

The overnight oil crash is a quiet tailwind for fuel-heavy names — $SIA (C6L.SG)$ should see relief on jet-fuel costs if crude holds near US$88.

## Singapore Macro

The macro backdrop is still supportive but cooling at the margin. Singapore's Q3 GDP grew 5.4% y/y (down from 6.2% in Q2), led by AI-related manufacturing, while September headline inflation eased to 2.2%. MAS held policy in October after tightening twice this year, and economists remain split on whether more tightening is coming.

The ~9% slide in crude is the key new input: cheaper energy trims imported-inflation pressure and buys MAS room to stay patient. The offset is the Fed, where traders still price roughly a 78% chance of a December quarter-point hike after the policy range was held at 3.75%–4.00% in October. A firmer-for-longer US rate path keeps the SGD and local deposit rates elevated — which is why the banks' NIM prints, not their headline profit growth, are driving share prices this week.

## US Overnight

US stocks staged their biggest relief rally of the year after Democrats swept both chambers of Congress and President Trump said he would accept the result. The Dow surged 1,569 points (+3.03%) to 53,356.12 — its best day since April 2025 — while the S&P 500 added 1.58% to 7,688.62 and the Nasdaq Composite rose 1.44% to 25,736.51. Treasury yields eased and the dollar slipped as investors bet a divided government would curb deficit expansion.

## Key Movers

**$Apple (AAPL.US)$ +5.3%** — shares jumped to a record US$349.51, lifting Apple's market value to roughly US$5.08 trillion and back above Nvidia. Investors rotated into Apple's disciplined spending, treating it as a safer mega-cap than volatile AI-infrastructure names.

**$Microsoft (MSFT.US)$ +6.74%** — the stock closed at a record US$556.10 (after touching US$558.05 intraday) as traders bet a Democrat push on data-centre regulation would favour incumbent hyperscalers over upstart cloud builders.

**$Nvidia (NVDA.US)$ fell** — the AI-hardware trade lagged on fears of a data-centre moratorium, with Texas' governor-elect flagging one; $Micron (MU.US)$ dropped 6.74% and $Tesla (TSLA.US)$ slipped more than 3% as Elon Musk-backed candidates lost.

## Asia Pre-Market

Early Thursday, US index futures were little changed to slightly firmer as the market consolidated Wednesday's surge. WTI crude sat near US$88/bbl after tumbling 8.4%, with Brent below US$95. Spot gold traded around US$4,043/oz (+2.9%) and bitcoin reclaimed US$80,000 (+3.2%). The risk-on tone plus cheaper oil should support a steady SGX open, with local attention squarely on DBS's just-released results and OCBC tomorrow.

## Today's US Earnings & Economic Calendar

Earnings are light today, but the energy and travel prints tie directly into this week's themes.

| Company                     | Timing                  | Consensus EPS |
| --------------------------- | ----------------------- | ------------- |
| ConocoPhillips (COP.US)     | Pre-mkt (~8.30pm SGT)   | $3.05         |
| Airbnb (ABNB.US)            | Post-mkt (Fri ~5am SGT) | $2.85         |
| Consolidated Edison (ED.US) | Post-mkt (Fri ~5am SGT) | $2.03         |

**Spotlight:** $Airbnb (ABNB.US)$ reports after the close. Consensus is for EPS of about $2.85 on $4.75 billion of revenue, implying roughly 16% top-line growth. Watch nights-and-experiences booked, average daily rates and the Q4 outlook — Booking Holdings' own Q3 already flagged a softer travel backdrop, so Airbnb's guidance will matter as much as the headline beat. Its print lands hours before Friday's jobs report.

| SGT               | ET     | Event                    | Consensus                      |
| ----------------- | ------ | ------------------------ | ------------------------------ |
| Thu Nov 5, 9.30pm | 8.30am | Initial jobless claims   | n/a                            |
| Fri Nov 6, 9.30pm | 8.30am | October nonfarm payrolls | \~+60k jobs; jobless rate 4.2% |

Friday's payrolls is the week's main event: with a December Fed hike roughly 78% priced in, a strong print would cement it, while a weak one would unwind those bets.

## One More Thing

The post-election tape looks like a rotation, not a selloff. When the Dow jumps 3% while chips fall, money is being shuffled between sectors — out of crowded AI-hardware and into mega-cap software, value and rate-sensitive names — rather than leaving the market. That distinction is the useful lens for SGX today: the STI is effectively a bank proxy, and two consecutive bank misses (UOB, then DBS) are testing it. If the index holds 5,268 even as banks wobble, that is rotation finding a floor; a break lower would signal the misses are a genuine earnings worry, not just profit-taking. Watch whether SIA and transport names pick up the oil unwind, and whether OCBC tomorrow confirms or breaks the margin-compression pattern.

*Sources: The Business Times, CNBC, Reuters/AP, Bloomberg, Yahoo Finance.*

*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.**