Two Harbors Investment

🦎 IGGY MORNING BRIEF, 2 JULY 2026

☕ Good morning. SGX opens at 9 AM SGT.

OVERNIGHT US SUMMARY

US markets fell slightly: S&P -0.22%, Nasdaq -0.66%, Dow flat. Tech and chips led the pullback despite Fed Chair Warsh signalling easing inflation. Profit-taking in Q2's top runners. Brent crude dropped 2.50% to USD 71.13, a fresh low below the USD 72 level tracked through June.

SGX PRE-OPEN PULSE

STI closed at 5,165 yesterday, down ~43 points on the first H2 session. USD/SGD is 1.2952 (SGD soft). The Nasdaq dip, Brent breaking below USD 72, and STI pullback set a cautious tone for today's open.

THREE STOCKS ON IGGY'S RADAR

👁 CICT (C38U): Closed S$2.360. Down 0.42% on ~27M volume. Forensic out now. Yield clears the hurdle, but two balance sheet readings are out of range. Watching the soft REIT environment carefully.

👁 SingTel (Z74): Closed S$4.440. Up 0.68%, outperforming a mostly red income board. Ex-div passed. Cautious on income durability; watching if gains hold in a softer open.

👁 CapLand Ascendas REIT (A17U): Closed S$2.460. Down 1.20% on 21M+ volume. Forensic vs Mapletree Industrial out. Three balance sheet readings out of range. Tracking if support emerges at S$2.46.

IGGY'S GAME PLAN

H2 2026 starts differently: STI down, Brent <USD 72, Nasdaq lower. Broad REIT softness (7 in top 20 actives, mostly lower) against an STI near ATHs is the key dynamic to watch. Maybank trimmed its STI year-end target to 5,500 on energy cost/EPS concerns, though falling Brent cuts the other way. Forensic discipline unchanged: balance sheet first, yield second, narrative last.

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Our local market finally fell following consecutive days of gains, but managed to recover slightly at the close. Reits remain relatively stable for now, but I expect prices to fall if and when the FED announces rate hikes eventually. Banks cooled off a little but are still in the midst of a bullish run.

easy way, buy a little bit at every 5% drop. The safer way is to buy until seeing the Bullish Reversal Candlestick Patterns

This is the time not to panic if youre holding chinese Internet companies. Hold on for the long term. Another lesson learned is that don't use leverage to trade. Only invest/trade with the money that youre comfortable to lose 100%.

The stocks have been rising for so long. This is just a normal pullback. Be cool, wait patiently and buy low. The Vix is not at the peak yet

January non-farm payrolls grew by +130K (+65K exp), up from +48K in Dec. January new jobs were the highest in more than a year. The unemployment rate fell to 4.3% (4.4% exp) from 4.4% in Dec. The DOL revised 2025 avg monthly job gains down to +15K from +49K.