🦎 IGGY MORNING BRIEF — 8 MAY 2026

The setup for today's open: $OCBC Bank(O39.SG)

• The Final Boss: OCBC Earnings! The last of the local banking trio, OverseaChineseBankingCorp, just released its Q1 numbers, and they are hot. OCBC posted a +5% rise in Q1 net profit to S$1.97 billion, officially beating street estimates. After seeing UnitedOverseasBank survive its earnings drop yesterday (closing slightly green at $36.70 despite a profit dip), OCBC is perfectly positioned. Look for aggressive institutional bidding right at the open as yield hunters digest this solid beat.

• The Bank Sector Report Card: With OCBC's numbers out, the Q1 bank earnings season is complete. DBS, UOB, and OCBC all successfully cleared their hurdles. Expect a strong wave of relief buying across the entire financial sector today as the uncertainty is finally removed from the market. DBS (closed at $58.86) and UOB will likely catch a strong sympathy draft from OCBC's beat.

• Defensives and Tech to Lag: Because OCBC's beat is going to suck the oxygen (and liquidity) out of the room, expect the rest of the board to be relatively quiet. With the Nasdaq cooling off overnight, our local tech proxies might drift sideways to lower as traders lock in profits heading into the weekend.

🔎 IGGY'S TAKE

The banks delivered.

My playbook for Friday: If you are holding the banks, enjoy the victory lap. The institutional money has its dividend clarity and will likely continue supporting prices. If you are day-trading, watch the first hour of OCBC carefully—often these beats result in a quick morning spike followed by profit-taking from the front-runners. Take your wins where you have them, and don't force any heavy new positions ahead of the weekend. Let’s finish the week strong! 🦎