🦎 IGGY MORNING BRIEF, 30 JULY 2026

☕ Good morning, Iguanas. SGX opens at 9 AM SGT. Here’s what I’m watching.

OVERNIGHT US SUMMARY

Sharp risk-off on Wall Street: Dow -2.20% (51,594), S&P -1.50% (7,316), Nasdaq -1.70% (24,443). Defensive positioning ahead of the Fed, plus renewed AI capex return doubts. VIX jumped 13.10% to 20.63. Brent fell 2.81% to $83.01 as geopolitical supply risks didn’t materialise.

SGX PRE-OPEN PULSE

This matters locally because MAS’s MD flagged AI capex sustainability as a financial stability risk just yesterday—and last night’s selloff is that exact risk in price. Expect growth and tech-linked names (especially chip equipment) to feel heat. Yield names may extend Wednesday’s rally or give back on broad risk aversion. Keppel REIT posted strong 1H distributable income after the bell—a test of whether good company news can hold against a weak tape.

THREE STOCKS ON IGGY’S RADAR

👁 558 UMS – Most exposed to the AI/chip valuation story; watching if it takes another leg down or has priced enough in.

👁 K71U Keppel REIT – 1H distributable income +22.8% to S$129.6M, driven by Sydney acquisition and larger MBFC Tower 3 stake. Genuine positive news landing on a sell-everything morning—worth watching the reaction.

👁 Z74 SingTel – Heaviest volume name; how it holds up will show if yield names are treated differently from growth names in this pullback, or if everything sells together.

IGGY’S GAME PLAN

Watching if today’s pain stays contained to AI-capex-exposed names or spreads wider. MAS’s warning is now a live test, not abstract. Kopi money still buys the same cup, regardless of the index.