The STI’s 0.7% decline suggests some caution ahead of the PCE inflation data, with rates and global risk sentiment remaining key drivers. Singapore’s private residential market continued to appreciate in Q3, led by stronger OCR gains of 2.2%. However, the roughly 30% decline in transactions indicates weaker market activity despite higher prices. The combination of rising prices and lower volumes may reflect selective demand and affordability constraints. PCE data and subsequent interest-rate expectations could influence both equity sentiment and property-market momentum.