DBS, OCBC Shares Hit Record Intraday Highs as Expectations for Fed Cuts Fade

Shares of DBS Group and OCBC hit record highs as expectations for Federal Reserve rate cuts diminish. DBS shares rose 1.05% to S$61.40, while OCBC gained 0.8% to S$23.22. Analysts attribute this to U.S. inflation pressures and rising Singapore benchmark interest rates, which enhance net interest income prospects. Both banks reported strong Q1 earnings, bolstered by their wealth management sectors, with OCBC's acquisition of HSBC's business in Indonesia expected to further boost growth.