--- title: "SG Morning Brief｜STI Holds Near Record as Nvidia, PCE Loom" type: "News" locale: "en" url: "https://longbridge.com/en/news/296715339.md" description: "The Straits Times Index closed 0.3% higher at 5,688.96 on Friday, led by the three local banks. US stocks rebounded into the weekend but booked weekly losses as Treasury yields stayed elevated. This week's focus shifts to Nvidia earnings and July PCE inflation." datetime: "2026-08-24T00:07:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296715339.md) - [en](https://longbridge.com/en/news/296715339.md) - [zh-HK](https://longbridge.com/zh-HK/news/296715339.md) generator: "portal-rs" --- # SG Morning Brief｜STI Holds Near Record as Nvidia, PCE Loom ### Key Points - **STI:** The Straits Times Index closed Friday at 5,688.96, up 0.3%, hovering just below its record high. - **Local catalyst:** The three Singapore banks — DBS, OCBC and UOB — remain the engine of the benchmark's record-breaking run. - **US overnight:** Stocks rebounded Friday (Dow +1%, S&P 500 and Nasdaq +0.4% each) but still ended the week lower as bond yields stayed near multi-decade highs. - **This week:** July PCE and Q2 GDP Wednesday 8.30pm SGT, and Nvidia reports after the US close Thursday morning SGT. ### Singapore Open The Straits Times Index finished Friday at 5,688.96, a gain of 0.3% on the session, keeping it within a whisker of its record high. The benchmark remains supported by its three heavyweight banks, which together account for more than half of the index's weighting. $DBS (D05.SG)$ closed at S$76.00, up 0.21%, while $OCBC (O39.SG)$ added 0.65% to S$30.98 and $UOB (U11.SG)$ rose 0.77% to S$40.53. The banks have been the driving force behind the STI's roughly 22% year-to-date gain, with OCBC leading the trio on a total-return basis through the first half of 2026. Elsewhere, $Singtel (Z74.SG)$ slipped 1.12% to S$4.40, a laggard among blue chips, while $Singapore Airlines (C6L.SG)$ inched up 0.29% to S$6.94. The broader picture remains one of banks and AI-linked names doing the heavy lifting, even as the global backdrop turns more cautious on rising US Treasury yields and elevated oil prices. ### Singapore Macro The local macro story continues to be defined by the US–Iran conflict and its knock-on effect on energy costs. The Monetary Authority of Singapore tightened policy in April — its first such move since 2022 — and raised its 2026 headline and core inflation forecasts to 1.5%–2.5%, from 1.0%–2.0%, citing the oil-price shock. In its July statement, MAS noted the economy's positive output gap is expected to widen slightly in 2026, supported by global AI-related demand for semiconductors and electronics. That AI tailwind is real: the Ministry of Trade and Industry upgraded Singapore's 2026 GDP growth forecast to 4.5%–5.5% on 11 August, from 2.0%–4.0%, reflecting faster global AI capital expenditure. For SGX investors, the transmission is direct — banks benefit from a still-tight SGD policy stance and resilient fee income, while AI-exposed industrials like $ST Engineering (S63.SG)$ ride the same capex cycle that is set to be tested again this week when Nvidia reports. If oil stays elevated into the next MAS review, watch for any signal that the stronger-SGD, tighter-policy stance could extend, which would keep pressure on REIT financing costs. ### Weekend Wrap The weekend was dominated by Iran, not by markets. Treasury Secretary Scott Bessent is set to hold a Monday (Tuesday morning SGT) press conference to detail what the administration calls the toughest sanctions ever on Tehran, with secondary measures aimed at trading partners including China. Oil markets had already priced in much of this: Brent crude has risen for six straight days, finishing Friday near US$94.39 a barrel, and WTI has settled around US$87. The Strait of Hormuz remains the key risk — US officials say oil flows through the waterway have fallen to about 8 million barrels a day from more than 20 million pre-war. Any fresh escalation would flow straight into Singapore's cost base through imported energy. ### US Overnight (Friday Close) US equities rebounded into the weekend after a bruising stretch. The Dow Jones Industrial Average rose about 1%, adding more than 500 points, while the S&P 500 and Nasdaq Composite each gained 0.4%. The lift was led by financials and crypto-linked stocks as Bitcoin extended its rally above US$77,000, its best week since 2024. For the week, though, the indexes still lost ground — the Nasdaq fell 2.1%, the S&P 500 1.4%, and the Dow 0.9% — as the 10-year Treasury yield held near 4.737%, its highest in more than a decade. Rising yields remain the central drag on richly valued tech. ### Key Movers **$Coinbase (COIN.US)$ +8%** — The crypto exchange jumped as Bitcoin surged above US$77,000, finishing its strongest week in two years. The advance was fuelled by higher yields drawing capital into alternative assets and by President Trump's renewed push for crypto-friendly legislation. The rally lifted the whole group: $Strategy (MSTR.US)$ added roughly 6% on Friday and was on pace for a weekly gain of about 29%. **$Nvidia (NVDA.US)$ -0.98%** — The AI bellwether slipped to US$214.72 ahead of Wednesday's earnings, dragged by the broader pressure from higher yields even as Bitcoin and financials rallied. Consensus expects revenue near US$91.9 billion and EPS around US$2.08–2.09 for the July quarter, roughly double the year-ago revenue. The print is the single most important event of the week for the AI trade. **$Intel (INTC.US)$ -2.24%** — The chipmaker was among the Nasdaq's most active names to the downside, closing at US$90.07, extending its recent weakness as the semiconductor complex remains under pressure from rising financing costs and rotation into cheaper, crypto-exposed names. ### Asia Pre-Market US equity futures were essentially flat to marginally lower in early Monday trade, with S&P 500 and Nasdaq contracts hovering around unchanged as traders positioned ahead of a data-heavy week. WTI crude held near US$87 a barrel, with Brent closer to US$94, gold above US$4,600, and Bitcoin around US$77,000 after its best week in two years. For the SGX open, the key signals are twofold: oil's persistence keeps the inflation and MAS-policy lens firmly in place, while a stable-to-softer Wall Street futures tape suggests the STI's bank-led momentum is unlikely to be disrupted at the open barring a fresh Iran escalation. ### This Week's US Earnings and Economic Calendar **Earnings** - **Monday (24 Aug):** $PDD Holdings (PDD.US)$ — pre-market, consensus EPS about US$2.74 on revenue near US$17.1 billion; $XPeng (XPEV.US)$ pre-market. - **Wednesday (26 Aug):** $Nvidia (NVDA.US)$ — after the close (Thursday around 5am SGT). Marvell and Salesforce also report. - **Friday (28 Aug):** Fed Chair Kevin Warsh headlines the Jackson Hole symposium. **Economic data (SGT / ET)** - **Tuesday (25 Aug):** US Conference Board consumer confidence — 10pm SGT / 10am ET. - **Wednesday (26 Aug):** July PCE and core PCE, plus Q2 GDP second estimate — 8.30pm SGT / 8.30am ET. Core PCE is the Fed's preferred inflation gauge, expected to hold above the 2% target. - **Thursday–Friday (27–28 Aug):** Jackson Hole symposium; Warsh's keynote Friday is the week's policy highlight. **Earnings Spotlight: $Nvidia (NVDA.US)** — Reporting Wednesday after the close, Nvidia is expected to post roughly US$91.9 billion in revenue and about US$2.08–2.09 in EPS, implying around 95% year-on-year revenue growth. The stakes extend far beyond the stock itself: Nvidia has beaten consensus in each of the last seven quarters, yet the market's reaction has been mixed as the bar keeps rising. Key watch items include data-center momentum, non-GAAP gross margin near 75%, and Q3 revenue guidance, which some analysts suggest could top US$104 billion as a bullish signal. With the July PCE report landing the same day, Wednesday delivers both the week's biggest macro print and its biggest earnings catalyst — a combination that will test whether AI capex confidence can outlast sticky inflation. ### One More Thing This week crystallises the market's core tension: inflation and yields versus AI earnings growth. The framework that matters is to distinguish sector rotation from genuine risk-off. Bitcoin and financials rising alongside falling tech is rotation — money staying in the market but repositioning. When the 10-year yield breaks decisively higher and Nvidia fails to raise guidance, that is a different signal. Watch the order of events, not just the headlines. *This briefing is for informational purposes only and does not constitute investment advice.* ### Related Stocks - [STI.SG](https://longbridge.com/en/quote/STI.SG.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [D05.SG](https://longbridge.com/en/quote/D05.SG.md) - [O39.SG](https://longbridge.com/en/quote/O39.SG.md) - [U11.SG](https://longbridge.com/en/quote/U11.SG.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [Z74.SG](https://longbridge.com/en/quote/Z74.SG.md) - [C6L.SG](https://longbridge.com/en/quote/C6L.SG.md) - [S63.SG](https://longbridge.com/en/quote/S63.SG.md) - [COIN.US](https://longbridge.com/en/quote/COIN.US.md) - [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [UOVEY.US](https://longbridge.com/en/quote/UOVEY.US.md) - [SGAPY.US](https://longbridge.com/en/quote/SGAPY.US.md) - [S59.SG](https://longbridge.com/en/quote/S59.SG.md) - [STRF.US](https://longbridge.com/en/quote/STRF.US.md) - [STRC.US](https://longbridge.com/en/quote/STRC.US.md) - [STRK.US](https://longbridge.com/en/quote/STRK.US.md) - [STRD.US](https://longbridge.com/en/quote/STRD.US.md) ## Related News & Research - [Dear Nvidia Stock Fans, Mark Your Calendars for August 26](https://longbridge.com/en/news/296259559.md) - [Nvidia to use Poolside deal to build alternative to Chinese AI, WSJ says](https://longbridge.com/en/news/296727449.md) - [SpaceX Has Big Investors Like Nvidia, Google, and AMD. 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