Iggy’s Journal: Singapore Green, Asia Split

3 September 2026, AM

Market Data

Wall Street rebounded on Wednesday (2 Sept), snapping a three-day slide. The Dow rose 0.6% to 53,061.95, the S&P 500 gained 0.5% to 7,666.60, and the Nasdaq added 0.5% to 26,217.83. The VIX eased to 15.28 (-6.5%). The bounce was driven mainly by cooling US Treasury yields after the post–Jackson Hole selloff. Brent crude still sits elevated at $95.51 (+0.9%).

Singapore followed with a positive close. The STI rose 0.6% to 5,744.11. DBS (+0.9%), OCBC (+1.6%), and UOB (+0.8%) all advanced. City Developments led gainers (+2.1%), while Seatrium lagged (-2.3%). Breadth was weaker: 323 losers vs 231 gainers, with S$1.9B traded.

Across Asia, it was a different story. Nikkei fell 2.9%, Kospi dropped 4%, Hang Seng slipped 0.1%. Only Malaysia’s KLCI (+0.5%) joined Singapore in the green.

Keppel DC REIT upsized its placement to S$625M (3.4x covered) at S$2.10. New units list 10 Sept.

My Take

This is not one market—it’s two tapes. Singapore held up, supported by banks. The rest of Asia largely sold off. A +0.6% STI doesn’t cancel a -4% Seoul.

The US bounce came from yields cooling, not a shift in oil. Brent above $95 still matters.

Keppel DC REIT’s fundraise is a funding move, not a thesis change. Its Cardiff occupancy issue remains, and a heavier Japan exposure (now ~23% of income, from 9%) doesn’t fix that alone—especially if the easy yen tailwind fades.

Keep Singapore’s strength and Asia’s weakness separate. The kopi isn’t sweeter just because Wall Street bounced.

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Cheers,Iggy 🦖