🦎 IGGY MORNING BRIEF, 24 JUNE 2026

☕ Good morning, Iguanas. SGX opens 9 AM SGT. Here is what matters before the bell.

OVERNIGHT US

Wall Street sold off. S&P 500 -1.44%, Nasdaq -2.21%. Drivers: semiconductor weakness, rising skepticism on debt-funded AI spend, and hawkish Fed repricing with October hike expectations firming.

US–Iran framework deal announced but execution unclear; Hormuz conditions still evolving.

Brent at US$77.90, now below 80.

Read-through: tech risk off, attention rotates back to dividend payers.

SGX PRE-OPEN

STI last at 5,204.01 (June 22), about 22 points off the 52-week high. Likely cautious open.

USD/SGD ~1.2970.

Lower oil eases broad cost pressure but weighs on energy names.

IGGY RADAR

D05 DBS

Transitional CET1 16.9% (1Q26, company briefing). Capital return through end-2027. Balance sheet remains the anchor in a risk-off tape.

O39 OCBC

Transitional CET1 17.0% (1Q26), strongest of the three. Zone 1 on balance sheet strength, not yield. Trailing yield still below Iggy’s 4.7% hurdle; income case improves on price weakness or dividend uplift.

U11 UOB

1Q26 CET1 15.3%, NIM 1.82%. >20m shares bought back under S$2B programme. Most conservative allocator. Zone call pending Aug 7 results.

GAME PLAN

Key question: do banks hold as a relative safe harbour while tech unwinds? If yes, defensive income thesis holds. If not, the open will show quickly.

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