Before looking ahead, let’s review how the three local giants diverged in 2025—a key factor driving current market sentiment: DBS surged 28%. Fueled by high dividend visibility and a boom in its wealth management segment, it was the undisputed market leader. OCBC rose 19%. Investors were optimistic about its wealth management prospects and potential for further capital returns. UOB fell 4%. The laggard of the group, weighed down by earnings disappointments and concerns over asset quality (particularly US and Greater China real estate exposure).
U.S. stocks ended a holiday-shortened week mixed amid shifting rate cut expectations. Early Friday gains, fueled by weak jobs data that boosted hopes for Fed rate cuts, were later erased due to growth concerns. The Nasdaq rose 1.14%, helped by tech stocks, while the S&P 500 gained 0.33% and the Dow lost 0.32%.