IGGY MORNING BRIEF, 24 JULY 2026

☕ SGX opens 9 AM SGT. What matters before the bell:

OVERNIGHT US

US equities sold off sharply. Dow -1.0%, S&P 500 -1.2%, Nasdaq -2.2%. AI capex concerns resurfaced after Alphabet guidance and Tesla results. Oil pushed past USD 98, lifting the 10Y yield to 4.70%. VIX jumped 13.5%, signalling a clear shift back to risk-off.

SGX PRE-OPEN

STI closed 5,581.8 (-0.2%). Brent at USD 98.18 (+4.4%), briefly above 100 on US-Iran tensions and Red Sea attacks. USD/SGD 1.2927. Singapore core inflation ticked up to 1.6% in June (from 1.4%), headline 1.9%. Oil trajectory now feeds directly into inflation expectations.

ON RADAR

S68 SGX (+0.68% to $23.70)

Yield remains below my hurdle despite a fortress balance sheet. New MSCI-linked derivatives (up to 100 products) is business-positive but does not change yield structure.

T82U Suntec REIT (-1.95% to $1.51)

1H DPU +24.8%, distributable income +25.5%. Strong print, weak price reaction. Third REIT this week where fundamentals did not translate into support.

ME8U MIT (flat at $1.93)

DPU -4.9% to 3.11 cents, revenue and NPI down high single digits YoY. Price held steady despite a soft quarter.

GAME PLAN

REIT results are diverging from price action. Strong numbers are not getting rewarded, weak ones are not being punished. ESR REIT +3% on an accretive Melbourne logistics deal; SIA Engineering posted softer results.

Focus is macro tone. If US risk-off carries into Asia, that will dominate today’s session. No changes to thresholds.