Broker Name: OCBC Investment Research
Date of Report: 1 October 2025

Excerpt from OCBC Investment Research report.

Report Summary
• Global equities saw strong quarterly and monthly gains, especially in the US, driven by optimism around artificial intelligence and expectations of lower interest rates. The S&P 500 posted its best September since 2010, while the Nasdaq saw its strongest third-quarter since 2010.
• Market volatility may increase due to a potential US government shutdown, which could delay key economic data releases and impact the Federal Reserve’s rate decisions. Sectors like healthcare outperformed, while aviation stocks fell due to shutdown concerns.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website: https://www.ocbc.com/investments/research.html