Broker Name: DBS Bank
Date of Report: 7 October 2025

Excerpt from DBS Bank report.

Report Summary

• The US Federal Reserve has resumed its rate-cutting cycle, with DBS expecting a non-recessionary environment supported by gradual Fed easing, AI/energy-driven capital expenditure, and fiscal stimulus.
• DBS recommends focusing on Asia ex Japan equities, US technology and small-mid cap stocks, high-quality income-generating assets (SGD investment grade bonds, Singapore REITs), and maintaining selective exposure to commodities such as gold and copper due to their strong diversification and structural demand drivers.

Above is an excerpt from a report by DBS Bank. Clients of DBS Bank can be the first to access the full report from the DBS Bank website: https://www.dbs.com.sg/