Broker Name: OCBC Investment Research

Date of Report: 21 November 2025

Excerpt from OCBC Investment Research report.

• Report Summary:
• US markets reversed earlier gains despite strong Nvidia earnings, as investor concerns over high technology valuations and AI sector sustainability triggered a broad sell-off. Market uncertainty was further fueled by mixed US jobs data, raising doubts about potential Federal Reserve rate cuts in December.
• European equities edged higher, led by the energy sector, while Asian shares initially rallied but are expected to follow US declines amid valuation worries. Singapore’s Straits Times Index was nearly flat, with moderate sector performance and mixed global cues.
• OCBC’s latest stock recommendations include BUY ratings on UOL Group, Singtel, ST Engineering, and others, reflecting confidence in select Singapore-listed companies despite market volatility.

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/wealth-management/investment-research