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 economists expecting two more 25bps cuts by end-2025 and another in 2026. The current environment is viewed as non-recessionary, with GDP growth projected to slow but remain positive, supported by robust AI and energy-related capital expenditure, fiscal stimulus, and easier financial conditions.
• DBS recommends investors stick with Asia ex Japan equities (e.g., ICM ETF), US technology and small-mid cap stocks (e.g., QQQ and IWM ETFs), and rotate into high-quality income-generating assets (e.g., NIKIGCB and CLR ETFs). Gold (GLD) and copper (COPX) remain favoured commodities due to their diversification and growth potential, especially in the current macro backdrop.

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 website : https://www.dbs.com.sg