Core Insights - The company is conducting a media briefing to present its third quarter 2025 results, indicating a structured approach to communicate financial performance and operational insights [1]. Group 1: Leadership Overview - The Deputy Chairman and Group CEO, Mr. Wee Cheong, will provide a broad overview of the company's franchise performance and the operating landscape [1]. - Following Mr. Wee's presentation, the Group CFO, Mr. Leong Yung-Chee, will delve into detailed financials and business performance [1]. Group 2: Media Interaction - After the presentations, there will be a Q&A session with the media, suggesting an emphasis on transparency and engagement with stakeholders [1].

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - The latest report from UOB's Global Economic and Market Research Department indicates that the Johor-Singapore Special Economic Zone (JS-SEZ) has successfully attracted approved investments amounting to 37 billion Malaysian Ringgit (approximately 8.8 billion USD) by the first half of 2025 [1] - Since the signing of the JS-SEZ Memorandum of Understanding in January 2024, Singapore-based companies have committed to invest over 5.5 billion Singapore Dollars (approximately 4.2 billion USD) in Johor, showcasing strong bilateral economic integration and investor confidence in the region's development prospects [1] - The 37 billion Malaysian Ringgit investment in the first half of 2025 accounts for two-thirds of Johor's total investment (56 billion Malaysian Ringgit) during the same period, significantly exceeding the total approved investment of 48.5 billion Malaysian Ringgit for the entire year of 2024 [1] Investment Facilitation Measures - At the recent JS-SEZ Joint Investment Forum held in Singapore, both governments announced several key facilitation measures aimed at accelerating cross-border flows, including a fast-track approval process for manufacturing projects in non-sensitive industries within seven working days [1] - Eligible foreign investors will be provided with multiple-entry visas valid for up to 12 months, and a Strategic Co-Investment Fund (COSIF) will be established to further enhance investment opportunities [1] Regional Economic Initiatives - Malaysia has introduced the "ASEAN Business Entities" (ABE) initiative to offer regulatory flexibility and incentives for businesses to support cross-border operations and the movement of skilled talent [2] - The official tax incentive framework for the Forest City Special Financial Zone (SFZ) has been published, offering competitive corporate tax rates ranging from 0% to 5% for eligible global business services, fintech companies, and family offices [2] Market Outlook - Despite uncertainties in the global trade environment, particularly regarding U.S. tariff policies, companies are increasingly adapting to this landscape by focusing on supply chain diversification [2] - The JS-SEZ and the broader ASEAN region are becoming a "stabilizer" and opportunity for global investors seeking to mitigate risks and pursue long-term growth, reflecting investor confidence in the economic resilience and growth potential of ASEAN [2]

Group 1 - Recently, Dahua Bank (China) Limited applied to the China Securities Regulatory Commission (CSRC) for the cancellation of its public offering securities investment fund sales business license, which has been approved by the CSRC [2][3] - The cancellation is in accordance with relevant regulations including the Administrative Licensing Law and the Securities Investment Fund Law [2] Group 2 - In February 2025, Dahua Bank announced a strategic business adjustment, transferring its personal business to Fubon Bank, which includes customer accounts, deposits, loans, and related wealth management products [5] - On June 12, 2025, Shanghai Dongfang Securities Asset Management Company announced the termination of its fund distribution cooperation with Dahua Bank [5] - On June 25, 2025, Guangfa Fund announced that it would stop processing subscription, purchase, and transfer-in services for its funds through Dahua Bank starting June 30 [5]

Core Viewpoint - United Overseas Bank Limited (UOB) reported disappointing financial results for the third quarter and the first nine months of FY2025, with significant declines in net profit attributable to shareholders due to increased allowances for credit and other losses [3][15]. Financial Performance Summary 3Q FY2024 vs. 3Q FY2025 - Net Interest Income decreased by 7.9% year-on-year to S$2,265 million, attributed to margin compression as net interest margin fell by 0.23 percentage points to 1.82% [4][5]. - Net Fee & Commission Income fell by 2.4% to S$615 million, impacted by card rewards expenses but partially offset by growth in loan-related, wealth, and card activities [4]. - Other Non-Interest Income dropped by 30.4% to S$518 million due to lower trading and investment income compared to record highs last year [4]. - Total Income declined by 11.4% to S$3,398 million, while Total Expenses decreased by 5.6% to S$1,535 million [3]. - Net Profit Attributable to Shareholders plummeted by 72.5% to S$443 million due to a significant increase in allowances for credit and other losses [5]. 9M FY2024 vs. 9M FY2025 - Net Interest Income decreased by 3.0% to S$7,009 million, reflecting a 13 basis point contraction in net interest margin to 1.91% [7]. - Net Fee & Commission Income increased by 6.4% to S$1,945 million, driven by record contributions from wealth management and loan-related fees [6]. - Other Non-Interest Income fell by 12.2% to S$1,565 million as trading and investment income normalized [7]. - Total Income decreased by 2.9% to S$10,519 million, while Total Expenses slightly decreased by 2.1% to S$4,629 million [6]. - Net Profit Attributable to Shareholders declined by 27.7% to S$3,271 million due to a 176.1% increase in allowances for credit and other losses [8]. Key Financial Ratios - Net Interest Margin decreased from 1.91% to 1.82%, reflecting the impact of falling benchmark rates [10]. - Return on Equity fell by 7.6 percentage points to 3.5%, a multi-year low, due to a significant drop in profit attributable to shareholders [11]. - Non-Performing Loans Ratio remained stable at 1.6%, despite a 7.8% increase in non-performing assets to S$5,809 million [11]. Management Outlook - The CEO emphasized the bank's resilience and commitment to enhancing provision coverage, while maintaining dividend commitments and share buyback plans [12][13]. - The bank aims to leverage its strengths and invest in growth opportunities within the ASEAN region despite global uncertainties [14].

Core Insights - Singapore's retail sales growth is slowing down due to a decrease in tourist arrivals and an increase in local residents' overseas spending [1][2] - The September retail sales saw a month-on-month decline of 1.4% and a year-on-year growth rate drop from 5.3% in August to 2.8% [1] - The "SG60" neighborhood vouchers issued in July are losing their effectiveness in boosting consumption, with several retail categories experiencing consecutive month-on-month declines [1] Retail Sales Performance - In September, 10 out of 14 retail categories experienced month-on-month declines, with notable drops in computer and telecommunications equipment (-4.0%), gas stations (-5.3%), and supermarkets (-2.2%) [1] - Conversely, department stores (+15.6%) and automobiles (+4.5%) showed positive sales growth [1] Quarterly Overview - For the third quarter of 2025, Singapore's retail sales grew by 4.2% year-on-year, significantly higher than the 1.2% increase in the second quarter [2] - Despite strong employment growth expectations, a decrease in companies' willingness to raise salaries may lead to more restrained consumer spending, potentially suppressing retail activity [2] Future Outlook - October retail sales are expected to be boosted by events such as the F1 Singapore Grand Prix, large concerts, and an influx of Chinese tourists during the "Golden Week" from October 1 to 8 [2]

Core Viewpoint - The recent sharp decline in spot gold prices is viewed as a necessary correction to alleviate excessive speculative long positions accumulated over the past three months, despite the strong long-term fundamentals supporting gold prices [1][2]. Short-term Correction: Digesting Excessive Speculation - Spot gold prices fell from nearly $4,400 per ounce on October 20 to below $3,900 per ounce by October 28, a drop of approximately $500 in just over a week [2]. - The market strategy head at UOB, Heng Koon How, noted that this correction appears more moderate following a three-month "parabolic" surge in gold prices [2]. - The report indicates that the correction is necessary to reduce excessive speculative long positions, with Comex gold futures net non-commercial positions nearing historical highs in early October [2]. Long-term Fundamentals: Still Strong - UOB maintains that the long-term fundamentals supporting gold prices remain robust, citing ongoing stable allocations by central banks and strong purchases by investors through various channels such as physical gold bars, futures, and ETFs [3]. - Global gold ETF holdings have risen to nearly 100 million ounces, valued at approximately $400 billion, with further upside potential [3]. - Notably, despite the recent price correction, gold warehouse inventories on the Shanghai Futures Exchange have increased from under 20 tons in early July to nearly 90 tons [3]. Institutional Validation and Latest Forecasts - UOB's views are corroborated by the World Gold Council (WGC), which reported a record global gold demand of 1,313 tons in the third quarter of 2025 [4]. - The WGC highlighted that investors continue to dominate the market, with central banks net purchasing 220 tons of gold in the third quarter, reinforcing demand [4]. - UOB has slightly raised its gold price forecasts by $100 per ounce for the next four quarters, projecting prices to reach $4,000 per ounce in Q4 2025, $4,100 in Q1 2026, $4,200 in Q2 2026, and $4,300 in Q3 2026 [4]. - The report notes potential volatility risks due to uncertainties in Federal Reserve monetary policy, but technical analysis suggests solid support at the $3,751 level [4]. - Looking further ahead, if diversification demand for safe-haven assets continues, gold prices could potentially reach $5,000 per ounce [4].

Core Viewpoint - Despite recent significant declines in gold prices, the long-term positive fundamentals for gold remain unaffected, driven by central bank purchases and investor demand for diversification amid increasing de-dollarization narratives [1] Group 1: Market Analysis - Central banks continue to allocate gold, which supports its long-term demand [1] - Investors are purchasing gold through various investment products, indicating a strong interest in gold as a safe-haven asset [1] - The common motivation behind these purchases is the need for portfolio diversification and risk mitigation in a volatile economic environment [1] Group 2: Price Forecast - The bank has raised its gold price forecast by $100 per ounce, projecting prices to reach $4,000 per ounce by Q4 2025 [1] - Further projections include $4,100 per ounce by Q1 2026, $4,200 per ounce by Q2 2026, and $4,300 per ounce by Q3 2026 [1]

Core Points - The Federal Reserve decided to lower the federal funds rate target range by 25 basis points to 3.75%-4.00% during its meeting on October 28-29, marking the second rate cut in 2025 following September's decision [1] - The Fed announced it will stop monthly reductions of its balance sheet starting December 1, effectively ending the quantitative tightening process that began in 2022 [1] - UOB's macro research report indicates a possibility of another 25 basis point rate cut in December, with two additional cuts expected in 2026 [1] Summary by Sections Federal Reserve Decision - The rate cut decision was not unanimous, with a vote of 10 to 2, indicating differing opinions among Fed officials [1] - Fed Governor Miran opposed the decision, advocating for a 50 basis point cut, while Kansas City Fed President Schmid preferred to keep rates unchanged [1] Economic Context - Fed Chair Powell described the October rate cut as a "risk management measure" aimed at aligning policy closer to a neutral stance [2] - Powell acknowledged the limitations in obtaining key economic data due to the ongoing government shutdown, suggesting a cautious approach for the December decision [2] Market Expectations - Despite Powell's cautious remarks, market expectations for a December rate cut decreased from "almost certain" to 67.1%, yet UOB maintains its forecast for a 25 basis point cut [2] - UOB predicts that by the end of 2025, the upper limit of the federal funds rate target range will reach 3.75%, with two additional cuts anticipated in 2026, bringing the terminal rate to 3.25% [2] Upcoming Meetings - The next FOMC meeting is scheduled for December 9-10 [3]

Core Points - The Federal Reserve decided to lower the federal funds rate target range by 25 basis points to 3.75%-4.00% during the meeting on October 28-29, marking the second rate cut in 2025 following September's decision [1] - The Fed announced it will halt the monthly reduction of its balance sheet starting December 1, effectively ending the quantitative tightening (QT) process that began in 2022 [1] - UOB's macro research report indicated that the Fed may cut rates by another 25 basis points in December and potentially two more cuts in 2026 [1] - The rate decision was not unanimous, with a vote of 10 to 2; Fed Governor Miran opposed the decision, advocating for a 50 basis point cut, while Kansas City Fed President Schmid preferred to maintain rates [1]