The Japanese yen strengthened significantly against major currencies last week as global investors sought safety amid rising uncertainties. On October 23, the yen climbed to 156.81 per US dollar, its highest level in a year, and also reached 122.71 per Singapore dollar. The surge was driven by disappointing tech earnings, escalating Middle East tensions, and violent protests in France and Italy that triggered sell-offs in equities and bonds. The euro, under pressure from these protests, weakened to 175.20 yen and 1.43 per Singapore dollar.
Singapore real estate investment trusts (S-REITs) reported strong quarterly earnings, boosting their shares. Keppel DC REIT saw its distribution per unit (DPU) rise 11.7% year-on-year to 8.57 cents for the nine months ended September 30, 2026, while revenue increased 13.3% to $365.3 million. Frasers Centrepoint Trust reported a record full-year DPU of 12.35 cents for FY2026, supported by higher passing rents and contributions from Northpoint City South Wing. Suntec REIT also listed a strong third quarter, with DPU up 13.4% year-on-year to 2.017 cents.
Singapore Exchange (SGX) CEO Loh Boon Chye announced he will step down in mid-July 2027, with a search for his successor underway. Meanwhile, CapitaLand Investment appointed Hsieh Fu Hua as independent chairman and Png Chin Yee as a non-executive director, both effective January 1, 2027. Several plantation firms responded to SGX queries over their links to forest fires in Indonesia, with TSH Resources and First Resources among those addressing the concerns.
Other market movers included Singtel, fined $1 million for a preventable mobile outage in March, and Mi Material, aiming to raise $215 million through its mainboard share offering. Investors will be watching developments in the Middle East, the yen's trajectory, and the euro's recovery, along with the US Federal Reserve's meeting on October 27-28.