The Japanese yen surged against the US dollar and euro as investors sought safe-haven assets amid global uncertainty. On October 23, the yen climbed to 156.81 per US dollar and 122.71 per Singapore dollar, while the euro weakened to 175.20 yen. The yen's strength was driven by disappointing tech earnings, rising Middle East tensions, and violent protests in France and Italy, which triggered sell-offs in equities and bonds. Analysts noted that political uncertainty could further weigh on the euro, though its direction will also depend on interest rate expectations.
Singapore real estate investment trusts (S-REITs) posted strong quarterly results, boosting their shares. Keppel DC REIT reported an 11.7% year-on-year increase in distribution per unit (DPU) to 8.57 cents for the nine months ended September 30, 2026, with revenue rising 13.3% to $365.3 million. Frasers Centrepoint Trust (FCT) announced 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 will step down in mid-July 2027, with a search for his successor underway. Loh, who assumed the role in 2015, cited the bourse's strong performance as an opportunity for thoughtful leadership transition. Meanwhile, CapitaLand Investment (CLI) announced board changes, appointing Hsieh Fu Hua as independent chairman and Png Chin Yee as a non-executive director from January 1, 2027.
Several plantation firms responded to SGX queries over their links to forest fires in Indonesia. TSH Resources reported 274 hot spots within its estate boundaries but denied any fires in its operational areas. First Resources acknowledged fires spreading onto its concession areas, while Olam Group stated it had no direct operational exposure to the fires. Shares of agribusiness companies queried by SGX mostly fell, with Wilmar International and Bumitama Agri among the hardest hit.