- Singapore bank shares extended declines for a second day after JPMorgan Chase & Co. warned that surging long bond yields will hurt Q3 earnings for Southeast Asian lenders.
- DBS Group Holdings fell as much as 3.6%, while United Overseas Bank and Oversea-Chinese Banking Corp. dropped more than 4% each.
- The declines made Singapore banks the biggest drags on the Straits Times Index, which became the worst performer in Asia.
Quotes
“surging long bond yields will hurt third-quarter earnings for Southeast Asian lenders”