Markets rebound despite lingering trade tensions: Weekly Market Recap

'Here comes the tariff news again.' 

That was a comment someone left in our Beansprout Telegram chat this week, after US President Donald Trump accused China of having “totally violated” an agreement. And honestly, it summed up what many of us are thinking.

Markets have been swinging since April with every trade headline. But despite all the noise, both US and Singapore stocks have bounced back close to their all-time highs.

Just look at DBS. Its share price closed at S$44.72 on 30 May, less than 5% away from its record high of S$46.97 earlier this year, after dipping to as low as S$37. We take a closer look at the recent earnings of Singapore banks and whether their dividend yields still make them worth holding.

Meanwhile, Singapore T-bill yields have stabilised after the sharp drop earlier. With the next 6-month auction coming up, we break down what to expect.

And as trade concerns ease, Singapore REITs have also clawed back some losses. If you’re considering whether to invest in individual REITs or through a REIT ETF, we share a few thoughts on how to decide.

Looking back over the past two months, one thing stands out to me: It always pays to stick to your long-term financial plan. And what gives me the conviction to do so? Knowing what I’m investing in, and why.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

🏛 Tariffs uncertainty linger

What happened? 

US President Donald Trump has announced a delay in the implementation of a planned 50% tariff on European Union imports, pushing the start date to 9 July.

Meanwhile, the White House’s broader trade agenda hit a speed bump, as the US Court of International Trade blocked most of the tariffs recently introduced, citing procedural issues.

What does this mean?

Trade policy remains in flux, with fresh twists through the week. An appeals court has temporarily suspended a ruling that blocked most of the White House’s new tariffs, allowing them to stay in effect while the legal battle continues.

Meanwhile, Treasury Secretary Scott Bessent said U.S.-China trade talks are “a bit stalled,” raising fresh doubts about progress between the world’s two largest economies.

To add to the uncertainty, President Donald Trump announced that the U.S. will double its existing tariffs on steel and aluminium imports from 25% to 50% starting Wednesday.

Why should I care?

The S&P 500 started the week on a positive note with improved sentiment, but later gave up some gains as concerns about an escalating trade war resurfaced.

Back home, Singapore stocks edged higher. ST Engineering and SATS led the way, while Singapore REITs also saw a rebound as bond yields moderated. Mapletree Logistics Trust and CapitaLand Ascendas REIT were among the top-performing REITs this week.

🚗  Moving This Week

• CapitaLand Ascendas REIT has entered conditional agreements to acquire two prime properties for a purchase consideration of around S$700.2 million to expand its portfolio in Singapore. The two properties are a Tier III colocation data centre at 9 Tai Seng Drive and a premium business space property at 5 Science Park Drive. The REIT has raised $500 million from a private placement of 202.43 million units priced at $2.47 each. Read more here.
• Keppel has appointed former DBS chief executive Piyush Gupta as deputy chairman and non-executive independent director of its board, effective Jul 1. Gupta will also be appointed a member of the nominating committee, remuneration committee and the board sustainability and safety committee in July. Read more here.
• Seatrium has achieved a net order book of $21.3 billion as at March 31, comprising 26 projects with deliveries extending to 2031. The company continues to see a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand. Read more here.

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

DBS, UOB, OCBC offer 6% dividend yield. Should you buy now?

DBS, UOB, and OCBC have maintained their dividend guidance for 2025 despite uncertainty brought about the trade war. We explore whether they’re still worth buying with their attractive dividend yields.

🤓 What we're looking out for next week

• Monday, 2 Jun: Singapore Savings Bond (SSB) application open
• Wednesday, 4 Jun: CapitaLand Ascendas REIT ex-dividend
• Thursday, 5 Jun: 6 month Singapore T-bill auction
• Friday, 6 Jun: US Non-farm payroll

Get the full list of stocks with upcoming dividends here. 

Source: SGX, Bloomberg, Refinitiv

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