The Great Divergence: Why UOB Stumbled While REITs Roared to a 6-Year High (Weekly Update 21 Dec 2025)

The Fed cut rates again, but the real story is the split in Singapore banks and the S-REIT revival. Here is your 2026 playbook and the weekly update for 21 Dec 2025.

The Straits Times Index (STI) just hit a new record high of 4,603 points. On the surface, everything looks rosy. The Fed has cut rates for the third time, China is pledging stimulus, and our local market is up +1.2% for the week.

But if you look under the hood, there is a massive divergence happening in your portfolio. While DBS and OCBC are popping champagne at all-time highs, UOB is stuck in the mud, weighed down by a S$1.36 billion provision anchor. Meanwhile, S-REITs just clocked their best year since 2019.