The Monetary Authority of Singapore (MAS) is prepared to curb excessive volatility in the Singapore dollar.

Meta is scheduled to release its Q2 earnings report after the US stock market closes on July 29th. Deutsche Bank, in its latest research report, predicted the earnings results and stated that Meta's current valuation (approximately 16 times the next 12 months' EPS) is lower than the S&P 500, failing to fully reflect the durability of its advertising business and the significant growth potential in areas such as AI subscriptions and cloud services. They maintain a "Buy" rating with a target price of $800: 1. Continued strength in core advertising business: Meta's Q2 2026 revenue is expected to be approximately $60.5 billion (27% year-over-year growth), close to the upper limit of guidance. This growth is primarily driven by AI-powered ranking and marketing automation tools (such as Advantage+), improving advertiser ROI and attracting more budget. Instagram user time continues to grow at double-digit rates, further solidifying the fundamentals. 2. AI R&D enters a period of rapid expansion: Meta Superintelligence Labs has completed its computing stack rebuild, entering a more predictable product cycle (such as Muse Spark 1.1). The company aims to return to leading performance levels by the end of the year and plans a long-term transition to a native LLM recommendation architecture for more accurate content and advertising matching. 3. Explicit AI Monetization Paths Becoming Increasingly Clear: Subscription Services: Covering consumers, AI, and businesses, expected to generate $4.5 billion to $15.6 billion in revenue by 2027. Business Intelligence Agent: Weekly conversations have reached 10 million (a tenfold increase), with pay-as-you-go billing expected to begin in 2027. Cloud Infrastructure: Considering reselling computing power to third parties or providing model APIs, with a potential annualized revenue of $24 billion. 4. Capital Expenditure and Financial Resilience: While capital expenditure is expected to increase to $210 billion to $215 billion by 2027, Meta's actual net expenditure will be more manageable through in-house custom chip (MTIA) applications and financing from partners such as Hyperion. (Source: Deutsche Bank)

[Treasury Bond Futures Opening] The 2-year Treasury bond futures (TS) main contract fell 0.01%, the 5-year Treasury bond futures (TF) main contract was unchanged, the 10-year Treasury bond futures (T) main contract was unchanged, and the 30-year Treasury bond futures (TL) main contract rose 0.16%.