Part 4/8:

Management at the three banks underscored several risks that could impact their performance. Chief among these is the possibility of a recession in the United States, which could trigger a broader economic slowdown in Asia, including Singapore. Given that no bank is completely immune to economic downturns, any downturn in the U.S. or Europe could sentimentally dampen markets across the region.

Additionally, China's economic trajectory remains a concern. Slowing growth, compounded by ongoing issues in the real estate sector, poses risks to Singapore’s banks, which hold significant direct and indirect exposures to Greater China, including Hong Kong. The pace of China's reopening post-pandemic could influence regional market momentum and economic performance.