[Singapore bank stocks fell significantly, JP Morgan warned that soaring yields could threaten profits] On October 8, Singapore bank stocks fell more sharply after JPMorgan warned that soaring long-term bond yields will drag down the third-quarter profits of Southeast Asian banks. DBS Group and OCBC Bank both fell more than 4%, while United Overseas Bank fell 5.2%. All three banks were major drags on Singapore's Straits Times Index. The index fell 3.5%, its biggest drop since April 2025, and became Asia's worst-performing major stock index. The move follows years of gains for Singaporean bank stocks, driven by record profits and Singapore's rising status as a global wealth management hub. However, in the context of already high valuations, the market has begun to worry that high bond yields may affect bank dividends, and supporting factors are facing tests.