RHB Bank Singapore analysts have downgraded Singapore’s banks to “neutral” from “overweight”, as a “subdued macro outlook weights on prospects”. 

The analysts have also downgraded Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) to “neutral” from “buy”, while keeping “buy” on DBS Group Holdings. 

US President Donald Trump’s reciprocal tariffs have injected further uncertainty into the market, write the analysts in an April 22 note, but the pause “provides investors with a reprieve and an opportunity to reposition”.