Singapore’s benchmark index rose 38 points or 0.8% to 4,985 on Wednesday, extending gains for a third session and reaching a three-week peak. Optimism was lifted by April’s forex reserves, which hit a four-year high at SGD 544 billion. Meanwhile, anticipation grew over President Trump’s state visit to China from Wednesday to Friday, his first since 2017, raising hopes for a reset in Sino-U.S. ties. However, upside was capped by expectations of softer tourism spending this year, as Middle East conflicts threaten consumer and business mood. On the policy front, the central bank tightened monetary settings in April, warning that an Iran war-driven energy shock could stoke core inflation, even as Singapore rolled out a support package to cushion the blow. Gains were led by process industries, industrial services, and utilities, offset by weakness in consumer non-durables and retail trade. Notable movers included DBS Group (0.7%), OCBC (1.7%), Singtel (1.1%), and Wilmar Intl. (2.7%).