The US mid-term elections have delivered a resounding victory for the Democratic Party, which now controls both the House and Senate in one of the strongest mid-term performances in recent history. Yet despite the political significance of the so-called "blue wave", the market implications may be less dramatic than the headlines suggest. Political shift, but likely limited policy impact Although Democrats now control both chambers of Congress, their ability to drive major policy changes may be relatively limited. President Trump remains in the White House and retains veto power. As a result, the most likely outcome is continued political gridlock rather than a wave of sweeping legislative changes. From a market perspective, that may not be a bad thing. Gridlock tends to reduce the risk of
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Democrats win control of Congress: What it means for markets, AI and Asia
Democrats win control of Congress: What it means for markets, AI and Asia
Asia turns the tables on dividends
UOBAM Ping An FTSE ASEAN Dividend Index ETF: $UOBAM PA FT ASEAN DV S$(UPD.SI)$ $UOBAM PA FT ASEAN DV US$(UPU.SI)$ United Asia Fund: $UNITED ASIA "A" (SGD) INC(SGXZ90724238.SGD)$ $UNITED ASIA "A" (SGD) ACC(SG9999001051.SGD)$ United Greater China Fund: $UNITED GREATER CHINA "A" (SGD) ACC(SG9999001093.SGD)$ The global dividend landscape is evolving. Rounding out our Asia series, we look at why Asian companies, especially those in ASEAN, have emerged as a reliable source of income, with dividend payouts that increasingly surpass those
Asia turns the tables on dividends
Asia is home to a new generation of global industry leaders
UOBAM Ping An FTSE ASEAN Dividend Index ETF: $UOBAM PA FT ASEAN DV S$(UPD.SI)$ $UOBAM PA FT ASEAN DV US$(UPU.SI)$ United Asia Fund: $UNITED ASIA "A" (SGD) INC(SGXZ90724238.SGD)$ $UNITED ASIA "A" (SGD) ACC(SG9999001051.SGD)$ United Greater China Fund: $UNITED GREATER CHINA "A" (SGD) ACC(SG9999001093.SGD)$ The defining investment theme of this decade is the powerful combination of growth and innovation. In the second article of our Asia series, we examine why Asian companies are already excelling in this space. Asian companies are s
Asia is home to a new generation of global industry leaders
Stars are aligning for Asia equities
United Asia Fund: $UNITED ASIA "A" (SGD) INC(SGXZ90724238.SGD)$ $UNITED ASIA "A" (SGD) ACC(SG9999001051.SGD)$ The United Asia Fund provides investors with a one-stop solution for accessing Asia's most compelling growth and income opportunities. Investors are always searching for the next catalyst that can drive markets higher. Occasionally, several tailwinds can arrive at once, as appears to be the case for Asia heading into the final quarter of 2026. Historically, the fourth quarter tends to be one of the strongest periods for equity markets. This year, the seasonal backdrop could be even more compelling as three powerful cycles converge at the same time. The first is the US
Stars are aligning for Asia equities
Singapore equities pullback: What investors need to know
Following a strong run, Singapore equities have come under pressure amid a broader global market pullback. With Singapore bank stocks leading the decline, investors are asking whether this is a healthy correction or the start of a more prolonged downturn. We sat down with our portfolio manager to discuss what's behind the recent pullback and what investors should watch next. 1. What is driving the recent sell-off in Singapore equities? We view the recent sell-off primarily as part of a broader global risk-off move rather than a reflection of deteriorating Singapore fundamentals. Rising US Treasury yields and higher oil prices have renewed inflation concerns, prompting investors globally to reduce risk exposure. In Singapore, the pullback has been amplified by the STI’s heavy weighting towa
Singapore equities pullback: What investors need to know
Why Asia, why now? Rethinking Asia's place in global portfolios
UOBAM Ping An FTSE ASEAN Dividend Index ETF: $UOBAM PA FT ASEAN DV S$(UPD.SI)$ $UOBAM PA FT ASEAN DV US$(UPU.SI)$ United Asia Fund: $UNITED ASIA "A" (SGD) INC(SGXZ90724238.SGD)$ $UNITED ASIA "A" (SGD) ACC(SG9999001051.SGD)$ United Greater China Fund: $UNITED GREATER CHINA "A" (SGD) ACC(SG9999001093.SGD)$ The first article in our Asia series, this piece sets out the case for a strategic allocation to Asia, exploring the market and macroeconomic factors that make the region attractive today. For much of the past decade, global inves
Why Asia, why now? Rethinking Asia's place in global portfolios
4Q26 Outlook | Good global growth is proving stronger than late cycle risks
The case for staying invested: Growth still outweighs the risks Over the past few months, investors have become increasingly focused on a range of late-cycle risks. Rising bond yields, persistent inflation, fuller capacity utilisation and labour markets with low unemployment rates have all contributed to concerns that the current economic expansion is operating under late cycle conditions. As a long-term investor, these are risks that I continue to monitor closely. Yet, despite an increasingly complex backdrop, the global economy continues to demonstrate remarkable resilience. Growth remains broadly supported across major regions, corporate earnings continue to exceed expectations, and business investment remains healthy. While the current environment exhibits several late-cycle characteri
4Q26 Outlook | Good global growth is proving stronger than late cycle risks
Outlook more positive as war de-escalation continues
UOBAM’s Strategy Group sees more scope for risk-taking as US-Iran tensions cool and market focus shifts back to company fundamentals. US and Iran step away from the brink While the outcome of the US-Iran war remains difficult to predict, it does appear that international attempts to lower the temperature in the Middle East are paying off. The two-week US-Iran ceasefire announced on 8 April has now been extended indefinitely, and the Israel-Lebanon ceasefire which was set to expire last Sunday has also been extended by three weeks. This de-escalation had already been anticipated by global stock markets. Almost all major indices bottomed at the end of March and have trended higher through April despite elevated oil prices. Korea and Taiwan are currently leading gains, while Japan and t
Outlook more positive as war de-escalation continues
Stronger SGD, firmer rates: Singapore bonds poised to benefit
$UNITED SGD "A" (SGD) INC(SG9999010805)$ $UNITED SINGAPORE BOND "A" (SGD) ACC(SG9999003412)$ $UNITED SINGAPORE BOND "A" (SGD) INC(SGXZ36402089)$ Supported by a stronger SGD, safe haven demand, and a resilient rates backdrop, Singapore bonds are well‑placed to hold up better than global bond markets in the months ahead. The war in Iran has pushed global oil prices above US$100 per barrel multiple times since March, roiling energy markets and raising global inflation risks. As a small, open economy that imports almost all of its energy needs, Singapore is especially exposed. Higher energy prices tend to filter quickly into Singapore
Stronger SGD, firmer rates: Singapore bonds poised to benefit
Market Update | United SGD Fund remains resilient amid heightened Middle East tensions
$UNITED SGD "A" (SGD) INC(SG9999010805)$ As the US–Israeli war on Iran enters its third week, volatility across global bond markets has intensified. Since the outbreak of hostilities on 28 February 2026, the two‑year US Treasury yield has climbed from 3.4 percent to 3.7 percent, while the 10‑year yield has risen from 4.0 percent to nearly 4.3 percent [1]. These moves reflect growing concerns that higher energy prices could fuel renewed inflation and lead major central banks to adopt a more hawkish policy stance. As a result, global bond prices have declined, and wider market sentiment has turned more cautious. Impact on Asia credit markets Credit markets in Asia have also been impacted. Asia relies heavily on Middle Eastern energy, sour
Market Update | United SGD Fund remains resilient amid heightened Middle East tensions
[Part 2] The next five dividend leaders in the UOBAM Ping An FTSE ASEAN Dividend Index ETF
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ Having explored the ETF’s top five holdings in our earlier article, we now shift our focus to its next five largest constituents, representing leading companies across Malaysia, Thailand and Indonesia. It is said that the Year of the Horse ushers in wealth, drive and fresh opportunities. As investors look to build prosperity in the months ahead, dividend strategies, with their emphasis on stable, recurring income, offer a strong foundation for long term wealth building. In the second part of our series on the UOBAM Ping An FTSE ASEAN Dividend Index ETF (SGX: UPD, UPU) (th
[Part 2] The next five dividend leaders in the UOBAM Ping An FTSE ASEAN Dividend Index ETF
[Part 1] UOBAM Ping An FTSE ASEAN Dividend Index ETF: A look at the top companies driving performance
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ In the first of our two-part series exploring the companies powering the UOBAM Ping An FTSE ASEAN Dividend Index ETF, we take a closer look at its top five holdings. In Part 2, we’ll dive into the next five holdings, which span banking, telecommunications, energy and automobiles. Spotlight on ASEAN Tech and software stocks have faced heightened volatility in recent weeks on concerns over soaring AI spending and the growing risk of AI-fuelled disruption. As markets churn, investors seeking stability are increasingly turning to lower-volatility sectors and companies less exp
[Part 1] UOBAM Ping An FTSE ASEAN Dividend Index ETF: A look at the top companies driving performance
Thailand’s 2026 election: What’s at stake for markets and the economy
Thailand heads to the polls this Sunday, 8 February 2026, at a time of heightened political and economic strain. The snap election follows Prime Minister Anutin Charnvirakul’s decision to dissolve parliament in mid-December, after the People’s Party signalled a no‑confidence motion that threatened to topple his minority government. Politically, Thailand has cycled through 10 prime ministers in the past two decades. This frequent turnover has contributed to delays in budget approvals and hampered long-term policy planning. On the economic front, the country is expected to be the slowest-growing major economy in Southeast Asia outside of Myanmar this year, with the International Monetary Fund (IMF) forecasting GDP growth of just 1.6 percent in 2026. Domestic consumption is weakening, constra
Thailand’s 2026 election: What’s at stake for markets and the economy
Unlock ASEAN’s dividend potential with the UOBAM Ping An FTSE ASEAN Dividend Index ETF
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ In an increasingly uncertain world, dividend-paying stocks are gaining traction as a way for investors to keep their portfolios steady while still earning reliable income. Reflecting this demand, global ETF assets tracking dividend strategies reached an all‑time high in 2025. Why dividend stocks? Companies that pay consistent dividends tend to have durable business models, stable cash-flow generation, and strong balance sheets. These qualities typically help companies stay resilient during periods of market stress. At the same time, such companies are often able to grow th
Unlock ASEAN’s dividend potential with the UOBAM Ping An FTSE ASEAN Dividend Index ETF
Looking for somewhere to hide from global tensions? Head for ASEAN
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ The Greenland crisis seems to have eased for now, but geopolitical uncertainties remain. ASEAN offers investors a relative oasis of calm in these unsettled times. 2025: Positive growth despite tariffs When President Trump announced that ASEAN markets like Vietnam, Thailand and Indonesia would be subject to reciprocal tariffs, many feared that the impact to the region could be significant. Indeed, having benefitted from trade front-loading in the first half of 2025, growth momentum weakened in 3Q25. However, the latest data emerging suggests that most markets in ASEAN ended
Looking for somewhere to hide from global tensions? Head for ASEAN
How to pick the right dividend ETF
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ Investors in Singapore don’t have to look far for income opportunities. The Singapore Exchange (SGX) is home to a wide range of dividend-paying ETFs covering assets such as bonds, real estate investment trusts (REITs) and dividend-paying stocks. Whether you’re looking for stability, higher yields, or long‑term growth, there’s likely an ETF listed on the SGX that matches what you need. This variety is important because income investing isn’t one‑size‑fits‑all. Each asset class behaves differently, especially across different interest rate environments and market cycles. Wh
How to pick the right dividend ETF
Why dividend investing matters in a lower interest rate world
Units traded in SGD: $UOBAM Ping An FTSE ASEAN Dividend Index ETF(UPD.SI)$ Units traded in USD: $UOBAM PA FT ASEAN DV US$(UPU.SI)$ At the start of 2025, you could still turn to six-month Singapore Treasury bills (T-bills) for relatively high yields of 3 percent with minimal risk. But as interest rates declined over the year, T-bill yields came down too, ending at just 1.6 percent as of 31 December 2025. This sharp drop has prompted many investors to look beyond cash‑like instruments for better income opportunities. If you’re reluctant to settle for lower yields and are open to take on modest additional risk, dividend-paying stocks offer an attractive middle ground. They provide a meaningful step-up i
Why dividend investing matters in a lower interest rate world
1Q26: Headwinds are turning into tailwinds
Global markets enter 2026 on a stronger footing as 2025's trade-related risks recede and policy support gains momentum. Fiscal incentives and continued rate cuts in the US are expected to underpin growth, while corporate earnings remain robust across major regions. Against this backdrop, UOBAM’s investment managers have shifted to a slightly more constructive stance. Equities move to a mild overweight, focused on Asia and US, while fixed income stays neutral. Gold remains compelling as a safe-haven asset but cash is underweighted as lower yields make risk assets more attractive. We think diversification remains key, but with headwinds turning into tailwinds, the outlook for 2026 is increasingly optimistic. Hear from UOBAM’s Head of Multi-Asset Strategy, Anthony Raza Summary of UOB Asset Ma
3 reasons to move off the fence in 2026
2025 was a year of intriguing opportunities but also unprecedented global trade uncertainties. We think that this year’s headwinds will turn into next year’s tailwinds, and an environment of investor optimism will start to shine through. 2025: Non-US markets stepped up We started 2025 with a call to overweight equities, and investors who managed to hold for the full year have been well rewarded. Many major indices, including the US’s S&P 500, Germany’s DAX, China’s CSI 300 and Singapore’s STI are up by 15 – 20 percent so far this year. That said, markets were unsettled over the course of the year. While many of us expected President Trump to intensify trade tensions in his second term of office, sky-high tariff threats, policy flip-flops and mounting US debt levels did much to sour inv
3 reasons to move off the fence in 2026
Nvidia’s 3Q earnings beat expectations, but some challenges remain
Markets initially rallied following Nvidia’s earning report, but has since lost momentum We think that AI bubble conditions are forming, but a peak is not yet in sight Investors should regard AI rallies as opportunities to diversify further Better than expected results In an earnings report that has rarely been as eagerly or widely awaited, Nvidia announced on Wednesday night that its earnings were significantly up compared to the same period last year. The company’s 3Q revenues and net profits increased by 62 percent and 65 percent respectively, and 4Q sales are forecast to reach around US$65 billion. These results beat analyst forecasts and having faltered in previous days, markets initially responded positively. However, the relief rally soon lost momentum. Japan’s Nikkei 225 and South
Nvidia’s 3Q earnings beat expectations, but some challenges remain
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