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
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Outlook more positive as war de-escalation continues
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
Where are we in the AI bubble cycle?
$UNITED GLOBAL DURABLE EQUITIES (SGD) INC(SG9999014013)$ | $UNITED GLOBAL DURABLE EQUITIES (USD) INC(SG9999014039)$ With Nvidia stocks up an astounding 1,240 percent over the past five years, the current AI boom is displaying signs of “irrational exuberance”. So it is important to learn from history and ask: are we in an AI bubble and how close are we to the end? Learning from history In terms of tech-driven investor excitement, the 2020s has all the hallmarks of the 1990s. Back then, investors couldn’t get enough of internet stocks and from 1995 – 2000, drove the NASDAQ Composite index up by over 400 percent. Notably, the market remained buoyant even after warnings about overstretch
Where are we in the AI bubble cycle?
Vietnam’s upgraded status – how much more upside is possible?
Vietnam is set to be upgraded to Emerging Market status by FTSE Russell, effective September 2026 This could unlock potential foreign inflows of up to US$10 billion Vietnam’s stock market is up more than 30 percent YTD, and there remains scope for sustained market development Aligned with Asian peers Vietnam’s long-awaited reclassification from Frontier to Emerging Market status by FTSE Russell marks a major milestone in the country’s capital market development. Having been on FTSE’s watchlist since 2018, this upgrade puts Vietnam in the same market category as China, India, and Indonesia, thereby enhancing its visibility and appeal to global investors. We expect this promotion to unlock substantial foreign investment, particularly from passive funds that were previously restricted from ac
Vietnam’s upgraded status – how much more upside is possible?
What does Indonesia’s cabinet reshuffle mean for investors?
Highly regarded finance minister Sri Mulyani Indrawati has been replaced, sparking some market concern The volatility could persist over the short and medium term as investors assess the new finance minister’s credibility However, any correction offers selective buying opportunities in the consumer and commodity sectors Finance minister replacement raises concerns Indonesia’s financial markets were jolted this week by President Prabowo Subianto’s major cabinet reshuffle, where he replaced five ministers and introduced a new Ministry of Hajj and Umrah. The most consequential change was the replacement of prominent finance minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa, a lesser-known economist with strong political ties. As one of Indonesia’s longest-serving finance ministers, Sri
What does Indonesia’s cabinet reshuffle mean for investors?
China A-share innovation stocks push ahead
August’s market rally especially benefited smaller cap tech stocks Falling yields are a key driver, but investor confidence has also increased We expect to see sustained fund flows into high growth sectors as China intensifies domestic chip development China A-shares market roars back to life Over the past few weeks, the China A-shares market has shifted up a gear. The CSI 300 index, which tracks the top stocks on the Shanghai and Shenzhen stock exchanges, has gained 17.5 percent YTD, of which more than half – 10.3 percent – has come in the past one month. But if we focus in on the A-shares tech sector, the gains are even more impressive. Shanghai’s SSE Star 50 Index is up by 29.8 percent, and Shenzhen’s ChiNext index is up 23.0 percent over the same one-month period. Source: Bloomberg, as
China A-share innovation stocks push ahead
United Global Durable Equities Fund: A complement to conventional global equity portfolios
$UNITED GLOBAL DURABLE EQUITIES (SGD) INC(SG9999014013)$ | $UNITED GLOBAL DURABLE EQUITIES (USD) INC(SG9999014039)$ Are you more tech-exposed than you realise? In recent years, global mega-cap tech stocks have delivered outsized returns and captured investor attention. As a result, many investors today own portfolios concentrated in tech names, either through direct stock holdings or via broad market indices. For instance, Information Technology (IT) and Communication Services stocks now form 35 percent of the MSCI All Country World Index (ACWI)1 and 44 percent of the S&P 500 index2. This means that even index investors could be more exposed to tech than they realise. Durable com
United Global Durable Equities Fund: A complement to conventional global equity portfolios
60 years on: SGD bonds more appealing than ever
$UNITED SGD "A" (SGD) INC(SG9999010805)$ Singapore is one of just 11 AAA-rated countries left in the world today. Coupled with the de-dollarisation trend and search for high-quality corporate bond yields, demand for SGD bonds looks set to persist over the long term. Joyce Tan, Head of Fixed Income, Asia / Singapore, UOB Asset Management Making up for lost time Unlike many other countries, in the 60 years since its independence, Singapore has largely managed to maintain annual budget surpluses, and has not needed to borrow money from investors to fund its expenditure. As a result, Singapore came late to the fixed income game. The government only took concerted steps to build a liquid Singapore dollar bond market in 1997 following the Asi
60 years on: SGD bonds more appealing than ever
A new chapter is emerging for Singapore equities
United SG Dynamic Income Fund: $UNITED SG DYNAMIC INCOME FUND "A" (SGD) INC(SGXZ24219693)$ or $UNITED SG DYNAMIC INCOME FUND "A" (SGD) ACC(SGXZ43160589)$ United Singapore Growth Fund: $UNITED SINGAPORE GROWTH (SGD) INC(SG9999001127)$ 60 years in the making Singapore has moved from being a domestic to a regional financial hub in the 60 years since its independence. Financial services catering to local traders were already in place even in colonial times. However, the launch of the Asian Dollar Market and Asian Currency Unit in 1968 lay the foundations for Singapore’s modern financial industry. These developments gave rise to the pr
A new chapter is emerging for Singapore equities
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