My pick for 2026: U.S. equities hitting new highs. Earnings resilience, AI-driven productivity gains, and strong balance sheets still favour a grind higher, even if leadership narrows and volatility rises. New highs do not require exuberance, only sustained cash flow growth. Gold above US$5,000 is plausible but conditional on sustained real-rate compression and geopolitical stress. It is more likely as a spike than a stable regime. Fed policy reversals may occur, but more as incremental recalibration than dramatic U-turns. An outright AI bubble burst looks least likely. A valuation reset or rotation is more realistic than a collapse. Ironically, the true surprise could be “nothing happens”. A year of modest growth and range-bound markets would wrongfoot both extremes. That said, my v

Jim Reid’s provocation is useful precisely because markets have become conditioned to expect drama. When shock becomes the baseline, stability itself turns counterintuitive. My assessment for 2026, in order of likelihood: 1. U.S. equities hitting new highs This is the most probable. Earnings growth from productivity gains, AI-driven capex, and resilient balance sheets can still carry indices higher, even if returns are narrower and more uneven. New highs do not require euphoria, only persistence. 2. Gold breaking above US$5,000 Plausible, but conditional. It likely requires sustained real-rate compression, ongoing central bank buying, and geopolitical tension. A spike above US$5,000 may occur, but holding that level is a higher bar. 3. Repeated Fed policy reversals Less dramatic than it so

Gold at ~US$4,500 reflects an unusually powerful convergence of macro forces. Whether US$5,000 is reached in 2026 depends less on speculation and more on whether these drivers persist. Will gold hit US$5,000 in 2026? Plausible, but not guaranteed. A move to US$5,000 would require several conditions to remain aligned: Monetary policy: If the Fed delivers two cuts and real yields stay compressed, gold remains structurally supported. Geopolitics and fragmentation: Ongoing geopolitical risk and reserve diversification by central banks are long-duration tailwinds. Currency confidence: Persistent fiscal deficits and debt monetisation narratives favour gold as a store of value. However, upside is unlikely to be linear. A stronger US dollar, delayed cuts, or risk-on equity sentiment could trigger

Current Market Context Recent trading saw the S&P 500 at yet another record high (~6927) as the traditional “Santa Claus rally” window began in the last trading days of December. Analysts link this to seasonal demand, lighter volumes, and cautious optimism around earnings and monetary policy expectations such as rate cuts.  What the Seasonal Patterns Suggest Santa Claus rally refers to the tendency for the S&P 500 to rise during the last five trading days of the year and the first two of January. Historically this pattern: Has seen positive returns in ~75 per cent of years since 1950. Generates average gains around 1.2–1.4 per cent over the seven-day window.  This is not a structural market driver but a seasonal statistical pattern, not a fundamental guarantee. The Januar

DBS in 2026 DBS should remain a strong core holding, supported by solid capital buffers, disciplined management, and an attractive dividend. However, upside is likely to be gradual rather than explosive, with returns driven more by income, wealth management, and asset quality than by further rate tailwinds. JPMorgan’s Singapore picks JPMorgan’s picks lean towards stability over speculation. DBS anchors the list, while names like ST Engineering, Keppel, and Singtel add exposure to defence, energy transition, and restructuring themes. Bottom line DBS continues to shine as a dependable anchor, not a breakout play. JPMorgan’s strategy suits a steadier, lower-volatility 2026.

$Tiger Brokers(TIGR)$ The Christmas period is best treated as a pause rather than a push. My ideal plan is a quiet reset. Fewer screens, more reading, longer walks, and time deliberately left unstructured. It is one of the rare windows where stepping back improves clarity rather than costing opportunity. From a markets perspective, I typically scale back active trading significantly. Liquidity thins, price moves can be exaggerated, and the risk-reward for new positions deteriorates. Instead, I prefer light monitoring only. Reviewing the year, stress-testing assumptions, and sketching scenarios for the new one tends to be far more productive than forcing trades. If anything, it is a time to reduce noise, not add exposure. On travel style, I lean t

Here is a grounded take based on current markets and historical patterns. Will the Santa Rally Extend into January? Seasonal patterns show that the so-called Santa Claus rally covers the last five trading days of December and the first two of January, historically nudging the S&P 500 higher more often than not. Since 1950, this period has produced an average positive return and delivered gains in a high proportion of years, though not always large moves.  Current positioning supports the seasonal lift. The index is at record closing levels, and technical momentum with lighter holiday volumes can extend the trend in the near term.  However, there are important caveats: A Santa rally is a calendar effect, not a fundamental guarantee. Past performance does not determine future o

$Tiger Brokers(TIGR)$ 2025 will likely be remembered less for any single shock and more for a structural shift. In my view, the defining event was the decisive re-pricing of compute as a strategic resource. The AI arms race moved from narrative to capital reality. Trillions flowed into data centres, power infrastructure, advanced chips, and sovereign-level technology policies. This reshaped capital allocation far beyond tech, influencing commodities, energy, defence, and geopolitics. Tariffs and politics created volatility, but compute scarcity changed the long-term investment map. The trade that taught the most was not a high-conviction winner, but managing exposure during the AI drawdowns. Several “inevitable” narratives corrected sharply despi

Will gold hit USD 5,000 in 2026? It is possible, but not the base case. At around USD 4,500, gold already reflects expectations of Fed rate cuts, sustained central bank buying, fiscal imbalances, and geopolitical risk. A move to USD 5,000 likely requires an additional catalyst, such as a sharper US slowdown, deeper-than-expected easing, renewed inflation pressure, or a major geopolitical escalation. In a soft-landing scenario with stable growth and a firm US dollar, consolidation below USD 5,000 is more probable than a clean breakout. Futures, ETFs or leveraged ETFs? • ETFs are best for most investors, offering simple, long-term exposure without leverage decay. • Futures suit experienced traders who can manage volatility and margin risk. • Leveraged ETFs are strictly short-term tradin

Novo Nordisk’s rally on approval of an oral Wegovy is strategically important, but it does not automatically guarantee a sustained turnaround. Why the oral approval matters An effective oral GLP-1 materially expands the addressable market. Many patients avoid injectables due to inconvenience or needle aversion, particularly in primary care and early-stage obesity treatment. From a competitive standpoint, this is Novo Nordisk’s first credible answer to Eli Lilly’s strong pipeline momentum and helps rebalance the narrative that NVO is structurally losing ground. Why NVO underperformed so sharply NVO’s 38% decline this year reflects a mix of factors rather than a collapse in the obesity thesis. Concerns centred on manufacturing capacity, slower-than-expected supply expansion, pipeline disappo

Gold reaching USD 5,000 in 2026 is plausible, but not inevitable. Will gold hit USD 5,000 in 2026? The move towards USD 4,500 suggests gold is already pricing in a combination of policy easing, geopolitical risk and structural demand. Two Fed cuts in 2026 would lower real yields, which is historically supportive for gold. In addition, persistent central bank buying, fiscal deficits and currency debasement concerns provide a strong long-term floor. That said, USD 5,000 likely requires a reinforcing shock, such as a sharper economic slowdown, renewed inflationary pressure, or an escalation in geopolitical conflict. In a benign soft-landing scenario with stable growth and a firm US dollar, gold may consolidate between USD 4,200 and USD 4,700 rather than extend aggressively. How to express the

1. China H200 ship-ups and catalyst potential Plans to begin delivering H200 AI chips to China around mid-February 2026 are now widely reported. Initial shipments are expected to comprise roughly 5,000–10,000 module sets, equivalent to approximately 40,000–80,000 chips, subject to Chinese regulatory approval. The move follows a reversal in U.S. export policy that permits H200 sales to “approved customers” with a 25% revenue share for the U.S. government. These shipments would mark the first major resumption of Nvidia’s AI chip exports to China after prior bans.  From a demand perspective, the China market represents a meaningful addressable opportunity for Nvidia given the scale of AI adoption among hyperscalers and cloud providers there. Analysts estimate H200 sales could add materia

A measured approach is warranted. How I would plan this week’s trade This is typically a positioning and risk-management week, not an aggressive deployment window. Light net exposure: Maintain partial longs rather than full conviction trades. Liquidity thins quickly into year-end and price moves can exaggerate without confirmation. Favour leaders, not laggards: If participating, I would focus on stocks and indices already holding above key moving averages. Chasing beaten-down names rarely pays during Santa windows. Options bias: Call spreads or short-dated directional structures are preferable to outright equity exposure. Defined risk matters when liquidity is uneven. Cash is a position: Holding dry powder into the final two sessions of December often offers better risk-reward than forcing

Will gold reach US$5,000 in 2026? A move to US$5,000 in 2026 is ambitious but no longer implausible. After breaking US$4,500, gold has entered a regime shift rather than a cyclical rally. Key forces supporting a US$4,800 to US$5,200 tail scenario include: Monetary policy asymmetry: Even two Fed cuts in 2026 would still leave real rates vulnerable if growth slows faster than inflation. Gold responds more to the direction of policy than absolute levels. Central bank accumulation: Reserve diversification away from USD remains structural, not tactical. This creates a persistent bid under pullbacks. Geopolitical risk premium: Unlike past spikes, risk is now multi-polar and persistent rather than event-driven. Silver confirmation: Silver’s outperformance suggests this is a broad precious-metals

1. Will AI Continue as a Dominant Investment Theme in 2026? Strong consensus among major strategists and market outlooks suggests that AI will remain a central theme driving investment flows and economic growth into 2026. Economic Growth and Corporate Capex • Large financial institutions, including Bank of America, highlight that AI investment has meaningfully contributed to current US economic growth and is expected to continue growing in 2026, potentially becoming a more significant driver of productivity and capital spending next year. � • BlackRock’s outlook also points to AI capital expenditure supporting economic growth next year, at three times historical averages. � Market Strategy and Asset Allocation Views • Several brokerages and analysts believe AI will cement itself as a core

The Santa Claus window is statistically favourable, but tactically it still requires discipline. How to plan the week: Positioning over prediction: Liquidity is thinning, so price moves can be exaggerated. I would favour smaller sizing, tighter risk control, and trades aligned with existing trends rather than fresh thematic bets. Leadership matters: Watch whether market leadership broadens beyond a few mega-cap names. A healthy Santa rally typically shows participation from cyclicals and selected defensives, not just headline tech. Macro silence is a feature: With limited data and policy signals, sentiment and flows dominate. That tends to reward momentum, but punishes late, leveraged entries. Bullish on the Santa rally? Cautiously, yes. Seasonality, window dressing, and reduced selling pr

Over the next 12 months, gold’s trajectory is less about a single catalyst and more about policy credibility and regime risk. Key drivers: Real rates and policy confidence Gold responds less to nominal rates than to trust in central banks. If the Federal Reserve cuts into slowing growth while inflation remains sticky, real yields compress and gold stays bid. A credible hawkish pivot would cap upside, but that requires inflation to fall cleanly without economic stress, which remains uncertain. Fiscal dominance and debt optics Persistent deficits and rising refinancing needs in the U.S. and Europe continue to favour gold as a reserve hedge. This is structural, not cyclical. Geopolitics and reserve diversification Central bank buying remains robust, especially outside the West. This provides

The rebound following Micron’s results has clearly stabilised sentiment, but whether this is a clean buy-the-dip for Nvidia depends on time horizon. Fundamentals: Morgan Stanley’s stance is credible. The AI compute cycle remains capacity-constrained, not demand-constrained. Nvidia still sits at the centre of this ecosystem, with strong visibility on data-centre orders extending into 2026. On that basis, dips driven by positioning or sentiment rather than earnings deterioration remain attractive for medium-term investors. Near-term price action: After a sharp rebound, the risk tonight is a gap-up-and-sell-the-news session. Micron’s beat reduces downside tail risk, but it also gives short-term traders an excuse to lock in gains. Nvidia has already rallied meaningfully off recent lows, so ups

Is it Micron’s “Nvidia moment”? Not quite. Nvidia benefitted from platform dominance and software lock-in. Micron and peers are riding a structural upcycle driven by AI servers needing far more DRAM and HBM per rack. The gains are broad across the memory sector rather than company-specific. How long can the imbalance last? Likely 2 to 3 years. HBM capacity is tight, capex remains disciplined after prior busts, and AI demand keeps rising. Supply will expand, but not fast enough to quickly normalise pricing. Is it too late? Late for easy upside, not late for returns. Much optimism is priced in, so upside depends on sustained pricing power rather than multiple expansion. Risk is cyclical reversal once capacity catches up. Bottom line: this is a durable but cyclical memory supercycle. Still i

$Tiger Brokers(TIGR)$ Christmas, for me, is less about escape and more about recalibration. I deliberately scale back active trading during this period. Liquidity thins, price action becomes more sentiment-driven, and the risk–reward for short-term trades deteriorates. Rather than forcing activity, I treat the final stretch of the year as a time for review rather than execution. My usual approach is a light-monitoring mode. Key levels, macro headlines, and positioning risks stay on the radar, but there is no urge to react unless something genuinely breaks framework assumptions. It is a conscious shift from doing to observing. The more valuable work happens off-market. Reviewing what worked and what did not, stress-testing convictions, reassessing