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
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
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
$UNITED GLOBAL DURABLE EQUITIES (SGD) INC(SG9999014013)$ | $UNITED GLOBAL DURABLE EQUITIES (USD) INC(SG9999014039)$ 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
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
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
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
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
$UNITED SGD "A" (SGD) INC(SG9999010805)$ 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