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
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3 reasons to move off the fence in 2026
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
United SGD Fund's June return is over 3X higher than its long-term average
$UNITED SGD "A" (SGD) INC(SG9999010805)$ Manager Comments Rise in US Treasury prices The fund benefited from a lift in Treasury prices and fall in yields last month, driven by dovish signals from the Federal Reserve and softer economic data. Inflation also stayed benign with May’s Personal Consumption Expenditure (PCE) Price Index showing only a small MoM gain. Easing Middle East tensions and falling oil prices further helped keep inflationary pressures steady. Additionally, the Fed’s proposal to reform the supplementary leverage ratio for large banks boosted liquidity and the demand for US Treasuries. As a result, 2-year and 10-year yields fell 18bps and 17bps respectively, closing at 3.72 percent and 4.23 percent1. Stable credit sprea
United SGD Fund's June return is over 3X higher than its long-term average
The Big Beautiful Bill: Another nail in the coffin for US exceptionalism?
The bill will cause US debt to escalate over the next decade The cost of servicing this debt could materially impact the US's growth outlook Investors should consider broadening their fixed income exposure beyond US Treasuries It’s been a tense month. Republican lawmakers debating President Trump’s megabill have not all been in favour. Elon Musk called it “utterly insane and destructive”. Despite such strong words, President Trump’s last-minute concessions were enough to get the bill passed, albeit by the thinnest of margins. It was signed into law last Friday, marking a new era of indebtedness for the US government. Now that there is no going back, here are some highlights on what this could mean for the US economy and US assets: Unprecedented borrowings The current US federal debt is US$
The Big Beautiful Bill: Another nail in the coffin for US exceptionalism?
3Q25 Quarterly Investment Strategy | Stay neutral and diversified
The US economy is finely balanced across growth, recession and stagflation. Faced with these multiple scenarios, we detail in our 3Q 2025 Quarterly Investment Strategy report why neutrality is the most appropriate strategy Despite ongoing economic risks, such as those stemming from the trade war, we are continuing to see a broad recovery in global equities and good investor confidence. This may seem counterintuitive but market participants price uncertainty in different ways depending on prevailing conditions. It appears that during this period of ample liquidity, markets are effectively pricing in hope rather than risk, and therefore assigning near-full valuations, even to uncertain assets. Navigating fundamentals and technicals But here at UOB Asset Management (UOBAM), we think this envi
Are we entering a new era of dollar weakness?
USD has fallen to a three-year low despite its safe haven status This is the result of both long-term foreign reserve trends, as well as recent US trade policies We believe this decline could abate in the short term, but USD weakness looks set to persist G7 disappointment The G7 Summit this week was dominated by the resurgence of military conflict between Israel and Iran, and ended prematurely when President Trump announced his early departure. But even before leaving, President Trump seemed to be in no mood to play ball. Ahead of the 9 July expiry of the tariffs pause, several leaders at the summit, including Japanese PM Ishida and European Commission President von der Leyen, tried but failed to strike trade deals with the US. Only UK PM Starmer was able to walk away with a deal to cut ta
Are we entering a new era of dollar weakness?
Manager Comments: United SGD Fund outperformed in May
$UNITED SGD "A" (SGD) INC(SG9999010805)$ Manager Comments Higher US bond yields Government bond yields rose across major markets in May 2025. US 2-year Treasury yields climbed 29 basis points (bps), closing at 3.9 percent, while 10-year Treasury yields rose 24bps to 4.4 percent. This was driven by persistent US fiscal concerns, resilient economic data, and a cautious stance from the US Federal Reserve. These factors outweighed optimism around potential regulatory relief for US banks. In addition, rate cut expectations have moderated, with futures now pricing in two cuts for 2025, down from four in April 2025. Tighter bond spreads Investor sentiment improved on the back of easing trade tensions, solid US tech earnings, and policy support
Manager Comments: United SGD Fund outperformed in May
Stability in a sea of uncertainty
With trade and geopolitical uncertainties on the rise, there are increasing concerns that global growth could start to deteriorate. That said, markets are still proving highly resilient, and investors are watchful but not pessimistic. In this environment, intermediate-risk equity funds are high on investors’ agendas. We ask manager of the United Global Durable Equities Fund, Daniel Pozen, to explain his strategy for delivering strong and stable returns during such challenging times. Global Outlook Q1: Given global tariffs and trade tensions, how do you see global GDP and corporate earnings evolving over the next 12 to 18 months? As a result of shifting policy landscapes, we see the potential for modestly slower global growth. The global economy is becoming less integrated in supply chains
Stability in a sea of uncertainty
How to choose a China index that’s right for you?
Units traded in SGD: $UOBAM FTSE CN A50 S$(JK8.SI)$ | Units traded in USD: $UOBAM FTSE CN A50 US$(VK8.SI)$ With many China ETFs tracking many different China market indices, it can be hard to pick the one that best suits your needs. We compare three of the most common: the FTSE China A50, the MSCI China and the Hang Seng Stock Connect China 80 China’s market remains resilient Despite ongoing tariff uncertainties, China’s equity market continues to show surprising resilience. Since President Trump’s tariff announcements on 2 April 2025, the Shanghai Stock Exchange (SSE) Composite Index has only declined 2.2 percent, and it is up 0.2 percent year-to-date1. Several factors are driving China’s market resi
How to choose a China index that’s right for you?
A new way for SGD investors to tap the biggest stocks in China’s A-share market
Units traded in SGD: $UOBAM FTSE CN A50 S$(JK8.SI)$ | Units traded in USD: $UOBAM FTSE CN A50 US$(VK8.SI)$ What is the FTSE China A50 Index? The FTSE China A50 Index (the “Index”) is one of the most recognised China A-share indices. Launched over 20 years ago, it comprises China’s 50 largest A-share companies listed on the Shanghai or Shenzhen stock exchanges. These 50 stocks represent about one third of the entire A-share market by weight. Why China A-shares? The A-share market is popular among investors seeking exposure to China’s domestic growth potential. A-share companies typically serve the domestic market and as such, generate the bulk of their revenue from Chinese consumers. This makes them re
A new way for SGD investors to tap the biggest stocks in China’s A-share market
ASEAN’s domestic focus offers investors an escape from US tariff threats
$UNITED ASEAN (SGD) ACC(SG9999001135)$ Many ASEAN economies are region and domestic-centric ASEAN markets can offer investors resilience to US tariff scares A weak USD could provide additional tailwinds The 46th ASEAN summit held last week in Kuala Lumpur could not have come at a better time. It included a first ever formal three-way meeting between the 10 nations of ASEAN, China and the six-member Gulf states. And not surprisingly, US trade tariffs were high on the agenda. China - ASEAN ties set to deepen The meeting concluded with a commitment to promote “closer economic cooperation among the three parties”, a direction of travel that bodes well not just for ASEAN economies, but also for China. Even before President Trump’s Liberation
ASEAN’s domestic focus offers investors an escape from US tariff threats
Invest in China's future: UOBAM FTSE China A50 Index ETF (SGX:JK8)
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Are corporate bond funds right for you?
Singapore cash and T-bill rates are falling steadily. Corporate bond funds offer a good way to step up your income, but what should you know before investing? Explore full insights here. If you are interested in investment opportunities related to the theme covered in this article, here are some UOB Asset Management funds to consider: United SGD Fund $UOB UNITED SGD "A" (SGDHDG) ACC(SG9999001382)$ | $UOB UNITED SGD "A" (SGDHDG) INC(SG9999010805)$ | $UOB UNITED SGD "S" (SGDHDG) INC(SGXZ16137382)$
Are corporate bond funds right for you?
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