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CIO Insights 2Q25:

CIO Insights 2Q25: Build Resilience Amid Tariffs

Equities to Watch

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Investment Strategy and Market Insights | DBS Treasures

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CIO Asset Allocation


Confusion and chaos amid US tariff blitz. The moment has finally arrived with Trump announcing a tariff blitz on &ldquo;Liberation Day&rdquo;. This marks the Trump administration&rsquo;s most aggress...

Navigating Trump’s Trade War


New world disorder. The days of late cannot go by without some form of geopolitical or economic shock occupying the headlines. It is a rude awakening for the capital markets, which had initially chee...

The Tipping Point for TIPS


Navigating policy headwinds in Trump 2.0. We have advised investors to seek opportunities beyond S&amp;P 500 amid policy uncertainties and early signs of moderation in the US macro momentum. On the f...

Tactical Switches to 2Q25 CIO Asset Allocation


Policy chaos and growth fears triggered US selloff. Trump 2.0 has been a game-changer. All expectations of a continuation of &ldquo;US exceptionalism&rdquo; post-Trump&rsquo;s election victory are no...

Cross-Asset Strategies for Market Sell-down on Growth & Policy Fears


Upgrade 12M TP to USD3,330/oz.. We published a report on 4 Feb covering how tariff fears sparked gold hoarding in New York, and how that consequently propelled bullion to a new all-time high. Since t...

Gold – Further Highs for Bullion as Trade War Fears Mount

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Equity Strategy


AI agents are benefitting businesses, while GenAI benefits consumers. Both Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems will benefit differently from Agentic ...

Global AI Agents: Prefer Global SaaS and Chinese Hyperscalers


Tariff headwinds denting consumer and corporate confidence. Heightened macro uncertainty and subdued sentiment appear to be weighing on US domestic travel demand and corporate bookings, alongside a r...

Global Airlines: Cloudy Horizons


Policy chaos and the demise of US exceptionalism. The story of US equities is a curious case of &ldquo;self-inflicted pain&rdquo;. Just when the S&amp;P 500 as basking in the glory of being the &ldqu...

US Equities 2Q25: Exceptionalism Challenged


Net room expansion to drive growth. Marriott and Hilton reported solid results to end FY24 supported by net unit growth. As RevPAR growth for FY25 is expected to ease and align with inflation of arou...

Global Hotels: Deceleration in Sight


Recent weakness warrants revisiting. The past month has been volatile for US equities to say the least &ndash; tariffs and growth fears have spooked investors and prompted a broad-based reallocation ...

Global Technology: Still a Secular Growth Winner

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Fixed Income Strategy


Nothing makes sense. We began our 2Q25 outlook lamenting about how tough it was to be a bond strategist these days. It just got a lot tougher. President Trump&rsquo;s tariffs have been unmistakably n...

Credit Strategy | The Basis for the Tariff-led Bond Selloff


The upcoming US elections on 5 Nov will be closely scrutinised for key trends that could define the next four years. While the Trump campaign is associated with broader and higher tariffs, wider fisc...

Credit Strategy | Navigating US Elections – An Asian Perspective


Turning of the tides. It takes only moments to alter destinies &ndash; incumbent President Joe Biden&rsquo;s poor showing in the Presidential debates has led to an abrupt end in his bid for re-electi...

The Trump Effect on Bonds


The great Fed-given opportunity for fixed income. While much has already been said about the latest Fed hiking cycle and its far-reaching impact on both financial markets and the real economy, we bel...

The Golden Opportunity in Fixed Income


It&rsquo;s never this easy. It is especially tempting this year for bond investors to follow the simple prevailing narrative that one should just buy bonds when central banks cut rates. Yet the persi...

Global Credit 2Q24: Navigating the Descent

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Growing risk of a US recession as uncertainty mounts from a tariff war and wavering consumer confidence over DOGE and immigration policies.

Despite the game-changing world of geopolitical tensions and Trump&rsquo;s tariffs, stay invested as the Fed leans on lowering rates in a soft landing economy. Employ our barbell strategy to ensure po...

CIO Insights 1Q25: Game Changers

With good progress towards price stability, the Fed has indicated it is time to shift its policy towards lowering rates. The bumper50 bps rate cut will shore up the likelihood of a soft landing. This ...

CIO Insights 4Q24: In a Sweet Spot

Recent economic data point to a US soft landing, with tapering growth and inflation. A trajectory of gradual rate cuts by the Fed is positive for risk assets.