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CIO Insights 4Q25

Equities to Watch

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Wide range of investment strategies, research updates and market insights including asset allocation, equity strategy, and more.

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Investment Strategy and Market Insights | DBS Treasures

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CIO Asset Allocation


Cross-currents: Macro resilience vs policy concerns. The S&amp;P 500 has staged a remarkable rebound since the trough of the &ldquo;Liberation Day&rdquo; sell-down, fuelled no less by Trump&rsquo;s v...

US Equities 4Q25 | Navigating Cross-currents


European equities have largely traded sideways since March after a strong start to the year, reflecting weaker earnings momentum and elevated valuations after the strong price moves. Looking ahead, w...

Europe Equities 4Q25 | Pause and Refresh


The &ldquo;everything rally&rdquo; is here. From technology stocks to gold and cryptocurrencies, risk assets have shot through the roof in 2025. This extraordinary melt-up is set to persist as the Fe...

Asset Allocation 4Q25: The Rise of Fiscal Dominance


Rate cut catalysts back on the table. Signs of labour market weakness and stable inflation in the US saw the Fed implement a much anticipated 25 bps rate cut in September. A 22k reading for August no...

Alternatives – Gold: Still Bullish


US government shutdown looms amid impasse at Capitol Hill. The US government is heading for a shutdown as lawmakers at Capitol Hill remain stuck in negotiations over fundings and subsidies. The Democ...

US Government Shutdown: Implications for Risk Assets

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Equity Strategy


AI is accelerating growth and expanding margins. AI is reshaping both the revenue engine and cost base of games, compressing build times and lowering unit content costs, while c.87%1 of video game de...

Games: Rising Revenues with Collapsing Costs


Asia ex-Japan (AxJ) markets faced multiple global disruptions in 2025; after the much-anticipated China stimulus blitz at the end of 2024, the region started 2025 with the re-election of Donald Trump...

AxJ Equities 4Q25 | Good Auspices

Japan equity prices have stabilised following the easing of concerns around tariffs and political developments. Expectations are building for a BOJ rate hike within the next six months, which, when co...

Japan Equities 4Q25


It was not easy to lose money in 2025. If one merely studied aggregates, the post-April &ldquo;Liberation Day&rdquo; market performances across a broad swathe of risk assets would suggest that there ...

Credit Quality is Starting to Matter


Tit-for-tat tariffs, again. The perennial dance of tit-for-tat tariffs between China and the US has once again intensified, disproving the optimistic pronouncements of a detente. Last week witnessed ...

China Equities: Renewed Trade Tensions – More Noise Than Actions

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Fixed Income Strategy


Within the G3 space, bond vigilantes featured heavily since the start of the year. However, we should also consider the cyclical aspects as economic/political dynamics shift. Below we lay out our tho...

Global Rates 3Q25: Bond Vigilantes Lurk


Normalising the radical.  It was once upon a time outlandish to even imagine that the US would force some of America&rsquo;s foreign creditors to swap their bills and other short-term US debt into ul...

Credit Strategy | Emerging Concerns About a “Mar-a-Lago Accord”


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

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Global growth to slow on tariff policy uncertainties. Fed&rsquo;s rate cuts, Trump&rsquo;s fiscal stimulus policies, and AI-related capex will stave off recession in the US, but upside risk on inflati...

CIO Insights 4Q25: Ride The Trend

Global growth to slow sharply amid escalating Middle-East conflict, tariff chaos, and policy uncertainties under Trump. Trajectory for lower rates remains despite an expected US inflation bump.

CIO Insights 3Q25: The Global Pivot

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

CIO Insights 2Q25: Build Resilience Amid Tariffs

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...