Bank of Singapore

At the end of last month, the JPY fell to a 34-year low at 160 against the USD before rebounding sharply. The Ministry of Finance, responsible for exchange rate policy in Japan, appears to have instructed the Bank of Japan to sell greenbacks from its USD1 trillion of FX reserves on April 29 and again on May 2 to stop the JPY weakening further. Though officials have not confirmed yet whether Tokyo did act to defend the JPY, the consensus amongst investors, analysts and financial journalists, claims intervention to support the currency will be futile. However, Bank of Singapore’s Chief Economist, Mansoor Mohi-uddin, disagrees with this consensus, believing that Tokyo’s actions may be an important turning point for the JPY. Tune in to our latest episode to find out more about the outlook ahead.

In our latest episode of Bank of Singapore Unplugged, our specialists deep-dive into the outlook for sustainability and corporate governance in Asia. Lately, governments across the region are introducing more incentives to get companies across various industries “sustainability-ready”. Investors are becoming increasingly focused on sustainability, not just for altruistic reasons, but also because of its importance to resilience of long-term portfolios. Good corporate governance has also been in the limelight more recently, which we believe can be important in helping certain companies close their valuation discount gap to peers. What are the latest developments for ESG, and how should investors position themselves to best capture the opportunities out there? Tune in to our latest episode featuring: Ada LimDonavan Tan, Joseph Ng

In the ever-evolving landscape of global markets, UK equities often find themselves in the shadows of their counterparts. However recent signs show that the UK may at last be at a major turning point, after a dismal decade of political disorder, economic instability, and lengthy market underperformance. The bear case for UK assets is well known, but there are reasons to believe that the UK’s economic cycle is turning up now. Tune in to our latest episode with Low Pei Han, Head of Equity Research at Bank of Singapore, to find out more about the outlook ahead.

The US Federal Reserve’s (Fed) FOMC meeting in March conveyed important dovish signals which will continue to set off powerful reflationary tailwinds for risk assets. Despite risks of near-term volatility, we believe the broader tailwinds behind the market rally remain intact. Bank of Singapore remains overall overweight in equities, and we expect the maturing rally to broaden out from the “Magnificent Seven” into the rest of tech and other sectors, including healthcare, consumer staples and utilities. We also anticipate undervalued markets and mid-small caps to benefit from the inflection point in interest rates. Tune in to our latest episode with our Chief Investment Strategist, Eli Lee, to find out more about the outlook ahead.

In our latest episode of Bank of Singapore Unplugged, our specialists deep-dive into the outlook for developed market banks. The woes in commercial real estate, especially in the US are well documented, however, concerns are now spreading to lenders of some distressed assets, putting global financial companies in the spotlight. More recently, one of the banks in the US reported a larger-than-expected allowance for loan losses arising primarily from its material commercial real estate exposure, and this has made investors somewhat nervous about banks again. Is this likely to be a structural concern for global banks? Additionally, with the street now expecting interest rates to fall especially in the second half of the year, what does this mean for the outlook of the financial sector? Tune in to our latest episode featuring: Aleen LeeAndy Wong, Joseph Ng

Japan’s stock market is off to a roaring start this year, up almost 20% ytd, with the benchmark Nikkei 225 index just shy of the 40,000 level last week. Japan has been breaching new 34-year highs over the past 12 months, thanks to a combination of positive macro and micro factors. For investors who are “Big in Japan”, the question would be, what’s next for this buoyant market when Spring comes? Tune in to our latest episode with Global CIO, Jean Chia, to find out more about the outlook ahead.

The world is in a global water crisis, where more regions are facing the reality of a parched future. Growing freshwater demand is expected to exceed supply by 40% by the end of this decade, which will have wide-ranging implications across economic growth, geopolitics, and human health. A rising tide does not lift all boats, and water scarcity is a very real threat that could impact portfolio performance in the long run. What are some opportunities for investors to quench the global thirst? What are some trade-offs that ESG-focused investors should be mindful of as they harness the power of water sustainability? Tune in to our latest episode with Ada Lim, Equity Research Analyst at Bank of Singapore, to find out more.

In this episode, we hear from our Global Chief Investment Officer Jean Chia, Chief Economist, Mansoor Mohi-uddin and Chief Investment Strategist, Eli Lee, as they share our investment strategy for 2024, including the outlook for the global economies ahead, and what the future has in store as structural trends unfold.

2024 will be one of the most intense election years in modern history, with national elections to be held in more than 40 countries, representing just under half of the world’s GDP and population. How will an uncertain US Presidential election affect global markets? Will we see a further continuation of deglobalisation and populism trends in 2024? What are the risks and opportunities for Asian and global investors given inevitable geopolitical uncertainties and shifting multipolar alignments of countries? Our panelists, Jenny Lee, Managing Partner, GGV Capital, and Board Member, Temasek Holdings and SATS Ltd, Steven Okun, Founder and CEO of APAC Advisors, and Senior Advisor to McLarty Associates and Global Private Capital Association, along with Bank of Singapore’s Chief Investment Strategist, Eli Lee, share their insights on the key implications of geopolitics for investors in the year ahead.

Will quantum computers really transform our world, cure cancer, and solve the climate crisis? Globally renowned theoretical physicist, New York Times bestselling author, futurist and populariser of science, Dr Michio Kaku thinks so. For our closing keynote segment, Dr Kaku gives us a glimpse into the future of technology-driven progress. His latest book, Quantum Supremacy: How The Quantum Computer Revolution Will Change Everything, offers an exhilarating tour of humanity’s next great technological achievement — quantum computing — which may eventually illuminate the deepest mysteries of science and solve some of humanity’s biggest problems, like global warming, world hunger, and incurable disease. Dr Kaku predicts that quantum computing will push the limits of human knowledge — new science, new engineering — all leading to processors that compute using the very same atomic forces that created the universe.

In our latest episode of Bank of Singapore Unplugged, our specialists deep-dive into the latest outlook for China, with the country crossing its 1-year anniversary since the scrapping of the zero-Covid policy. Whilst there had been significant enthusiasm in China’s reopening, especially at the end of 2022 and start of 2023, this has all petered out quite quickly since. Woes in the property sector, low levels of consumer confidence and subdued financial markets are some of the challenges now confronting policymakers. With all that’s going on, should investors cast their sights elsewhere? Or are there still opportunities that are worth positioning for? Tune in to our latest episode featuring: Boh Hui LingChu Peng, Joseph Ng

Looking ahead into 2024, how should investors think about alternatives investments against a backdrop of still elevated financing costs, slowing growth and the ‘there are real alternatives’ aka TARA regime? Are private markets a compelling option at this point of the cycle and for those with a long-term investment horizon in mind? In this episode of Conversations on Alternatives, join our investment strategist, Neo Bee Leng, as she speaks to Ian Loke, our private markets and alternatives product specialist, to discuss investment strategies for positioning allocations to alternatives.

The 2020s are proving to be a disorderly decade for investors. Frequent shocks are shortening fund managers’ horizons. Investors have spent the last few years dealing with the pandemic, Russia’s invasion of Ukraine, a violent attempt to overturn America’s elections, and now, war in the Middle East. But the crises are also giving rise to new longer-term trends, benefiting investors with longer-term horizons. Tune in to our latest podcast with Bank of Singapore’s Chief Economist, Mansoor Mohi-uddin, as he shares his perspectives on the global outlook and opportunities for investors on the horizon.

Historically, most markets have often closed the final quarter of the year with good gains. This trend has been observed since the past two decades for the Straits Times Index, the Hang Seng Index and the S&P 500. Will this trend play out in the fourth quarter of 2023? Can investors expect a strong rally to end this challenging year on a positive note? Tune in to our latest podcast with Bank of Singapore’s senior Singapore investment strategist, Carmen Lee, as she shares more about the market outlook and opportunities on the horizon.

In recent months, investors have been witnessing a surge in oil prices. Brent crude has crossed 97 dollars per barrel in late September, reaching a new year to date high, before easing closer to 90 dollars per barrel more recently. Geopolitics, lower inventory levels and demand for petroleum distillates, such as diesel and jet fuel all seem to be creating a favouble backdrop for near term oil strength. However, are elevated oil prices likely to last? How does this also impact some of the Middle Eastern sovereigns that we track quite closely? In our latest episode of Bank of Singapore Unplugged, join our specialists as they unpack the reasons behind the surge in oil prices and the potential impact on the global outlook ahead. Featuring: Sim Moh Siong, David Makoni Joseph Ng

Private credit is expected to grow and become a bigger part of the debt capital market, particularly in the US. Post 2021, the attractive yields and its floating rates nature have attracted many investors to increase their allocation to private credit. Structurally, fund managers and investors are looking at this sector to continue to gain market share in the overall debt capital market. Tune in to our latest podcast with investment strategist, Neo Bee Leng, as she reviews the fundamentals of this asset, focusing on the features of capital preservation strategies and the potential risks that investors might expect.

In this episode, Peggy Liu, Chairperson of the Joint US-China Collaboration on Clean Energy, shares her insights on green tech developments, as well as her outlook on future trends and potential impacts in achieving environmental sustainability. [About the speaker] Peggy Liu is an internationally recognised expert on China’s energy landscape and a Hillary Laureate. The organisation she chairs, JUCCCE, has been credited for China’s leap into clean energy and is well known for its effectiveness in implementing system changing programs and fostering collaboration with China. Peggy is one of the most impactful environmentalists globally. She catalysed China’s leaps into clean energy, smart grid, ecocities, efficient lighting, green bonds, and sustainable diets. Her efforts have helped a billion and a half people leapfrog towards personal and planetary health. For this, Peggy was awarded the Hillary Step, the "Nobel" for climate change solutionists; “Hero of the Environment” by Time magazine, and a World Economic Forum Young Global Leader; CEO Magazine named her a “Top 20 Sustainability Thought Leader 2023”; The Economist called "one of the most innovative thinkers in Asia"; and press dubbed her the "Green Goddess of China".

While public market equities rebounded swiftly this year, the overall sentiment and volume of transactions in private equity remain downbeat. Investors have also been hesitant to allocate into the private equity, given lower distributions and concerns of how the higher interest rate environment could impact the asset class. As we approach peak interest rates and slower growth, what can investors expect? Tune in to our latest podcast with investment strategist, Neo Bee Leng, as she explores why private equity remains a valued asset class even in the era of higher hurdle rate.

Oil prices have reversed higher since June and are now at their highest levels in 2023. In our latest podcast, Eli Lee, our Head of Investment Strategy, reviews the outlook for oil, and how this could impact investors. Tune in to find out more.

Over the past few years, even the most ardent China bulls have had their conviction dented by the economic and market impact from China’s strict Covid-19 measures, geopolitical risks, domestic regulatory uncertainties that struck the real estate, internet platform, education and most recently healthcare sectors. The ailing real estate sector and credit defaults by high-profile Chinese developers eroded confidence in China credit. Lately, investors now question if China’s post-pandemic recovery has lost momentum amid deflationary signs. The bond market has also been hit as renewed credit events linked to a large Chinese developer and a major trust company re-ignited fear of contagion from the property sector to financial markets. Tune in to our latest podcast with Jean Chia, Chief Investment Officer at Bank of Singapore as she explores the key reasons for investing in China; what’s holding investors back and what could change in the coming months?