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Investors seem to believe US President-elect Donald Trump’s promises of tax cuts and deregulation will keep propelling US equities to new heights. The S&P 500 index, already up 20% over the first 10 months of 2024, began another surge on Nov 4 that subsequently gained momentum after Trump’s win a day later. The index then reached an intra-day all-time high of 6,099.97 on Dec 6, before retreating slightly after the December Federal Open Market Committee meeting to end the year at 5,881.63, up 24% over the year.
In nearly every outlook report, across almost every market and asset class, economists and analysts agree on one thing — there is no greater destabilising force ahead than the second term of US President-elect Donald Trump.
As early as the 1980s, Donald Trump advocated using tariffs to reduce the US’s bilateral trade deficit with other countries. During his first presidential term, Trump imposed 10%-25% tariffs on some US$380 billion of Chinese goods from mid-2018 to late-2019 before reaching a “Phase One” trade deal with China. The trade war he started, which Joe Biden continued, is set to escalate further and spread wider.
After surging past the US$100,000 ($135,975) milestone for the first time in mid-December, the world’s largest cryptocurrency is now too big to ignore. Bitcoin’s most powerful critic-turned-proponent, Donald Trump, will only be sworn into office as the 47th US President on Jan 20, but could the highly volatile digital asset steal the limelight from Trump himself?
Asiadollar credit spreads exhibited disparity in December, with Bloomberg Asia USD Investment Grade (IG) spreads widening by 4 basis points (bps) month-on-month to 78 bps, while Bloomberg Asia USD High Yield (HY) spread tightened 41 bps m-o-m to 417 bps as at time of writing.
The Singapore market was among the top performers in the region this year. Much of the gain has been ascribed to the three local banks, whose combined weightage of more than half of the Straits Times Index (STI) helped lift the benchmark index to a 17-year high. DBS Group Holdings, in particular, was up by two-fifths.
We have spent the last three weeks discussing our approach or method in investing and how we have applied those principles to our stock selec tions. For readers who missed those articles, here is a brief recap. We will end this article with a review of the performance of the Malaysian Portfolio and global Absolute Returns Portfolio for 2024. We wish all our readers Happy New Year and may 2025 bring you more exciting opportunities and rewarding challenges.
Analysts at DBS Group Research are keeping “buy” on ComfortDelGro C52 (CDG) with a target price of $1.80 following the announcement for an industry-wide increase in platform fees effective Jan 1, 2025.
The four main Singapore ride-hailing operators — CDG, Grab, Gojek and Tada have announced increase in platform fees, which ranges from 20 cents to 50 cents. CDG will be increasing its Zig app booking platform fee from a flat 70 cents to $1-$1.20, based on travel distance and travel time.
OUE REIT, through its wholly-owned subsidiary, has entered into an agreement to divest the entire equity interest of Lippo Realty (Shanghai), which owns 91.2% share of strata ownership of Lippo Plaza in Shanghai, for RMB1.92 billion ($357.4 million).
Based on Lippo Plaza’s net property income of RMB94.6 million for FY2023 and the agreed property value of RMB1.68 billion, the estimated net property yield is 5.7% per annum.
