iFAST Daily Brew ☕️ - 29 December 2025

Liquidity thin amidst holiday season; most markets somewhat flat

🇺🇸 S&P 500: 6,937 (-0.02%) 📉
🇺🇸 NASDAQ: 23,608 (-0.09%) 📉
🇪🇺 STOXX 600: 589 (0.00%) Market Closed
🇯🇵 Nikkei 225: 50,750 (0.68%) 📈
🇭🇰 Hang Seng: 25,898 (0.00%) Market Closed
🇨🇳 CSI 300: 4,666 (0.32%) 📈
🇸🇬 STI: 4,637 (0.00%) 📉

3 Things You Need To Know

1. The FOMC will release their minutes on Wednesday morning (Singapore time). These minutes will provide some critical insight into how Fed members view the trajectory of the economy ahead of its next meeting in late January. Markets are currently expecting the Fed to hold in Jan.

2. The weekly jobless claims report, due Wednesday, will shine a light on the labour market as the Fed keeps a close eye on jobs while it considers its next move on interest rates. The U.S. economy likely lost an average of 20,000 jobs per month between April and September.

3. Gold, silver and platinum jumped to all-time highs to extend a historic end-of-year rally for precious metals, with support from escalating geopolitical tensions and US dollar weakness.
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Stock: Adobe is trading at 2-year low – Is it a value trap?

• Adobe continues to benefit from a broad suite of products, including Photoshop, Illustrator, Premiere Pro, and Acrobat. Its digital media segment generated USD 4.6 billion in revenue last quarter (+12% yoy).

• In our view, unless competing GenAI models can resolve copyright governance at scale, Adobe’s enterprises base (its most profitable segment) should remain sticky.

• As such, we assign a lower fair P/E multiple of 19x, representing a discount to the historical forward P/E of 21x, and implying an upside potential of 43% based on 2027 earnings.

📖: Read More Here
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iFAST Daily Brew ☕️ - 30 December 2025

Most markets subdued; Europe gains

🇺🇸 S&P 500: 6,913 (-0.35%) 📉
🇺🇸 NASDAQ: 23,489 (-0.50%) 📉
🇪🇺 STOXX 600: 590 (0.11%) 📈
🇯🇵 Nikkei 225: 50,577 (-0.34%) 📉
🇭🇰 Hang Seng: 25,714 (-0.71%) 📉
🇨🇳 CSI 300: 4,648 (-0.38%) 📉
🇸🇬 STI: 4,634 (-0.05%) 📉

3 Things You Need To Know

1. Bank of Japan (BOJ) policymakers debated the need to keep raising interest rates even after a hike in December with one calling for increases every few months, a summary of opinions showed, highlighting their focus on inflationary pressures.

2. Bank of America Corp chief executive officer Brian Moynihan said he expects the Trump administration to de-escalate trade tensions next year after tariffs sent shockwaves through the US economy in 2025.

3. China pledged to broaden its fiscal spending base in 2026, signalling sustained government support to drive growth in a challenging external environment. Beijing will expand targeted investment for priority sectors such as advanced manufacturing, tech innovation and development of human capital, according to a statement from the Ministry of Finance on Sunday.
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Macro Research: Europe Outlook 2026: Access growth at a reasonable price

• Europe’s earnings outlook is anchored by financials and healthcare as core pillars. Cyclical sectors could also rebound, with defence-led spending supporting a recovery across industrials.

• Europe is positioned as the primary liquid alternative to the US assets. As hedge fund positioning data and ETF flow suggest, global investors increasingly rotate into Europe when sentiment toward the US deteriorates.

• Europe offers access to growth at a reasonable price, supporting a constructive upgrade in market attractiveness. With earnings growth expected to rebound toward an estimated 10% in 2026 and valuations still at a meaningful discount to the US. With fair PE ratio of 15, we forecast upside potential of 14.5% by year end of 2027.

📖: Read the full article here
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iFAST Daily Brew ☕️ - 31 December 2025

Most markets rally into New Year’s Eve; US, Japan slip

🇺🇸 S&P 500: 6,903 (-0.14%) 📉
🇺🇸 NASDAQ: 23,432 (-0.24%) 📉
🇪🇺 STOXX 600: 593 (0.60%) 📈
🇯🇵 Nikkei 225: 50,390 (-0.37%) 📉
🇭🇰 Hang Seng: 25,934 (0.86%) 📈
🇨🇳 CSI 300: 4,660 (0.26%) 📈
🇸🇬 STI: 4,656 (0.47%) 📈

3 Things You Need To Know

1. Global stocks are poised for their biggest annual gain in six years, amidst Fed easing and AI enthusiasm. The MSCI All Country World Index — one of the broadest measures of the equity market — has gained 21% this year with just one trading day of 2025 remaining.

2. Pending sales of US existing homes climbed by more than expected in November as a modest improvement in prices and mortgage rates encouraged buyers. An index of contract signings rose 3.3% to 79.2 last month, the highest level since February 2023.

3. The yuan strengthened beyond the key seven-per-dollar level in the more tightly controlled onshore market for the first time since 2023, signalling China’s comfort with further currency appreciation.
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They say that when our salary goes up, our expenses somehow follow. But is lifestyle creep really unavoidable, or are we just not paying enough attention?

In this episode of How To Adult, Joshua Chim, General Manager of FSMOne, joins Sherine and Charmaine to unpack lifestyle creep - that sneaky habit of spending more just because you earn more. They share easy money-saving habits, credit card hacks, budget-friendly travel tips, and simple life tweaks to help you enjoy life without letting your expenses creep up too fast.

Watch the full episode here: https://www.youtube.com/watch?v=IVdcoHTEQbk

Step into the past, present, and future of investing at FSM Invest Expo 2026 on 17 January 2026! Unlock expert insights, learn how to invest profitably, and register for free now: https://bit.ly/investexpo2026

Here’s to a brand new year, full of possibilities and new opportunities 🌟

As we enter the year ahead with renewed goals, we remain committed to helping you invest better.

Macro Research: Structural transformation will keep Japan on solid ground in 2026

• The Bank of Japan raised interest rates by 25bps to 0.75% on 19 December 2025, reaffirming Japan’s continued shift away from decades of ultra-loose monetary policy.

• Earnings are expected to remain resilient, driven by growth in technology sectors as Japan advances its ambitions in semiconductor manufacturing and the domestic cloud ecosystem. Consumer and financial sectors are also poised to deliver steady growth.

• We project the Nikkei 225 Index to reach JPY 58,500 by FY2028 (year ended 31 March 2028), implying a 15.8% upside. Long-term valuation upgrades remain possible should capital efficiency continue to improve.

📖: Read the full article here
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Bonds: The Credit Cheat sheet: Your 2026 Credit Playbook

We summarise the latest happenings in the bond space and highlight how you should position your fixed-income portfolio for 2026!

📖: Read the full article here
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iFAST Daily Brew ☕️ - 5 January 2026

Wall Street ended mixed; Hong Kong stocks made a strong start to 2026

🇺🇸 S&P 500: 6,866 (0.20%) 📈
🇺🇸 NASDAQ: 23,251 (-0.02%) 📉
🇪🇺 STOXX 600: 597 (0.67%) 📈
🇯🇵 Nikkei 225: 50,390 (0.00%) Market Closed
🇭🇰 Hang Seng: 26,419 (2.76%) 📈
🇨🇳 CSI 300: 4,638 (0.00%) Market Closed
🇸🇬 STI: 4,657 (0.21%) 📈

3 Things You Need To Know

1. The US has detained Venezuela’s Nicolás Maduro in New York while power has shifted to VP Delcy Rodríguez, as Washington signals it wants influence, especially over oil rather than boots on the ground, leaving Venezuela’s future highly uncertain.

2. China’s AI chip drive got a fresh boost as GPU designer Shanghai Biren surged nearly 76% on its Hong Kong debut. The USD 717m float was swamped by demand, as a wave of China AI flotations gathers pace, with MiniMax, Zhipu, and Baidu’s AI chip unit filing.

3. Markets displayed resilience heading into 2026, with European equities at records and US indices near highs despite AI bubble fears and geopolitical tensions, but investors should position cautiously for potential volatility.
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iFAST Daily Brew ☕️ - 6 January 2026

Global stocks started the first full week of 2026 with strength; rally on AI and tech optimism

🇺🇸 S&P 500: 6,909 (0.64%) 📈
🇺🇸 NASDAQ: 23,411 (0.69%) 📈
🇪🇺 STOXX 600: 602 (0.94%) 📈
🇯🇵 Nikkei 225: 51,885 (2.97%) 📈
🇭🇰 Hang Seng: 26,407 (0.03%) 📈
🇨🇳 CSI 300: 4,726 (1.90%) 📈
🇸🇬 STI: 4,681 (0.52%) 📈

3 Things You Need To Know

1. Jensen Huang said Nvidia’s next-gen Rubin data-centre chips are on track for release this year, with customers set to trial them soon. Rubin is billed as faster for training and inference than Blackwell. Nvidia also unveiled new tools for autonomous cars and robots.

2. OECD members agreed to carve US multinationals out of the 15% global minimum tax, after Trump pulled the US from the pact, while other countries are effectively blocked from imposing “top-up” taxes on US groups’ foreign subsidiaries.

3. Asia market is rallying, driven by supportive liquidity conditions, with tech leading gains. Investors are leaning into the view that earnings visibility still outweighs macro fears, keeping sentiment constructive.
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iFAST Daily Brew ☕️ - 7 January 2026

S&P 500 clocked fresh highs; Chinese stocks rally to a four-year high in a tech-driven rebound

🇺🇸 S&P 500: 6,951 (0.63%) 📈
🇺🇸 NASDAQ: 23,559 (0.65%) 📈
🇪🇺 STOXX 600: 606 (0.58%) 📈
🇯🇵 Nikkei 225: 52,571 (1.32%) 📈
🇭🇰 Hang Seng: 26,712 (1.38%) 📈
🇨🇳 CSI 300: 4,799 (1.55%) 📈
🇸🇬 STI: 4,740 (1.27%) 📈

3 Things You Need To Know

1. AMD launched its MI440X AI chip at CES, targeting smaller corporate data centres and emphasising on-premise deployments to keep data in-house, competing with Nvidia’s market dominance.

2. Oil rose as traders assessed the potential 2026 surplus and Venezuela uncertainty after Maduro’s capture, as easing sanctions could boost Venezuela’s ~1.1 mbpd output and 303 bn barrels of reserves. Still, significant gains would require years and capital.

3. China’s rally is expanding into a noticeable shift toward Chinese tech stocks, as investors seek cheaper AI exposure than frothy US peers. A stronger yuan and increased expectations for 2026 policy support are propelling this trend, although the momentum seems increasingly stretched.
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Starting investing can feel confusing, especially when you’re not sure whether to DIY your investments or work with a financial planner. How much is too much to invest, and what goals actually make sense for beginners?

In this episode of How To Adult, Joshua Chim, General Manager of FSMOne, joins Sherine and Charmaine to share beginner investing tips, common money mistakes, and realistic goals investors can set as they start their investing journey.

Watch the full episode here: https://www.youtube.com/watch?v=uRIPhB0G0IA

Step into the past, present, and future of investing at FSM Invest Expo 2026 on 17 January 2026! Unlock expert insights, learn how to invest profitably, and register for free now: https://bit.ly/investexpo2026

iFAST Daily Brew ☕️ - 8 January 2026

Wall Street mixed as investors weigh latest labour data; China stocks started to lose momentum on rising Sino-Japan tensions

🇺🇸 S&P 500: 6,927 (-0.34%) 📉
🇺🇸 NASDAQ: 23,594 (0.16%) 📈
🇪🇺 STOXX 600: 605 (-0.04%) 📉
🇯🇵 Nikkei 225: 52,014 (-1.06%) 📉
🇭🇰 Hang Seng: 26,461 (-0.94%) 📉
🇨🇳 CSI 300: 4,785 (-0.29%) 📉
🇸🇬 STI: 4,748 (0.16%) 📈

3 Things You Need To Know

1. Washington plans to control Venezuela’s oil sales indefinitely, depositing proceeds in US Treasury accounts to fund rebuilding and shield revenues from creditors, said Energy Secretary Chris Wright.

2. Trump pressured US defence contractors, warning they might lose Pentagon contracts if they don't increase investment in manufacturing and R&D. He called for halting dividends and buybacks, proposing a USD5 million salary cap for executives until performance improves.

3. Markets are betting that the jobs report indicates a cooling labour market rather than a collapse, which would keep the Fed on hold in January following December’s rate cut.
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Macro Research: Global Healthcare 2026: Defensive profile, but not defensively priced; Downgrade to 2.5 “NEUTRAL”

• Now, the MSCI World Health Care Index trades close to +2 standard deviations above its 10-year average, with the 2027 forward P/E at 16.5x, just shy of the fair P/E of 18x.

• Over the longer term, we expect that rising sales volumes will more than compensate for near-term margin contraction, driven by broader accessibility and greater adoption of these medicines. However, in the near term, margin pressure remains a key headwind for 2026 under the MFN policy.

• We downgrade our view on the Global Healthcare Index to 2.5 Stars “Neutral” Rating to reflect the limited upside potential.

📖: Read the full article here
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iFAST Daily Brew ☕️ - 9 January 2026

Global stocks recede as investors brace for US employment data

🇺🇸 S&P 500: 6,927 (0.01%) 📈
🇺🇸 NASDAQ: 23,490 (-0.44%) 📉
🇪🇺 STOXX 600: 604 (-0.18%) 📉
🇯🇵 Nikkei 225: 51,168 (-1.63%) 📉
🇭🇰 Hang Seng: 26,151 (-1.17%) 📉
🇨🇳 CSI 300: 4,746 (-0.82%) 📉
🇸🇬 STI: 4,739 (-0.18%) 📉

3 Things You Need To Know

1. The US trade deficit fell 39% in Oct to USD29.4 bn, the lowest since 2009, due to a 3.2% drop in imports, mainly pharmaceuticals and non-monetary gold, and a 2.6% rise in exports. The delayed report highlights tariff-related volatility skewing GDP estimates.

2. Sources suggest China might authorise limited Nvidia H200 chip imports this quarter, excluding military, sensitive agencies, critical infrastructure, and SOEs, with Alibaba and ByteDance interested in buying over 200K chips.

3. Markets are taking a breather after an early-2026 rally, as investors await Friday’s US jobs report amid Fed uncertainty and geopolitical risks.
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Macro Research: Hong Kong 2026 Investment Outlook: Embracing Reflation and Technology Growth

• Hong Kong equities saw meaningful valuation expansion in 2025, driving the Hang Seng Index to multi-year highs; further gains will increasingly depend on earnings growth rather than multiple expansion.

• Robust southbound inflows and strong IPO fundraising reinforce market depth and investor confidence, providing continued support for Hong Kong equities into 2026.

• We are upgrading the Hong Kong stock market’s rating from 3.0 stars to 3.5 stars, reflecting an ‘Attractive’ outlook. We forecast the Hang Seng Index to reach HKD 29,690 by 2027, implying 16% potential upside.

📖: Read the full article here
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iFAST Daily Brew ☕️ - 12 January 2026

Global market gained on tech strength.

🇺🇸 S&P 500: 6,972 (0.65%) 📈
🇺🇸 NASDAQ: 23,682 (0.82%) 📈
🇪🇺 STOXX 600: 610 (0.97%) 📈
🇯🇵 Nikkei 225: 51,992 (1.61%) 📈
🇭🇰 Hang Seng: 26,234 (0.32%) 📈
🇨🇳 CSI 300: 4,768 (0.45%) 📈
🇸🇬 STI: 4,745 (0.12%) 📈

3 Things You Need To Know

1. The Supreme Court delayed its decision on the legality of President Trump's tariff powers until January 14, providing a temporary reprieve for markets worried about immediate trade disruptions.

2. Intel shares skyrocketed 10.8% after President Trump tweeted about a "great meeting" with the chipmaker's CEO, signaling strong government backing for the company's turnaround and domestic manufacturing efforts.

3. Investors closed the week with a clear "risk-on" appetite, interpreting the mixed US jobs report (fewer hires but lower unemployment) as the perfect recipe for the Federal Reserve to maintain a steady hand without urgency to hike or cut aggressively.
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⭐One day only!⭐ Head to FSM Invest Expo 2026 and visit our FSMOne Insurance booth to get a FREE^ Virtual Pet blind box or a printed health report.

No purchase required. Hurry! Blind boxes are only available while stocks last.
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👉🏻Read more about our event here. ^TnCs apply.

☕💬 Kopi Talk @ FSM Invest Expo 2026

Keen to talk investing with people who know their stuff? Come by the Kopi Talk Zone to Ask Us Anything about the markets. Have an open Q&A where you can ask about what you really want to know. Speak face-to-face with financial content creators, research analysts who study the markets daily and the FSM product teams behind the investment solutions.

All this and more happening at FSM Invest Expo 2026

📅 17 January 2026 (Saturday)
📍 Suntec Convention Centre Hall 403
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👉 Click Here to Register for FSM Invest Expo

iFAST Daily Brew ☕️ - 13 January 2026

Wall Street shrugs off Fed probe as tech rallied.

🇺🇸 S&P 500: 6,984 (0.17%) 📈
🇺🇸 NASDAQ: 23,744 (0.26%) 📈
🇪🇺 STOXX 600: 611 (0.22%) 📈
🇯🇵 Nikkei 225: 51,992 (0.00%) Market Closed
🇭🇰 Hang Seng: 26,610 (1.44%) 📈
🇨🇳 CSI 300: 4,799 (0.66%) 📈
🇸🇬 STI: 4,767 (0.47%) 📈

3 Things You Need To Know

1. The Trump administration has escalated its campaign against the Federal Reserve by threatening legal action against Chair Jerome Powell, which he called a pretext to pressure the Fed into cutting rates, raising concerns over central bank independence and triggering market volatility.

2. President Trump has escalated pressure on Iran by announcing an immediate 25% tariff on any country doing business with Tehran, straining major US trade relationships and increasing volatility across global markets.

3. Investors are awaiting Tuesday’s US consumer price index report, which could influence the outlook for Federal Reserve rate cuts, with markets currently betting on at least two more quarter-point cuts before year end.
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