FSM Global - Research Highlights
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FSM Invest Expo is happening tomorrow! Here's a little sneak peek ๐Ÿ‘€

Registrations are still open if you haven't already registered - we are looking forward to seeing you ๐Ÿ˜Š


๐Ÿ“… Saturday, 17 January 2026
๐Ÿ“ Suntec Singapore Convention & Exhibition Centre Hall 403
๐Ÿ–Š๏ธ Register Now (Free Admission): https://event.fsmone.com/event/microsite/investexpo2026
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Good morning! โ˜€๏ธ Here is today's FSM Invest Expo programme schedule. Do take note of the timings of your preferred presentations and panels, if you have any!

The event starts at 10am. See you soon ๐Ÿ‘‹
Here's where you can redeem the plushies!

And this is how you can redeem a blind box (complete any 1 of the 3 requirements):

1. Open an FSMOne Account
2. Top up $1000 into your FSMOne Account via Paynow
3. Top up $100 via eGIRO

While stocks last!
Looking for the Lucky Draw Box?

You can find it in the Information Zone, in the centre of the event venue!

Do remember to drop your slips in here to participate in the lucky draw.
Here's our Kopi Talk schedule!

Grab the opportunity to speak face to face with our research analysts, investment experts and finfluencers at our Kopi Talk booth.
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For those curious about our blind box plushies, we still have stock left for redemption as of right now! โœจ๏ธ

FSM Invest Expo ends at 6pm ๐Ÿ••
Afternoon session in full swing! ๐Ÿ’ฏ

Here's the programme schedule for the second half of Invest Expo.

Grand Lucky Draw at 5.35pm!
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iFAST Daily Brew โ˜•๏ธ - 19 January 2026

Global markets ended lower due to profit-taking activities as investors looked past TSMCโ€™s strong earnings

๐Ÿ‡บ๐Ÿ‡ธ S&P 500: 6,946 (-0.06%) ๐Ÿ“‰
๐Ÿ‡บ๐Ÿ‡ธ NASDAQ: 23,523 (-0.06%) ๐Ÿ“‰
๐Ÿ‡ช๐Ÿ‡บ STOXX 600: 615 (-0.03%) ๐Ÿ“‰
๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225: 53,990 (-0.32%) ๐Ÿ“‰
๐Ÿ‡ญ๐Ÿ‡ฐ Hang Seng: 26,852 (-0.29%) ๐Ÿ“‰
๐Ÿ‡จ๐Ÿ‡ณ CSI 300: 4,742 (-0.36%) ๐Ÿ“‰
๐Ÿ‡ธ๐Ÿ‡ฌ STI: 4,849 (0.33%) ๐Ÿ“ˆ

3 Things You Need To Know

1. Donald Trump said the US will raise tariffs on several European countries until it is allowed to buy Greenland, escalating tensions over the Danish territory, starting with a 10% tariff on February 1 and rise to 25% by June 1 if no deal is reached.

2. South Korea is seeking favourable terms for US tariffs on imports of memory chips, following South Korea's trade minister said US tariffs on chips would have a limited impact on South Korean companies.

3. Suppliers of components for Nvidiaโ€™s H200 chips have halted production after Chinese customs stopped shipments of the newly approved AI processors from entering China.
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Macro Research: 2026 SGD Bond Market Outlook: Finding Stable Income in a Low-Yield World

โ€ข Amid moderating global growth and trade-related uncertainties, Singapore bonds continued to provide a degree of stability in 2025. Singapore government and SGD corporate bonds have delivered attractive total returns of 8.3% and 6.7%, respectively in 2025.

โ€ข We expect a supportive demand-supply environment in 2026, with new issuances likely well absorbed, helping to support SGD bond prices going forward. Investors can also look forward to more income opportunities as bond issuances are likely to stay robust.

โ€ข SGD corporate bonds continue to remain a durable source for higher income, particularly for hold-to-maturity strategies. Within financials, Tier 2 SGD bank bonds appear attractive. Among non-financials, we prefer bonds from issuers with stable or improving credit profiles and with spreads that are wider than peers.

๐Ÿ“–: Read the full article here
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iFAST Daily Brew โ˜•๏ธ - 20 January 2026

Global markets tumbled as US tariff threats against the EU reignited fears of renewed geopolitical tensions

๐Ÿ‡บ๐Ÿ‡ธ S&P 500: 6,945 (0.00%) Market Closed
๐Ÿ‡บ๐Ÿ‡ธ NASDAQ: 23,523 (0.00%) Market Closed
๐Ÿ‡ช๐Ÿ‡บ STOXX 600: 608 (-1.18%) ๐Ÿ“‰
๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225: 53,637 (-0.65%) ๐Ÿ“‰
๐Ÿ‡ญ๐Ÿ‡ฐ Hang Seng: 26,571 (-1.05%) ๐Ÿ“‰
๐Ÿ‡จ๐Ÿ‡ณ CSI 300: 4,744 (0.05%) ๐Ÿ“ˆ
๐Ÿ‡ธ๐Ÿ‡ฌ STI: 4,835 (-0.29%) ๐Ÿ“‰

3 Things You Need To Know

1. EU could retaliate against US President Donald Trumpโ€™s Greenland-related threats by imposing up to โ‚ฌ93 billion (USD $107.7 billion) in tariffs or by limiting U.S. companiesโ€™ access to the EU market.

2. Japanese Prime Minister Sanae Takaichi announced a snap general election, pledging to suspend the 8% food tax for two years, a proposal that mirrors her rivalsโ€™ plans despite concerns over Japanโ€™s already fragile public finances, pushing Japanese 30yr government bond yields above 3.6%.

3. Only one thing that hasnโ€™t experienced a meaningful pullback since 2022 โ€“ Japanese government bond yields, is this an extra risk premium as Japan exits its loss decadeโ€ฆ. or rather a calm before the storm?
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Stock Idea: From concrete to innovation: How Pan-United is shaping a greener future

โ€ข Market-leading position with strong sustainability focus: Pan-United is Singaporeโ€™s largest ready-mix concrete (RMC) supplier, backed by decades of involvement in national mega-infrastructure projects. Its leadership in carbon-mineralised concrete solutions positions the company as the preferred partner for both public and private sector developments increasingly prioritising sustainability.

โ€ข Earnings visibility underpinned by mega projects and solutions expansion: Pan-United is poised to benefit from major upcoming projects, including Changi Airport Terminal 5 and key transport infrastructure upgrades, providing multi-year earnings visibility. Concurrently, the firm is transitioning from a pure RMC supplier to a broader solutions provider through its innovation portfolio, enhancing margins and deepening competitive moats.

โ€ข Attractive upside potential: Applying a fair forward P/E multiple of 14x, we derive a target price of SGD 1.37, based on our three-year forward earnings forecast. This implies an upside potential of 17.9%, supported by rising demand for green construction materials, strong fundamentals and visible growth catalysts.

๐Ÿ“–: Read the full article here
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Macro Research: Trump puts further pressure on the Fed โ€“ what should you do?

โ€ข On 11 January 2026 (Sunday), Federal Reserve (Fed) Chairman Jerome Powell disclosed that the Fed had been served with grand jury subpoenas by the Department of Justice (DOJ).

โ€ข In response, Powell delivered a strongly worded statement via a recorded video. The market reaction to this subpoena was relatively muted.

โ€ข We continue to belief in further yield curve steepening in 2026, and think a mix of short and medium-term bonds could help investors navigate this interest rate environment.

๐Ÿ“–: Read the full article here
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iFAST Daily Brew โ˜•๏ธ - 21 January 2026

Global markets extended yesterdayโ€™s sell-off as Trumpโ€™s Greenland tariff threat triggered fear

๐Ÿ‡บ๐Ÿ‡ธ S&P 500: 6,802 (-2.06%) ๐Ÿ“‰
๐Ÿ‡บ๐Ÿ‡ธ NASDAQ: 22,961 (-2.39%) ๐Ÿ“‰
๐Ÿ‡ช๐Ÿ‡บ STOXX 600: 603 (-0.70%) ๐Ÿ“‰
๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225: 53,044 (-1.11%) ๐Ÿ“‰
๐Ÿ‡ญ๐Ÿ‡ฐ Hang Seng: 26,494 (-0.29%) ๐Ÿ“‰
๐Ÿ‡จ๐Ÿ‡ณ CSI 300: 4,724 (-0.33%) ๐Ÿ“‰
๐Ÿ‡ธ๐Ÿ‡ฌ STI: 4,828 (-0.14%) ๐Ÿ“‰

3 Things You Need To Know

1. US President Donald Trump on Tuesday threatened to impose 200% tariffs on French wines and champagne after French President Emmanuel Macron was reported to be unwilling to join his โ€œBoard of Peaceโ€ on Gaza.

2. Netflix has shifted to an all-cash bid for Warner Bros Discoveryโ€™s studio and streaming assets, keeping the offer at USD $82.7 billion, in an apparent move to block Paramountโ€™s competing attempts to acquire the Hollywood group.

3. What is happening with Greenland, and the renewed back-and-forth over tariff threats โ€” are these the main culprits behind the correction in equity markets, or is the bond market signaling something more worrying?
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Macro Research: Trumpโ€™s Iran tariff threats: China can absorb the shock, but India canโ€™t

โ€ข Trump announced that countries doing business with Iran may face a 25% tariff on US trade, placing major partners such as China and India under potential pressure.

โ€ข We reiterated our positive stance on China. Multiple catalysts provide a constructive backdrop for Chinese equities, supporting a positive market outlook despite external uncertainties.

โ€ข In contrast, India faces greater downside risks due to limited countermeasures, export vulnerability and expensive valuation.

๐Ÿ“–: Read the full article here
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iFAST Daily Brew โ˜•๏ธ - 22 January 2026

Global markets cheered after Donald Trump reversed tariffs on the EU

๐Ÿ‡บ๐Ÿ‡ธ S&P 500: 6,880 (1.16%) ๐Ÿ“ˆ
๐Ÿ‡บ๐Ÿ‡ธ NASDAQ: 23,229 (1.18%) ๐Ÿ“ˆ
๐Ÿ‡ช๐Ÿ‡บ STOXX 600: 603 (-0.02%) ๐Ÿ“‰
๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225: 52,827 (-0.41%) ๐Ÿ“‰
๐Ÿ‡ญ๐Ÿ‡ฐ Hang Seng: 26,592 (0.37%) ๐Ÿ“ˆ
๐Ÿ‡จ๐Ÿ‡ณ CSI 300: 4,728 (0.09%) ๐Ÿ“ˆ
๐Ÿ‡ธ๐Ÿ‡ฌ STI: 4,810 (-0.38%) ๐Ÿ“‰

3 Things You Need To Know

1. President Donald Trump said that he and NATO Secretary General Mark Rutte had agreed on a framework for a potential future deal involving Greenland, dropping plans to impose punitive tariffs on several European countries.

2. Amazon.com is beginning to experience an increase in product prices on its e-commerce platform, as sellers react to higher costs caused by US President Donald Trumpโ€™s tariffs, CEO Andy Jassy said.

3. The US House Foreign Affairs Committee moved forward a bill to grant Congress greater authority over artificial intelligence chip exports, overcoming opposition from White House AI czar David Sacks and a social media pushback against the measure.
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Buzz: Yield, Gold and Selective Growth: FSMOneโ€™s Most Bought Investments in 4Q2025

Investor behaviour in 4Q2025 reflected a continued preference for income resilience and diversification, even as selective risk-taking re-emerged in pockets of equities and leveraged ETFs.

๐Ÿ“–: Read all about it here!
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iFAST Daily Brew โ˜•๏ธ - 23 January 2026

Global markets extended yesterdayโ€™s rally for a second day after Trumpโ€™s tariff reversal

๐Ÿ‡บ๐Ÿ‡ธ S&P 500: 6,918 (0.55%) ๐Ÿ“ˆ
๐Ÿ‡บ๐Ÿ‡ธ NASDAQ: 23,441 (0.91%) ๐Ÿ“ˆ
๐Ÿ‡ช๐Ÿ‡บ STOXX 600: 609 (1.03%) ๐Ÿ“ˆ
๐Ÿ‡ฏ๐Ÿ‡ต Nikkei 225: 53,743 (1.73%) ๐Ÿ“ˆ
๐Ÿ‡ญ๐Ÿ‡ฐ Hang Seng: 26,637 (0.17%) ๐Ÿ“ˆ
๐Ÿ‡จ๐Ÿ‡ณ CSI 300: 4,729 (0.01%) ๐Ÿ“ˆ
๐Ÿ‡ธ๐Ÿ‡ฌ STI: 4,828 (0.38%) ๐Ÿ“ˆ

3 Things You Need To Know

1. US consumer spending increased solidly in November and October, rising by 0.5% y/y, likely keeping the economy on track for a third straight quarter of strong growth.

2. President Donald Trump said that the framework agreed with NATO on Greenland includes US and European access to mineral resources, along with cooperation on the Golden Dome initiative.

3. Magnificent Seven stocks are set to report earnings next week. Given their weighting โ€Œon indexes, โ€Œtheir performances have outsized influence on overall market direction.
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Top Equity Funds 2025: South Korean funds gained nearly 100%, were you on board?

2025 was a year of crosscurrents, yet it ended with impressive rallies across markets. Heading into 2026, diversification continues to be the defining theme for investors navigating a changing market.

๐Ÿ“–: Read the full article here
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If you believe you have fallen victim to a phishing attempt, or suspect that your account has been compromised, please contact us immediately at clienthelp@fundsupermart.com

Read more about keeping yourself safe here.
Bonds: New Issue: 4.4% yields (IPG) offered by SGX-listed logistics specialist

AIMS APAC REIT plans to issue new SGD NC5 perpetuals at an initial price guidance of 4.40%. Here is our take on this new issuance.

๐Ÿ“–: Read our full take here
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