iFAST Daily Brew ☕️ - 20 January 2026

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

🇺🇸 S&P 500: 6,945 (0.00%) Market Closed
🇺🇸 NASDAQ: 23,523 (0.00%) Market Closed
🇪🇺 STOXX 600: 608 (-1.18%) 📉
🇯🇵 Nikkei 225: 53,637 (-0.65%) 📉
🇭🇰 Hang Seng: 26,571 (-1.05%) 📉
🇨🇳 CSI 300: 4,744 (0.05%) 📈
🇸🇬 STI: 4,835 (-0.29%) 📉

3 Things You Need To Know

1. EU could retaliate against US President Donald Trump’s Greenland-related threats by imposing up to €93 billion (USD $107.7 billion) in tariffs or by limiting U.S. companies’ 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 rivals’ plans despite concerns over Japan’s already fragile public finances, pushing Japanese 30yr government bond yields above 3.6%.

3. Only one thing that hasn’t experienced a meaningful pullback since 2022 – Japanese government bond yields, is this an extra risk premium as Japan exits its loss decade…. 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

• Market-leading position with strong sustainability focus: Pan-United is Singapore’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.

• 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.

• 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.

📖: Read the full article here
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Macro Research: Trump puts further pressure on the Fed – what should you do?

• 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).

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

• 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.

📖: Read the full article here
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iFAST Daily Brew ☕️ - 21 January 2026

Global markets extended yesterday’s sell-off as Trump’s Greenland tariff threat triggered fear

🇺🇸 S&P 500: 6,802 (-2.06%) 📉
🇺🇸 NASDAQ: 22,961 (-2.39%) 📉
🇪🇺 STOXX 600: 603 (-0.70%) 📉
🇯🇵 Nikkei 225: 53,044 (-1.11%) 📉
🇭🇰 Hang Seng: 26,494 (-0.29%) 📉
🇨🇳 CSI 300: 4,724 (-0.33%) 📉
🇸🇬 STI: 4,828 (-0.14%) 📉

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 “Board of Peace” on Gaza.

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

3. What is happening with Greenland, and the renewed back-and-forth over tariff threats — 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: Trump’s Iran tariff threats: China can absorb the shock, but India can’t

• 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.

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

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

📖: Read the full article here
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iFAST Daily Brew ☕️ - 22 January 2026

Global markets cheered after Donald Trump reversed tariffs on the EU

🇺🇸 S&P 500: 6,880 (1.16%) 📈
🇺🇸 NASDAQ: 23,229 (1.18%) 📈
🇪🇺 STOXX 600: 603 (-0.02%) 📉
🇯🇵 Nikkei 225: 52,827 (-0.41%) 📉
🇭🇰 Hang Seng: 26,592 (0.37%) 📈
🇨🇳 CSI 300: 4,728 (0.09%) 📈
🇸🇬 STI: 4,810 (-0.38%) 📉

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 Trump’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: FSMOne’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.

📖: Read all about it here!
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iFAST Daily Brew ☕️ - 23 January 2026

Global markets extended yesterday’s rally for a second day after Trump’s tariff reversal

🇺🇸 S&P 500: 6,918 (0.55%) 📈
🇺🇸 NASDAQ: 23,441 (0.91%) 📈
🇪🇺 STOXX 600: 609 (1.03%) 📈
🇯🇵 Nikkei 225: 53,743 (1.73%) 📈
🇭🇰 Hang Seng: 26,637 (0.17%) 📈
🇨🇳 CSI 300: 4,729 (0.01%) 📈
🇸🇬 STI: 4,828 (0.38%) 📈

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 ‌on indexes, ‌their 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.

📖: Read the full article here
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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.

📖: Read our full take here
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iFAST Daily Brew ☕️ - 26 January 2026

Broad rally across most markets; Europe and China onshore slip.

🇺🇸 S&P 500: 6,921 (0.04%) 📈
🇺🇸 NASDAQ: 23,506 (0.28%) 📈
🇪🇺 STOXX 600: 609 (-0.08%) 📉
🇯🇵 Nikkei 225: 53,901 (0.29%) 📈
🇭🇰 Hang Seng: 26,757 (0.45%) 📈
🇨🇳 CSI 300: 4,709 (-0.42%) 📉
🇸🇬 STI: 4,891 (1.31%) 📈

3 Things You Need To Know

1. Ahead of central bank meetings this week, the Federal Reserve and three of the central banks that just backed its embattled chair are poised to keep interest rates unchanged at an edgy moment for global policymakers.

2. President Donald Trump threatened Canada with 100% tariffs against all its exports to the US if it makes a trade deal with China, escalating tensions between the US and its northern neighbour.

3. Staying the course. No major moves by central banks expected this month, and no major tremors in markets as of yet.
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Macro Research: US threatens tariff on Europe AGAIN - Hold tight as volatility may return

• US President Donald Trump’s Greenland tariff threat has deepened the divide between the US and key NATO allies.

• If fully implemented (15% + 25% tariffs), the measures would lift overall tariffs by around 2.8%, pushing the average US tariff rate on the EU to 16.8% — the highest since last spring.

• We encourage investors to remain calm and wait for greater clarity rather than engage in panic selling. Should further market weakness occur, it may present opportunities to add exposure to global technology stocks or selected European sectors, such as financials and healthcare.

📖: Read the full article here
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iFAST Market Outlook for 2026

The explosive AI-driven rally of 2025 has lifted market expectations heading into 2026. With early signs of a valuation bubble appearing, markets with deeper fundamentals and more reasonable valuations – especially those closer to home – may provide a home-ground advantage. This session highlights where valuations remain justified, where risks are rising, and which markets are best positioned to lead in the year ahead.

iFAST Daily Brew ☕️ - 27 January 2026

KLCI surges; US markets also higher ahead of key earnings. Japan slips.

🇺🇸 S&P 500: 6,956 (0.50%) 📈
🇺🇸 NASDAQ: 23,606 (0.43%) 📈
🇪🇺 STOXX 600: 610 (0.20%) 📈
🇯🇵 Nikkei 225: 52,938 (-1.79%) 📉
🇭🇰 Hang Seng: 26,773 (0.06%) 📈
🇨🇳 CSI 300: 4,713 (0.09%) 📈
🇸🇬 STI: 4,861 (-0.62%) 📉

3 Things You Need To Know

1. The Federal Reserve (Fed) is expected to hold interest rates steady this week at a meeting overshadowed by a Trump administration criminal investigation of US central bank chief Jerome Powell, an evolving effort to fire Fed governor Lisa Cook, and the coming nomination of a successor to take over for Powell in May.

2. Gold charged past US$5,000 an ounce for the first time on Monday as an array of geopolitical tensions pounded the dollar, while investors remained on tenterhooks about possible official buying of the yen after a series of surges in the Japanese currency.

3. Some of Wall Street’s top strategists – like JPM and Goldman – see US earnings broadening beyond Big Tech, as an analysis by JPM shows that forward guidance has topped expectations at roughly half of the S&P 500 companies that have provided a 2026 outlook.
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ETF: Global X Asia Semiconductor ETF (HKEX:3119) and the Asian Semiconductor Supply Chain Hegemony

Global X Asia Semiconductor ETF offers:
1. Unique Exposure: It bypasses the crowded software/design trade to focus on the tangible manufacturing base.
2. Strategic Diversification: It creates a portfolio counterbalance to US-heavy tech holdings (like QQQ or SMH).
3. Asymmetric Value: It trades at a deep discount (25x P/E) relative to its US peers

📖: Read the full article here
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iFAST Daily Brew ☕️ - 28 January 2026

KLCI surges; US markets also higher ahead of key earnings.

🇺🇸 S&P 500: 6,983 (0.41%) 📈
🇺🇸 NASDAQ: 23,820 (0.91%) 📈
🇪🇺 STOXX 600: 613 (0.58%) 📈
🇯🇵 Nikkei 225: 53,334 (0.85%) 📈
🇭🇰 Hang Seng: 27,134 (1.35%) 📈
🇨🇳 CSI 300: 4,711 (-0.03%) 📉
🇸🇬 STI: 4,923 (1.28%) 📈

3 Things You Need To Know

1. US consumer confidence declined in January to the lowest level in more than a decade on more pessimistic views of the economy and labour market. The Conference Board’s gauge decreased to 84.5, from an upwardly revised 94.2 last month, data out on Tuesday showed.

2. A gauge of the dollar slid to its weakest level in nearly four years as a resurgent yen adds to headwinds for the US currency. The Bloomberg Dollar Spot Index fell as much as 0.4% to the lowest since March 2022. The world’s primary reserve currency fell for a fourth straight day, and is coming off its worst week since May.

3. Gold rose for a second consecutive day, holding above US$5,000 (RM19,762.50) an ounce as geopolitical risks and a flight from sovereign bonds and currencies extended the metal’s rally.
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