This geopolitical escalation has sparked heightened near-term risk aversion. History suggests geopolitical shocks typically normalise when extent of the disruption clears.
New growth engines and opportunities (beyond traditional blue chips) are emerging in Singapore’s transformed economic structure.
Risk appetite jolt in US software unlikely to derail strong fundamentals. Active management is key in navigating alpha rotations.
Exceptionalism can continue with strong risk appetite and the AI revolution. We have a constructive outlook for risk assets in 2026.
Financial markets have shrugged off the capture of President Maduro, but this event reflects the new “Realpolitik” world where outcomes matter more than methods.