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    Multi-asset chart of the week

    Multi Asset chart of the week

    07 January 2026 Multi-asset
    Week to 09 January 2026

    Global equities rallied in 2025 while the US dollar declined

    Stephanie Chan, CFA, Portfolio Manager, said: “Despite the volatility in markets seen in April 2025 around Liberation Day and Trump’s announcement of new global tariffs, equity markets reached new all-time-highs in 2025, with the MSCI World developed market equity index gaining almost 20% over the year. Remarkably, global equities outside the US outperformed US equities despite the recent focus on AI and large capex spend by US tech companies. Meanwhile, the US dollar weakened in 2025, amidst expectations of further cuts from the Fed and some political and economic uncertainty in the US. Additionally, some markets outside the US offered improving fundamentals and more attractive valuations relative to the US.”

    COW 08Jan.png

    Source: Insight Investment, Bloomberg as at 31 Dec 2025.

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