Global geopolitical developments are accelerating at an unprecedented rate, significantly impacting market stability, international trade and global supply chains.

In the face of trade disruptions, currency fluctuations, and increased operational risks, businesses must adapt to new market conditions and diversify through safe-haven assets.

Hear the views of our Global Economics and Markets Research team as they discuss the macroeconomic outlook and the implication on commodities like gold and oil in our recent webinar.

Highlights

Tariffs and trade: US tariffs are increasing costs and uncertainty for China and ASEAN exports. Businesses need to diversify markets and supply chains to manage this new multi-polar trade landscape.

Regional growth: ASEAN growth is still modest at around 4 per cent but trade-dependent economies like Singapore and Thailand face downside risks. China's slowdown and domestic challenges add to regional headwinds.

Monetary policy: Central banks are expected to cut rates to cushion weaker growth.

Currency: The dollar's depreciation in 1H25 has been driven more by portfolio hedging and shifts in sentiment than concrete changes in the Fed's policy or large-scale structural de-dollarisation. This dynamic will continue to be a key factor for FX and asset markets in the months ahead.

Important notice and disclaimers

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