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Tariff cuts, rate cuts and market turmoil on the cards in 2026
The Japanese yen could be a big gainer in 2026; AI-related stocks may come under pressure and drag down the US stock market.
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With US rates headed lower, there will be more downward pressure on the US dollar, which already lost some ground in 2025.
ST ILLUSTRATION: MANNY FRANCISCO
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As the new year approaches, it’s crystal-ball gazing time. The divining tool can never tell the whole story, only some of what it can foresee; reality often turns out different. But that said, let’s proceed.
First, a brief recap on 2025. Despite trade tensions and policy uncertainties, global economic growth looks set to hold up better than expected, projected at 3.2 per cent according to the International Monetary Fund, compared with 3.3 per cent in 2024. Surprisingly, even global trade volumes grew faster than in 2024. The gross domestic product growth projection for trade-dependent Singapore in 2025 was upgraded by the Trade and Industry Ministry in November to around 4 per cent,
