Heng Koon How

South-east Asia rides a wave of AI-driven export growth and currency resilience into the new year, though global risks loom

Larger damage to greenback will be seen in the long run, as tariffs force countries to diversify their trade away from America to other economies

Slowing growth and geopolitical risks will weigh on oil and copper although gold will continue to benefit from safe haven demand

Expect more strength in gold prices due to geopolitical uncertainty, demand from central banks and expected interest rate cuts

Sticky global inflation and China’s uneven economic recovery remain key risks too and a second Trump term would lead to elevated policy uncertainty

This will be necessary in response to changes in clients’ payment experience, capital markets landscape and investible assets space.