What 2025 taught markets, and what comes next
As 2025 draws to a close, markets look calmer on the surface. Underneath, tariffs have crept back into the conversation, AI has pushed valuations to uncomfortable places, and investors are still arguing about whether US rates have truly settled. It was a year of strong gains, sudden nerves and uneasy surprises.
In the final episode of Market Focus Weekly for 2025, host Emily Liu steps back to make sense of what really moved markets and what may matter most in 2026. She is joined by Yujun Lin, chief executive of Interactive Brokers Singapore, for a wide-ranging conversation that cuts from AI and policy shocks to gold, crypto and Asia’s standout markets.
Why listen
- AI beyond the hype: What made investors pause in 2025, and why the next phase may look very different.
- Tariffs, politics and volatility: Why markets shrugged off shocks this year and why that resilience may be tested again.
- Gold up, Bitcoin down: What the divergence says about fear, faith and how investors really hedge uncertainty.
- Asia’s surprise winners: Why Hong Kong, Korea and Singapore stood out and what that could signal for 2026.
Liu keeps the conversation moving; Lin keeps it insightful. If 2025 felt like a year where markets quietly rewired themselves, this episode helps you spot what changed before the next act of 2026 begins. Listen now.
Find more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.
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Written and hosted by: Emily Liu (emilyliu@sph.com.sg)
With Yujun Lin, CEO, Interactive Brokers Singapore
Edited by: Chai Pei Chieh & Claressa Monteiro
Produced by: Emily Liu & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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