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Weekly Outlook

Market Commentary – December 2025

Market Commentary – December 2025

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD/Local Currency terms)

Equities delivered mixed monthly performance in December. The S&P 500 was flat MoM while value stocks as loosely represented by the DJIA (+0.9% MoM) fared better than the tech-heavy NASDAQ Composite (-0.5% MoM). Overall, equities wrapped up 2025 with double-digit returns across the board, riding on the back on AI-led growth and the expectations for a continued interest rate downcycle.

Global Small-Caps (+1% MoM) slightly edging Large-Caps (+0.8% MoM), while Emerging Markets outperformed (-3% MoM). In Europe, we have observed positive monthly performance as well led by German equities (+2.7% MoM) considering constructive fundamentals relative to the eurozone. But for the past year, UK equities have also outpaced their peers overall on the back of hopes of an imminent Bank of England rate cut and a relatively attractive valuation level.

Closer to home, APAC equities reported mixed results with the top performing markets being South Korea (+7.4% MoM) and Singapore (+2.7% MoM). Singapore continued to be a haven for investors given its low inflation, on top of resilient economic growth and strong policy support while South Korea benefitted from a stabilizing political climate and inflows into its tech stocks. Both South Korea and China/HK also had the strongest performance of the year among APAC equities due to the heavy concentration of semiconductor and AI-related companies in their benchmarks.

China/HK equities (-1.2%/-0.6% MoM) have fallen for two-straight months amid mixed economic signals and heightened volatility. China posted a record trade surplus in December, but trade with U.S. continued to decline sharply due to tariffs impact. The weakness of the property sector, concerns over a soft labor market, cautious household spending, and subdued consumer demand also contributed to the weakening sentiment.

Source: Bloomberg (Total Return in USD terms)

Within the S&P 500, Financials (+3.1% MoM) delivered the best performance for the month. This is likely due to anticipations of improving banking and capital markets activity on the back of further rate cuts in 2026. Materials (+2.2% MoM) came a close second on the back of precious metals (i.e. silver and platinum) and copper rally, which saw strong demand throughout 2025 but had their prices spiked up at the end of the year. Meanwhile, Industrials (+1.2% MoM) outperformed due to the robust demand backlog of the U.S. Aerospace and Defense companies, not forgetting the significant gains from AI power solutions and infrastructure companies as well.

In the other hand, Utilities (-5.1% MoM), Real Estate (-2.2% MTD), and Consumer Staples (-1.6% MTD) lagged. Utilities underperformed due to their yield sensitivity and limited growth catalysts in a higher-for-longer rate environment, while Real Estate was weighed down by elevated financing costs and lingering structural headwinds in office and select property segments. Consumer Staples also lagged as investors gravitated toward higher-growth opportunities, compounded by softer volume growth and margin pressures from elevated input costs. Overall, December’s performance reflected a market backdrop that rewarded cyclical and growth exposure over defensive positioning.

Source: Bloomberg (Total Return in Local Currency terms)

Global REITs reported a mostly positive performance in December, with Thailand (+4.8% MoM) and Australia (+2% MoM) performing the best. S-REITs (0.7% MoM) have relatively lagged, but continue to benefit from resilient fundamentals, attractive dividend yields, and broad-based sector strength, including recovery in hospitality, and continued industrial and retail. Valuations and yields remain attractive with a compelling 2.6% trailing yield spread, the second highest globally, and trading at a fair 1x PB considering the quality of the assets.

EQUITY MARKET OUTLOOK

Market Remains Highly Sensitive: Bullish Tone with Underlying Cautious Tensions

Source: Bloomberg.

Volatility has continued to cool down in December, with the VIX falling by 249 bps MoM, quite significantly under both the Trailing 3M (~18%) and 1Y (~19%) averages. The SKEW also gone up closer to the 150 level. Both volatility indicators are still pointing to a risk-on equity market. This is likely due to the Fed’s 25 bps rate-cut in the same month.

However, we observed a twist in the yield curve with the US 2Y Treasury yield down -10 bps MoM to 3.5% while the 10Y had risen slightly by 9 bps to 4.2%, reflecting a divergence between near-term monetary policy expectations and longer-term macro risks. The decline in the 2Y yield signals growing conviction of an easing cycle over the next few years. But the uptick in the 10Y yield suggests a higher term premium to compensate for persistent fiscal deficits, elevated Treasury issuance, and uncertainty around long-term inflation and growth, even as short-term rate cut expectations firm. Overall, the 10Y-2Y spread steepened to 0.7% (19 bps MoM), an indication of a short-term bullish outlook for the bond market. In parallel, the credit markets also point to a risk-on but rates-volatile credit environment. IG–Treasury spread widening (+5 bps MoM) suggests sensitivity for rate volatility and duration exposure. However, the global high yield and investment-grade (HY–IG) spread continued to tightened (-15 bps MoM) indicates improving risk appetite and confidence in corporate credit quality.

Overall, te December rate cut spurred a risk-on environment, reflected in cooling volatility and tighter high-yield spreads. However, this bullish sentiment is complicated by a twist in the yield curve reflecting persistent long-term fiscal and inflation concerns. Investors are currently embracing risk due to cooling inflation and AI optimism but remain highly vulnerable to any inflation surprise or hawkish Fed shift that could quickly reprice both rates and equities.

Mixed Macro Backdrop: Data Gaps and Weak Growth Outlook Complicates Policy Positioning

Source: Bloomberg.

The U.S. government shutdown earlier in Q4 disrupted key data releases, including delayed inflation, employment, and GDP reports. But the recent CPI data release has shown inflation levels moderating below the trailing 3M and 1Y levels. However, global manufacturing growth is cooling down with both the Global and Eurozone Composite PMI falling by 30 and 80 bps MoM respectively. The U.S. and manufacturing sector also continued to struggle, with the ISM Manufacturing PMI (48.7%) falling further in contractionary range, reflecting persistent weakness in factory activity and softened new orders amid higher input costs. These mixed signals will potentially contribute to a cautious central bank positioning, with policymakers wary of pre-emptive easing until disinflation is more durable and broader-based growth momentum is reaffirmed.

AI Momentum Drives Markets into 2026, but Valuation and Macro Risks Warrant Caution

As we close out 2025, our constructive medium-term market outlook remains anchored by the momentum behind the AI investment cycle and resilient corporate earnings, which have underpinned market confidence even as macroeconomic conditions remain uneven. AI-related capital expenditures continue to drive activity across semiconductors, cloud infrastructure and automation, supporting earnings and investor demand beyond the traditional mega-cap cohort, while broader sectors such as infrastructure and select industrials have also shown increased earnings contributions. Equity markets have benefited from this dynamic, with global equities delivering strong performance amid stabilizing financial conditions and moderating inflation pressures, even as interest-rate expectations have shifted and central banks tread cautiously.

However, fragile macro undercurrents persist. Valuations in leading AI beneficiaries remain stretched with a high degree of market concentration, and concerns about the sustainability of the AI rally and potential overvaluation have been highlighted by multiple strategists. At the same time, sticky inflation and central banks’ reluctance to pre-emptively ease policy underscore ongoing policy risk, while global growth signals including cooling manufacturing activity and differentiated central bank stances will temper outright optimism. Looking ahead, equity upside remains plausible, but prudence and diversification are essential. Participation in the AI-driven rally can still be rewarding, yet the balance of structural risks including valuation concentration, potential volatility around policy shifts, and geopolitical uncertainties means that a disciplined approach with broader exposure beyond U.S. mega-caps and heightened awareness of tail risks will likely serve investors well as we transition into 2026.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Bond markets closed the year on a positive note, with December marking another month of broad-based gains across major indices. Short-duration high yield and emerging market debt led the charge, buoyed by resilient risk sentiment and supportive macro dynamics. The US 1–3 Yr High Yield Index posted the strongest one-month return, followed closely by the EM USD Aggregate Index and US 1–3 Yr IG Index, underscoring continued investor appetite for carry and credit exposure.

The SGD Overall Index rebounded in December, reversing its recent FX-driven underperformance. While USD strength had weighed on SGD-based returns in prior months, the December recovery reflects stabilizing currency dynamics and persistent strength in domestic credit. This index ends the year as the top performer on a one-year basis, with returns approaching 15%, reaffirming the resilience of Singapore’s fixed income market amid global volatility.

US corporates delivered strong returns in 2025, driven primarily by the Fed’s pivot toward easing and the resulting price gains as yields fell. Credit spreads remained at some of their tightest levels on record, meaning corporate bonds benefited fully from the rate rally. Apart from brief volatility around Liberation Day, spreads were remarkably stable, underscoring investor confidence in fundamentals and technical support.

Emerging market debt sustained its momentum into year-end, supported by improving fundamentals, disinflation trends, and robust growth in key economies such as India and Brazil. The EM USD Aggregate Index delivered strong returns both in December and over the full year, as investors continued to diversify away from traditional dollar-denominated exposures. This secular rebalancing — driven by geopolitical hedging and structural shifts in global capital flows — has amplified cyclical tailwinds for EM credit.

European bonds were the clear laggards of 2025. The Pan Euro Aggregate Index posted the weakest returns, weighed down by a stagflationary backdrop, curve steepening, and fiscal uncertainty. Germany’s record debt budget shift, France’s repeated government collapses over debt plans, and the UK’s stretched public finances all left investor confidence fragile, with normalization in the eurozone appearing protracted.

Looking Ahead to 2026

As 2026 begins, fixed income markets are shaped by diverging expectations. Futures markets are pricing in two 25 bps cuts in 2026, while the Fed’s December dot plot signals only one, underscoring the risk of misalignment between investor positioning and policymaker guidance. If inflation proves stickier or growth more resilient, the Fed may deliver fewer cuts, pushing yields higher, steepening the curve, and strengthening the dollar. Conversely, a leadership transition at the Fed — with President Trump expected to nominate a new chair following Powell’s departure — could tilt policy more dovishly, raising the prospect of faster easing but also credibility risks if independence is questioned.

Singapore’s domestic credit fundamentals remain robust, underpinned by resilient growth — GDP expanded 4.8% in 2025, with Q4 accelerating to 5.7% on the back of a 15% surge in manufacturing. Against this backdrop, the SGD Overall Index enters 2026 with solid momentum. Rate dynamics suggest front end yields will remain anchored, supported by MAS’s steady policy stance and easing inflation, while the long end shows potential for modest steepening as growth momentum drives term premiums higher. While FX volatility may persist, disciplined issuance and regional stability continue to support performance in SGD credit markets. Investors should position for carry at the front end while monitoring steepening risks further out the curve.

US corporates enter 2026 facing a more complex backdrop. Refinancing needs will intensify, with over $1.2 trillion of maturities due by 2027, forcing issuers to navigate higher funding costs. While investment grade spreads are expected to remain anchored near historical averages, credit differentiation should sharpen as sectoral fundamentals diverge. Energy and financials may continue to benefit from resilient earnings, while consumer discretionary and real estate could face margin pressure and refinancing risk. Investors are likely to favor quality and liquidity, concentrating flows into benchmark issuers, as macro uncertainty — from slowing US growth to policy volatility — keeps risk appetite selective. The balance of carry and credit selection will be the key driver of performance in 2026

Emerging market debt remains well positioned, supported by resilient growth, improving fiscal metrics, and favourable carry profiles. Investor appetite for diversification away from traditional dollar denominated exposures continues to build, reinforcing the secular tailwinds that supported EM performance in 2025. However, geopolitical risks and idiosyncratic credit events remain key watchpoints.

Overall, 2026 opens with cautious optimism. Fixed income is shifting from a rate driven regime to one defined by credit selection, currency dynamics, and geopolitical calibration. Agility and disciplined risk management will be essential.

Important Information

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.

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The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. This advertisement has not been reviewed by the Monetary Authority of Singapore.

FATCA NOTICE

With effect from 1st July 2014, this FATCA Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”) and should be read in conjunction with those Terms and Conditions, including those under our Personal Data Protection Notice.The existing terms and conditions of any contractual agreement entered into between PCM a nd you (the “Existing Terms and Conditions”) remain in full force and effect. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments,industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/ .

On March 18, 2010, the United States of America’s (“U.S.”) Hiring Incentives to Restore Employment Act of 2010 (Pub.L.111-147H.R.2847)) (the “Act”) was enacted into law. Section 501(a) of the Act added a new chapter 4 (sections 1471-1474) to Subtitle A of the U.S.’s Internal Revenue Code (Code).Chapter 4 expands the information reporting requirements imposed on foreign financial institutions (as defined in section 1471(d)(4)) (FFIs) with respect to certain U.S. accounts (as defined in section 1471(d)(1)) of specified U.S. person, and imposes withholding, documentation, and reporting requirements with respect to certain payments made to certain foreign entities.

PCM will be obliged to comply with the provisions of FATCA under the terms of the inter-governmental agreement (“IGA”) Model I between the U.S. and Singapore and under the terms of Singapore’s subsidiary legislation which will be issued pursuant to Singapore’s Income Tax Act (Cap. 134) to implement the IGA. “FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S. Internal Revenue Code.

“FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S.Internal Revenue Code.

“U.S. person” means a U.S. citizen or resident individual, a partnership or corporation organised in the U.S. or under the laws of the U.S. or any state of the U.S. thereof, a trust if: (i) a court within the U.S.would have authority under the applicable law to render orders or judgments concerning substantially all issues regarding the administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decedent that is a citizen or resident of the U.S..This definition shall be interpreted in accordance with the provisions of the U.S. Internal Revenue Code.

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  • It is the existing policy of PCM that investment products and investment accounts managed by PCM (“PCM Products and Services”) are not being offered or sold to U.S. Persons and that subsequent transfer of PCM Products and/or Services to a U.S.Persons are prohibited.
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PDPA

PERSONAL DATA PROTECTION NOTICE

With effect from 1st July 2014, this Personal Data Protection Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”). Without prejudice to the existing terms and conditions of any contractual agreement entered into between PCM and you (the “Existing Terms and Conditions”), which remain in full force and effect, this Notice shall be read in conjunction with the Existing Terms and Conditions. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We are required under the Personal Data Protection Act (“PDPA”) to put in place the necessary arrangements to protect personal data and comply with the PDPA. Personal data includes any data and information, whether true or not, about an individual (a natural person) who can be identified from that data or information, such as your name, NRIC, passport or other identification number, telephone numbers, address, email address and any other information relating to individuals which you or your authorized representative have provided to us or we are likely to have access to (“Personal Data”).

This Notice outlines the purposes for the collection, use and/or disclosure of your Personal Data by PCM, how we protect your Personal Data and your rights with respect to the collection, use and/or disclosure of your Personal Data. This Notice supplements but does not supersede nor replace any other consents which you may have previously provided to us in respect of your Personal Data, and your consents herein are additional to any rights which we may have at law to collect, use and/or disclose your Personal Data. We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments, industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/.

1. PCM may collect, use and/or disclose your personal data for any of the following purposes listed below (collectively “Permitted Purposes”):-

i) carrying out activities, duties and obligations in connection with our products and services which you have applied for, including evaluating your eligibility and credit profile, verifying the identity or authority of your representatives, administration of your account and/or managing our overall relationship with you (including but not limited to the outsourcing of any of our functions to service providers or vendors, due diligence checks, accounting and portfolio valuation, billing and collections, business continuity and print management);

(ii) developing new services and/or products;

(iii) providing you with marketing, advertising and promotional information, materials and/or documents related to financial products and/or services that we may be selling, marketing, offering or promoting, whether such financial products or services exist now or are created in the future;

(iv) marketing and promotional events, including but not limited to images, photographs or videos of you during the events;

(v) meeting or complying with PCM’s internal policies and procedures and any applicable rules, law, regulations, codes of practice or guidelines, orders or requests issued by any court, legal or regulatory bodies (both national and international) (including but not limited to disclosures to regulatory authorities or financial industry self-regulatory bodies; conducting audit checks (internal/external), surveillance and investigation; handling of customer feedback or complaint; dispute resolutions; recording of telephone conversations and/or electronic communications with you; conducting checks or investigations for prevention and/or detection of financial crimes such as money-laundering, financing of terrorism, fraud and/or bribery etc.);

(vi) legal purposes, including but not limited to obtaining legal advice and enforcing or defending our legal and/or contractual rights against you;

(vii) risk management, statistical and trend analysis;

(viii) processing and/or storing data and/or information related to your relationship with PCM.

2. PCM, in order to facilitate the discharge of its duties and obligations to you, may be required to disclose your Personal Data for the Permitted Purposes and/or for processing of the Permitted Purposes on a need-to-know basis, to any of the following entities and the directors, officers, staff, employees and agents of any such entities, whether located within or outside Singapore (“Relevant Persons”):-

(i) any associate or related company of PCM and the directors, officers, staff, employees and agents of any such person;

(ii) any actual or proposed assignee or transferee of any of PCM’s rights and obligations or any actual or proposed delegate of any of PCM’s functions and duties under its contractual relationship with you;

(iii) any relevant governmental, supervisory or regulatory authority or court of law, including the Monetary Authority of Singapore, to which PCM is or may be subject;

(ix) any person in order to give effect to any instruction from you or any person acting or purporting to be acting on behalf of you;

(x) any person as PCM may consider necessary in order to comply with any order, directive or policy of any court or governmental or regulatory authority in any jurisdiction;

(xi) any person when required to do so in accordance with the laws of any applicable jurisdiction or rules of any professional self-regulatory bodies or securities exchanges;

(xii) any agent, contractor or third party service provider who provides their services in connection with the operation of PCM’s fund management business, including but not limited to the custodians, trustees, fund administrators, registrars, banks, legal firms, accounting and auditing firms, printing firms, IT service providers, credit reference agencies, credit bureaus, data screening entities for the purpose of due diligence checks and the prevention and detection of financial crimes.

3. PCM’s related companies and third party service providers shall be bound by the same provisions as set out in this Notice and we will require them to ensure that your Personal Data are kept confidential and secure.

4. You represent and warrant that your Personal Data provided to us is accurate and complete for us to make a decision that affects you or to disclose your Personal Data to the above-mentioned Relevant Persons on a need-to-know basis. Where applicable, when you provided Personal Data relating to another individual (e.g. your dependent, spouse, children and/or parents) to us, you represent and warrant that such Personal Data is accurate and complete and the consent of that individual has been obtained for the collection, use and disclosure of his/her Personal Data in accordance with the provisions listed in this Notice.

5. We will retain your Personal Data to the extent that one or more of the Purposes for which your Personal Data was collected, used and/or disclosed is/are still valid and for legal, regulatory reporting or regulatory investigations purposes for which retention may be necessary.

6. PCM may terminate any contractual relationship which you may have with us, if any information provided to us is insufficient, misleading or erroneous or if any information that is required to be disclosed to any regulatory authority for compliance with any law or regulation is not provided by you.

7. You may request access to or make corrections to your Personal Data records. Depending on the information requested PCM may charge a small fee when you request access to your Personal Data. Upon your request and subject to the provisions under the PDPA, PCM will respond accordingly within reasonably possible time. Please submit your request to our Data Protection Officer via [email protected].

8. You may withdraw your consent to any use or disclosure of your Personal Data for any or all of the Purposes as set out in this Notice by giving written notice to us. If you withdraw your consent(s), depending on the nature of your request, we may not be in a position to continue to provide our products or services to you or administer any contractual relationship in place. Such withdrawal may be considered a termination by you of any agreement you may have with us. Where there is any breach of your contractual obligations or undertakings, PCM’s legal rights and remedies are expressly reserved in such event.

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The contents of this website, including these terms and conditions, are subject to change and may be modified, deleted or replaced from time to time and at any time at the sole and absolute discretion of PhillipCapital. Any opinions or views herein are made on a general basis and are subject to change without notice.

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PhillipCapital and/or its member companies reserve all copyright and intellectual property rights to the services, content, information and data on the Website. The contents in the Website are protected by copyright and no part or parts hereof may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted, hyperlinked, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of PhillipCapital and/or its member companies.

 

No Warranties 

While every care has been taken in preparing the contents contained in the Website, such contents are provided to you “as is” and “as available” without warranty of any kind either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a particular purpose or freedom from computer virus is given in conjunction with such contents. Member companies of PhillipCapital, their directors, officers, associates, agents and affiliates make no representations, endorsements or warranties of any kind about the services, content, information and/or data contained in the Website.

 

Separate Contracts 

The provision of any service or products provided by PhillipCapital and/or its member companies through the Website shall be expressly subject to the particular terms and conditions as contained in the contract for the supply of such service or product. Any warranties or representations made in relation to the provision of such service or product are as made in the contract only and PhillipCapital and/or its member companies make no separate warranty or representation through the Website or through these general terms of use.

 

Exclusion of Liability and Indemnity 

In no event shall PhillipCapital and/or its member companies be liable to you for any loss, damage, costs, charges and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnity basis, cost of funding and loss or cost incurred by you as a result of or in connection with:

  1. any access, use or the inability to access or use this website, use of or reliance on the contents of this website;
  2. any transaction performed on any web page in the Website;
  3. any loss or abuse or unauthorized disclosure of information, including customer information;
  4. any system, server or connection failure, error, omission, interruption, interception, delay in operation or transmission, or computer virus;
  5. any use of or access to any websites linked to the Website;
  6. any service, product, information, data, software or other materials obtained from this Website or from any other websites linked to this Website;
  7. breach or violation of any third party rights, including but not limited to the violation of any proprietary or intellectual property rights or the enforcement of any of these general terms of use.

 

Governing Law 

These general terms of use shall be governed by and construed in accordance with the laws of the Republic of Singapore and all parties hereby agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore. Products and services referred to in this website are offered only in jurisdictions where and when they may be lawfully offered by PhillipCapital and/or its member companies. The contents in the Website are not intended for use by persons located in or resident in jurisdictions that restrict the distribution of such materials by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions. The terms and conditions governing the use of the Website of each member company of PhillipCapital may differ and you should consult and carefully read the applicable terms and conditions before using the website.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.