Singapore trails as $45t managers pivot to China and Japan

Only 11% of respondents chose Singapore as a top performer compared to 21% for China and Japan.

Singapore’s domestic market is projected to remain stable throughout the year, though fund managers and asset owners rank Japan and China as the region's top-rated markets.

The majority (90%) expect the Straits Times Index to either strengthen or maintain its current levels, supported by corporate dividends and government revitalisation efforts, according to an Investment Management Association of Singapore (IMAS) survey.

However, Singapore was outperformed by other Asian markets, with 11% of respondents selecting it versus 21% each for Japan and China, and 13% for India.

This regional optimism is reflected in equity forecasts, with 72% of managers expecting the MSCI Asia ex-Japan Index to rise by 10% to 20%, whilst 73% forecast similar gains for the MSCI China Index later this year.

Moreover, the bullish outlook persists despite 61% not expecting China’s GDP growth to accelerate, suggesting that optimism is rooted in attractive valuations, policy interventions, and specific sector opportunities rather than broad macroeconomic expansion, the report added.

Separately, over half (60%) expressed concern that the independence of major central banks may erode in 2026.

Whilst views on global inflation were mixed, 69% expect the US Federal Reserve to cut interest rates by more than 0.5 percentage points by year-end.

This shift is expected to impact the currency corridor, with 46% forecasting the USD/SGD pair to weaken by 5% to 10%.

The survey gathered responses from 63 IMAS member firms, whose Singapore-based managers and asset owners oversee approximately $45t (US$35t) in global assets.

S$1 = $1.28

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