{"id":84007,"date":"2026-01-14T08:00:00","date_gmt":"2026-01-14T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=84007"},"modified":"2026-01-14T10:09:22","modified_gmt":"2026-01-14T02:09:22","slug":"weekly-securities-newsletter-14-january-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/weekly-securities-newsletter-14-january-2026\/","title":{"rendered":"Weekly Securities Newsletter: 14 January 2026"},"content":{"rendered":"\n<div class=\"wp-block-uagb-image uagb-block-50ebcba7 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2-1024x260.png\" alt=\"\" class=\"uag-image-66099\" width=\"2952\" height=\"750\" title=\"WSN Banner\" loading=\"lazy\" role=\"img\" \/><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Solid Core, Diversified Your Yield<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Chart of the Week: <br>U.S. Targets Venezuela, Intensifying the Global Resource Battle and Fuel-Market Volatility\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After President Trump ordered an airstrike on Venezuela, Nicol\u00e1s Maduro was captured and will face trial on narcoterrorism and related charges. The underlying motive stems from Venezuela\u2019s status as the country with the world\u2019s largest proven crude reserves. According to OPEC, Venezuela holds roughly 20% of global reserves at 303bn barrels\u2014surpassing even Saudi Arabia\u2019s 260bn barrels. Following the tariff announcement, U.S. imports of heavy crude from Mexico and Canada declined, and Trump stated the U.S. will transfer 30\u201350mn barrels from Venezuela\u2014highlighting Washington\u2019s intent to control the world\u2019s largest heavy-crude reserve base.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 1: <br>Capital Flows Lift Major Equity Markets; Policy Expectations Drive Sector Gains\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. December ISM manufacturing PMI slowed to47.9, below the expected 48.4, though new ordersshowed slight improvement. ISM services PMI roseto 54.4 on a sharp rise in new orders and hiringreturning to expansion, beating expectations (52.2)and last month\u2019s 52.6\u2014the highest since October2024. This indicates economic resilience and acontinued K-shaped pattern. Despite a mild pickupin geopolitical tensions, accommodative policycontinues to channel liquidity into major equitymarkets, pushing indexes higher. U.S. equityvolatility remains low; upcoming political events andlabor data warrant attention.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 2: <br>Loose Liquidity and Rising Geopolitical Tensions Keep Metal Prices Hitting New Highs\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. rate futures now imply two Fed cuts in 2026pushed beyond June. Over the past week, Treasuryyields\u2014except the 2Y\u2014have mostly drifted lower,and risk appetite supported gains in global high-yield credit. President Trump announced plans todeploy USD 200bn from Fannie Mae and FreddieMac to buy mortgage-backed securities&nbsp;in order topush mortgage rates down. Ahead, labor data andthe upcoming Supreme Court ruling on IEEPAremain key\u2014if tariffs are overturned, Treasury yieldscould see heightened volatility.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">What\u2019s Trending: <br>CES Highlights AI Hardware Ramp-Up; Edge Devices Power Physical-AI Development\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CES 2026 centered on three themes\u2014AI, digitalhealth, and automotive solutions\u2014all pointingtoward more concrete AI applications extendingfrom the cloud to edge devices, including AI PCs,humanoid robots, automotive systems, and smart-home appliances. Key updates in servers includedNvidia\u2019s Rubin chips entering mass production,AMD unveiling a new system to compete withNvidia\u2019s NVL72 (with an OpenAI procurementagreement), and Intel introducing its next-generationCore Ultra 300 CPU aimed at enhancing edge-computing performance.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">In Focus 1: <br>Policy Direction Lifts Markets; Economic Momentum Supports Quality Bonds\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. labor-market cooling leaves room for at leasttwo Fed cuts in 2026, making the U.S. one of the fewmajor economies expected to maintainaccommodative policy. In contrast, the ECB and BoJlean slightly hawkish. Meanwhile, expansionary fiscalpolicy across the U.S., Eurozone, and Australiacontinues to push major government-bond yieldshigher\u2014Germany\u2019s 10Y near 3% and Japan\u2019s 10Yabove 2%, the highest since 2011 and 1997. Thissteepening of yield curves may challenge issuers\u2019refinancing costs.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">In Focus 2: <br>Quality Bonds Still Attractive; Diversified Allocation Reduces Concentration Risk\u200b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With the Fed maintaining its expected pace of ratecuts\u2014and balance-sheet runoff ending alongsideReserve Management Purchases\u2014the outlook forTreasury supply has shifted, helping dampen ratevolatility. This environment also supports tighter creditspreads for rate-sensitive investment-grade (IG)bonds. For 2025, IG performance was driven not onlyby credit-spread levels but also by changes inissuance. We estimate U.S. IG supply will rise 17% in2026 to USD 1.8tn. Focus on sectors with below-average net issuance and appealing spreads, such asfinancials, telecom, energy, and utilities.\u200b<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-9b755ae4\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-80bc606a wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/Weekly%20Securities%20Newsletter\/KGI_Global%20Markets%20Weekly%20Kickstart_12%20Jan%202026_Client.pdf\" rel=\"follow noopener\" target=\"_blank\" role=\"button\"><div class=\"uagb-button__link\">Read Full Report<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-538fa70e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-a3b933c6\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-09ce9008\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-5ae64502\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-a5d8cbdf wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-2a8e253e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-3e950960\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\" \/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\" \/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. effective tariffs have climbed to 17%, marking the sharpest annual shift in decades, with year-end levels the highest since the 1930s. This has reshaped global supply chains. We estimate tariffs will drag GDP growth by 0.3ppt, though increased AI investment offsets much of the impact. Tariffs generate over USD 200bn in revenue\u20144% of total government income, vs. 2% in 2024.<\/p>\n","protected":false},"author":17,"featured_media":78162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-84007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-markets-weekly-updates"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"U.S. effective tariffs have climbed to 17%, marking the sharpest annual shift in decades, with year-end levels the highest since the 1930s. This has reshaped global supply chains. We estimate tariffs will drag GDP growth by 0.3ppt, though increased AI investment offsets much of the impact. Tariffs generate over USD 200bn in revenue\u20144% of total government income, vs. 2% in 2024.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"global markets weekly updates\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/weekly-securities-newsletter-14-january-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Weekly Securities Newsletter: 14 January 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"U.S. effective tariffs have climbed to 17%, marking the sharpest annual shift in decades, with year-end levels the highest since the 1930s. 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