In the last month, we turned more positive on equities. We saw the correction as an opportunity to accumulate. Global equities are down 10% after the attack on Iran but rebounded 16%.

The signs are there that the US and Iran will have to seek some kind of compromise. Traffic is slowly returning to the Strait of Hormuz, which is a positive sign.

There is potential in the technology and AI sector. Chinese and Hong Kong companies are catching up with major hyperscalers in the US. The gap is slowly narrowing. China is not just a domestic demand story but also an innovation technology story.

Valuations are not expensive, and China has a lot of firepower with a strong balance sheet and a huge stockpile of oil and energy reserves.

Asia ex-Japan within the EM space is actually outperforming on a regional basis. If the situation in the Middle East improves and oil prices come off, Asia will be a big beneficiary.

Asia has been impacted by higher oil prices, so that concern receding would be very positive for Asia ex-Japan, including Singapore.

We are positive on gold. Over the next 12 months, gold could potentially escalate to about $5,500 per ounce from $4,500. We think the dollar is likely to weaken over the next 6 to 12 months as tensions in the Middle East ease.

Gold is pricing in US dollars, so it becomes more affordable when the dollar weakens.