The acquisition of Frasers Commercial Trust (FCOT) by Frasers Logistics & Industrial Trust (FLT) into an enlarged entity was recently announced on 2 December 2019.

• What this means for FPLSP bondholders
• What this means for FCOTSP bondholders

• Expect Singapore economy to surprise on the upside – recovery in global economy and domestic macro better than expected.
• Three other themes for 2020 are trade ceasefire, risk from binary political events and less momentum for interest sensitive stocks.
• STI target of 3700 driven by growth surprise and potential re-rating catalyst.

• Gold had a strong move at the start of 2020 but last week’s closing dampens the bullish sentiment.
• Dollar index took the market by surprise when it rallied on the first trading day of 2020. Breaking 97.00 psychological resistance on the next following week.
• Inverse relationship of both Gold and the Dollar index will remain with Gold outperforming the Dollar