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Another bumpy week in the markets raises the question of where to invest. Bernadette Toh considers some steadying advice, while Matthew Burgess measures the epic gains of Asian currencies. Meanwhile, Alfred Cang looks at the pitfalls of unwelcome dinner guests.

Hold On

Wild stock swings in the US have investors rethinking where they’re putting their money. The advice from Yeo Wenxian, Citigroup’s wealth management executive? “Stay the course, stay invested.”

Investors shouldn’t pull out of the US even as the economy slows and companies revise earnings downwards amid the growing trade war, Yeo said in an interview with Haslinda Amin at Bloomberg’s New Voices event on Wednesday in Singapore.

Now isn’t the time to add risk either.

Yeo urged investors to not “buy the dip,” after trade tensions drove down US stocks earlier this year, echoing her boss, Citi’s global wealth head Andy Seig. Instead, they should rebalance their portfolios, moving more assets into fixed income and money-market funds, she said.

Yeo Wenxian, Citigroup’s head of wealth for South Asia at the Bloomberg New Voices event in Singapore on Wednesday. Source: Bloomberg LP

Still, many of Asia’s wealthiest families have already voted with their feet. Some 10 family offices and advisers to the ultra-rich who oversee billions of dollars said they’re reducing their exposure or freezing investments, mostly in US equities and Treasuries. One family office managing assets for Chinese billionaires said it sold its US holdings entirely and will shift the proceeds to Asia.

The heart of the problem is that the effects of US policy have become too unpredictable, an issue amplified by Singapore’s former ambassador to the US, Chan Heng Chee.

Trump ran for re-election on the promise of disruption and that’s exactly what he did, Chan said at the New Voices event. The reason “most of us were shocked and some were awed,” she said, was “because of the speed in which things have happened.”

Yeo, who oversees Citigroup’s retail onshore and offshore wealth management businesses for the South Asia region and the United Arab Emirates, doesn’t doubt that the volatility will continue this year, but is undaunted by the prospect.

“I’m actually really positive and optimistic about the rest of 2025,” she said. —Bernadette Toh

Weekend Catch-Up

A selection of the best of Bloomberg storytelling, from podcasts and video to explainers and feature stories.

Read:

• UOB halts 2025 guidance on global uncertainty.
• Bubble tea couple’s wealth hits $1.7 billion on Hong Kong IPO.

Watch:

• In one ship there's over $400 million in new tariffs.
• Why marriage rates in China have fallen to an all-time low.

Can you Americanize the Premier League? Watch The Bloomberg Originals documentary on the disruption in England’s super-rich football league.

Listen:

• How an Indonesian CEO’s faked results led to a $300 million wipeout.
• Fresh from eating durian at Newton Circus, Bill Gates tells why he’ll give away 99% of his fortune.

Market Place: Dollar Moves

Bringing you up to speed on the most interesting moves in the markets.

It’s not just US assets that have been under the microscope, Asian currencies recently joined many emerging-market peers with a run-up against the US dollar, when a surge in the Taiwanese dollar spread across the region earlier in the week.

The Federal Reserve’s hold and Chair Jerome Powell’s signal that he's not looking to cut rates anytime soon helped the greenback recover some of the lost ground. The Singapore dollar was the region's top performer, trading little changed after PAP's election win.

But after years underperforming emerging-market rivals in other regions, notably in Latin America, Asia’s currencies may get further support. Their undervalued status, fresh stimulus in China, and signs of progress in trade negotiations could all help buoy Asian units. —Matthew Burgess

The Limelight: Su Haijin

Who’s in the news in Singapore’s global, multicultural population.

Su Haijin is back in the news this week and all over social media. The China-born member of the so-called Fujian Gang, who fractured both feet after jumping from the balcony of his rented mansion back in 2023 in an attempt to escape a police raid, was one of the 10 individuals sentenced last year for their roles in a S$3 billion ($2.3 billion) money laundering case. 

He’s made the news again after photos of him circulated on social media at meals and events with some government ministers. The politicians immediately defended the gatherings and said they had no dealings with Su, who happened to be one of the people at the event.

The mansion where Su Haijin was arrested by the police. Photographer: Ore Huiying/Bloomberg

Su was a controversial figure even before his arrest. During and after the restrictive days of the Covid-19 pandemic, he and some of his associates lived a lavish lifestyle in Singapore with the illegal funds he had gotten from remote gambling activities, astounding even the high-end brands on Orchard Road. 

During the raids at bungalows and condominiums in 2023, more than 250 luxury bags and watches and over 270 pieces of jewelry were seized. Pictures released by the authorities showed items including Bentley and Rolls-Royce cars.

Su was convicted in April 2024 on multiple charges including money laundering and sentenced to 14 months’ imprisonment. He forfeited more than S$165 million of assets and was deported to Cambodia last May. —Alfred Cang

The Review: Empire Grill

From the best spots for a business lunch to drinks with the boss, we sample the city’s eateries, bars and new experiences.

The all-villa Raffles Sentosa Singapore officially opened in March in 100,000 square meters of tropical gardens on Sentosa. Empire Grill is its all-purpose restaurant, serving breakfast and lunch by the main pool during the day. At night, it bills itself as a relaxed place to enjoy wood-fired cuisine with a Tuscan bent.

The vibe. Hushed. The hotel may be taking bookings but Empire Grill is still in soft opening mode. That means a limited menu, smaller wine list and, seemingly, a dearth of people. The formal room is lovely, with large, draped floor-to-ceiling windows, dark wood tables, marble floors and roomy chairs.

The elegant interior of Empire Grill has plenty of space. Source: Raffles Sentosa Singapore

Can you conduct a meeting here? Yes, definitely. Sentosa itself is a little far from the CBD but those who venture out to Raffles’ second signature property in Singapore will be rewarded by the peace and quiet. I was impressed by how established and densely green the gardens are, considering how new the hotel is.

What about a romantic dinner? For sure. Linger along the garden paths that meander back to the main hotel lobby with its striking horse sculpture and fountain. For a real splurge, stay overnight. Villas start from S$1,398 a night plus tax.

What we'd order again. For starters, the Japanese eggplant with a squiggle of Romesco sauce was dainty and almost too pretty to eat. Follow that with the short rib ravioli, which is light but super flavorsome. Be warned: prices skew high here — a chef’s salad consisting of a few leaves of baby gem and dusting of parmesan goes for S$36. Value for money it is not.

Dining with a twist. Source: Raffles Sentosa Singapore

Need to know. Empire Grill is at 4, Bukit Manis Road, Sentosa. Breakfast is from 7-11 a.m., lunch from 12-3 p.m. and dinner from 6-10 p.m., daily. About S$120 per person, without alcohol. —Katrina Nicholas

Have a place you’d like us to review or feedback to share? Get in touch at sgedition@bloomberg.net.

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