As 2025 draws to a close, markets have delivered strong gains. Global equities are up sharply, Singapore stocks have hit record highs, and gold has surged on geopolitical and rate-cut expectations. But beneath the headline numbers, questions remain about growth, valuations, and what lies ahead in 2026.

Dan Koh speaks with Vasu Menon, Managing Director of Investment Strategy at OCBC Bank, to break down the winners and losers of 2025, the chances of a Santa Claus rally, what US growth figures reveal about the economy, and how investors can prepare their portfolios for risks and opportunities in the year ahead.