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Year of Extremes: 2024 Market Review by Global Broker Octa
After holding borrowing costs near record highs for most of 2023, almost all major central banks started to cut rates in 2024. However, the pace of interest rate reductions varied, leading to a divergence in monetary policy expectations between different economies, which, in turn, resulted in notable exchange rate fluctuations among major currencies.
On a negative note, however, 2024 has been a year of lingering political uncertainty and geopolitical instability. Although investors learned to coexist with the simmering conflicts in Eastern Europe and the Middle East, a sense of underlying unease persisted. Adding to this sense of anxiety is the changing political landscape.
Indeed, numerous elections took place in tens of countries around the world in 2024. Investors were particularly concerned about the parliamentary elections in France, the general elections in the United Kingdom, and the presidential and congressional elections in the United States. The market still feels the effect of these elections, with traders and investors anticipating major changes in economic policies and trying to front-run their impact on global assets.
The U.S. Dollar (USD) has been the best-performing currency in 2024 among the 20 global currencies that Octa Broker tracks. From 29 December 2023 to 13 December 2024, the U.S. dollar index (DXY), which measures the value of the greenback against the basket of six foreign currencies (the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc) rose by almost 6%. However, the index has undergone substantial fluctuations over the course of the year. Kar Yong Ang, a financial market analyst at Octa Broker, explains: ‘The dollar index has been on a rollercoaster ride in 2024, soaring to new multi-month heights and plummeting to fresh multi-month lows. Although the greenback looks like the best-performing currency in 2024 so far, the lion’s share of its appreciation occurred during the latter part of the year and has been mostly driven by expectations for a major shift in U.S. trade policy.’
Indeed, the market is concerned that Donald Trump’s proposed immigration and trade policies could have inflationary consequences, prompting the Federal Reserve (Fed) to adopt a less dovish monetary policy. As a result, the divergence in investors’ monetary policy expectations between the Fed and other major central banks has widened, leading to higher capital inflows into the U.S. dollar. Furthermore, the U.S. economy has been outperforming other advanced economies in 2024 and is expected to continue to do better than the rest in 2025 as well. According to the International Monetary Fund (IMF), real gross domestic product (GDP) growth of advanced economies in 2024 will average just 1.8%, whereas the U.S. GDP is projected to expand by 2.8%.
Because the dollar advanced higher, most major currencies are poised to conclude the year with negative performance. The only exception is the British pound, which is anticipated to finish the year virtually unchanged compared to 2023. ‘The relative strength of the U.S. dollar is only one of many reasons why most other major currencies underperformed in 2024. Other factors, however, are specific to individual countries and a major bearish factor this year specifically has been the lack of political certainty, which currencies do not like,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, EURUSD, the most liquid and widely traded foreign exchange (Forex) pair in the world, has been weakened by political uncertainty in the eurozone’s largest economies—France and Germany—where political stalemate led to high-profile resignations and early elections. Likewise, when the U.K. Prime Minister Rishi Sunak called a snap parliamentary election, GBPUSD experienced one of the biggest one-day declines of 2024. Moreover, the sluggish growth in the eurozone and the U.K. has prompted investors to anticipate additional rate cuts from both the European Central Bank (ECB) and the Bank of England (BoE). In contrast, the Fed is expected to slow down its easing cycle, further widening the interest rate differential between the U.S. dollar on the one hand and the euro and sterling on the other.
Despite its safe-haven status, the Japanese yen (JPY) was the most volatile currency among the majors. Three-month implied options volatility for the yen, a measure of trader hedging demand, averaged around 9.73% in 2024, whereas the total average across seven major currencies was 7.46%. ‘USDJPY traders have had a wild ride in 2024. It has been a total rollercoaster, to be honest. I think fortunes were made and lost here very quickly. This outgoing year has been truly historical for the JPY,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, during the year’s first half, the bullish dollar momentum has propelled the pair to a multi-decade high. Then, as rumours of potential intervention by Japanese authorities to bolster the yen began to spread, the USDJPY pair started to decline. A massive sell-off accelerated in late July after the Bank of Japan (BoJ) raised interest rates to 15-year highs and announced details on how it will reduce its huge bond buying. Kar Yong Ang explains: ‘At that time, it looked like BoJ was taking a surprisingly hawkish stance. Its decision really shook the markets and caused investors to reassess popular JPY carry-trades.’
The commodities’ performance varied greatly, and each deserves a separate story to tell, but coffee, lithium, gold, and silver have certainly been the biggest stories in 2024.
Just recently, the prompt-month futures contract of arabica coffee traded on Intercontinental Exchange (ICE) hit an all-time high. It is up some 70% year-over-year (y-o-y), which makes it the best-performing commodity in 2024 among 20 other commodities that Octa Broker tracks. ‘Like many other soft commodities, both arabica and robusta coffee futures are almost entirely driven by the whims of the weather. This year, Brazil, [the world’s largest coffee producer], experienced its worst drought in 70 years, whereas Vietnam, [another key producer] was faced with both drought and heavy rainfall,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, according to official customs data, Vietnam’s coffee exports in the first half of this year were 893,820 metric tons, down 11.4% from a year earlier. Traders are very much concerned about the 2025 global crop outlook, and prices have reflected these worries.
In contrast, lithium has been the worst-performing commodity in 2024 as the sale of electric vehicles (EV) started to level off while capital investments from previous years boosted production capacity and led to oversupply. According to Refinitiv, the price of Lithium Hydroxide futures contracts traded on the Commodity Exchange (COMEX) was down 42.3% y-o-y as of December 13, 2024.
As for precious metals, 2024 has been a record-setting year, especially for gold. The price for the yellow metal has been setting a new all-time high essentially every month in 2024. Kar Yong Ang, a financial market analyst at Octa Broker, outlines three main factors that have contributed to such a meteoric rise in gold prices. ‘It all boils down to three sources of demand: safe-haven demand due to intensifying geopolitical tensions, investor demand due to less tight monetary policy globally, and structural demand from global central banks as part of de-dollarization and diversification efforts.’ As many times before, gold has once again proved its underlying value as a protective asset during times of uncertainty and may continue to shine in the months ahead. Although the price of silver did not set any new records, its y-o-y performance was even more impressive than that of gold: +28.6% (as of December 13).
‘Perhaps surprisingly, but despite growing geopolitical tensions, crude oil prices went down annually. This is mostly because non-OPEC members—notably, the U.S.—have managed to increase production but also because investors were worrying about the health of the Chinese economy, the main importer of crude oil,’ says Kar Yong Ang, a financial market analyst at Octa Broker.
2024 also witnessed significant developments in the cryptocurrency market, particularly for Bitcoin. On March 8, its price set a new all-time high of $70,000. On 5 December, it finally managed to achieve another key milestone of $100,000 per coin. However, Bitcoin was not the best-performing digital coin of 2024. The price of Doge has increased four-fold. Most of the gains in the crypto sphere were in response to Donald Trump’s victory in the U.S. presidential elections. Such a favourable market reaction to Trump’s victory stems from investors’ belief that his Administration, coupled with a friendly Congress, will effectively deregulate the crypto industry, facilitate its expansion, and implement a coherent regulatory framework that will serve investors and consumers for years to come. ‘It should be said, argues Kar Yong Ang, that this belief is not without foundation. Trump has managed to lure many crypto fans to his side with his bold moves, clear views, and a strong focus on deregulation.’
Overall, 2024 has been a year of uneven economic growth and significant political shifts. While central banks successfully addressed inflationary pressures globally, diverging monetary policies led to notable currency fluctuations. At the same time, geopolitical tensions have been on the rise, while political uncertainty persisted.
The U.S. dollar emerged as the strongest currency, driven by a strong U.S. economy, a tightening monetary policy stance, and expectations of potential policy shifts. Other major currencies, such as the euro and the British pound, faced headwinds from economic sluggishness and political instability.
In the commodity markets, 2024 was a year of extremes. While arabica coffee prices soared to record highs due to supply shortages, lithium prices plummeted as oversupply concerns mounted. Precious metals, particularly gold, experienced a remarkable surge, driven by safe-haven demand, easing monetary conditions, and central bank buying.
Meanwhile, the main crypto coins broke new records and seem to be poised for major transformations in 2025.
Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.
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SL Aesthetic Group Marks 22 Years of Innovation and Regional Expansion in Singapore and Southeast Asia
Founded in Singapore in 2003, the Group has grown to encompass five specialised brands operating more than twenty outlets across Singapore and the region.
- SL Aesthetic Clinic offers doctor-led skin, face and body treatments, and is one of Singapore’s longest-running medical aesthetics clinic.
- SkinLab The Medical Spa, a dermatology-focused medical spa, specialises in medical-grade facials and skincare products for sensitive skin.
- TrichoLab, a dedicated hair and scalp health brand specialising in medical hair loss solutions.
- PROLOGUE brings together Prologue The Lifestyle Medical Clinic and Prologue Centre for Women’s Wellness as a unified lifestyle and preventive medicine brand, addressing chronic health concerns and promoting women’s wellness across life stages.
- Euphie (Malaysia) is the Group’s Malaysia-based extension comprising Euphie Skin Solutions and Euphie Clinic, delivering medically supervised aesthetic care.
The Group has served more than 100,000 patients, with care provided by a team of 12 doctors and more than 100 trained specialists.
Over the past two decades, the concept of beauty and wellness has broadened into a more holistic approach to personal care—one that goes beyond aesthetics to support overall wellbeing. People are placing greater emphasis on long-term health, from their mental health and nutrition to their physical appearance. This shift has driven growing demand for preventive, medically supervised services that integrate aesthetics with broader health concerns.
In response to these changing needs, SL Aesthetic Group has expanded its medical services beyond skin and hair treatments, introducing more than 40 new offerings across its five specialised brand portfolios, including women’s health services.
Dr Kelvin Chua, Founder and Senior Medical Director of SL Aesthetic Group, said: “Reaching 22 years reflects the continuity of care we have built over time. As patient expectations change, our focus remains on delivering medically supervised services that support long-term health and well-being.”
As part of this expansion, the Group launched Prologue The Lifestyle Medical Clinic and Prologue Centre for Women’s Wellness in 2025. Prologue The Lifestyle Medical Clinic focuses on preventive care for chronic conditions, supported by artificial intelligence–enabled health screenings for early detection of conditions such as dementia and cancer. Meanwhile, Prologue Centre for Women’s Wellness addresses women’s health needs across different life stages, including perimenopause, menopause, and postpartum recovery.
Within Singapore, the group strengthened its physical presence with the opening of its tenth SL Aesthetic Clinic and SkinLab The Medical Spa outlet at iMall in Marine Parade, as a response to strong and sustained demand from patients in the eastern region.
Regionally, SL Aesthetic Group marked a milestone as its Malaysia-based brand, Euphie — comprising Euphie Skin Solutions and Euphie Clinic — celebrated its first anniversary. Building on this foundation, the Group plans to open an additional outlet in Malaysia, extending its medically supervised services to a wider patient base.
Looking ahead, SL Aesthetic Group plans to continue expanding its clinical footprint while maintaining regulatory compliance, clinical standards, and patient safety.
For more information, visit: https://slaestheticgroup.com/
Hashtag: #SLAesthetic
The issuer is solely responsible for the content of this announcement.
About SL Aesthetic Group
SL Aesthetic Group is one of Singapore’s longest-established medical aesthetic groups, with a presence in Singapore and Malaysia. The Group houses a diverse portfolio of brands, including SL Aesthetic Clinic, SkinLab The Medical Spa, TrichoLab, PROLOGUE, and Euphie (Malaysia).
Founded in the 2000s, SL Aesthetic Group specialises in skin and hair health, women’s wellness, and holistic medicine. Across its clinics and outlets, the Group offers a comprehensive range of FDA-approved aesthetic and medical treatments, all supervised by trained and certified healthcare professionals holding Certificates of Competency (COC) recognised by the Singapore Medical Council’s Aesthetic Practice Oversight Committee (APOC).
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Aon Appoints Kulshaan Singh as Enterprise Client Leader, Asia Pacific based in Singapore
Based in Singapore, Singh will leverage his extensive experience across some of Asia’s most dynamic markets to deliver innovative approaches to Risk Capital and Human Capital for Aon’s enterprise and large multinational clients in Asia. Reporting to Craig Torgius, chief client officer and head of enterprise clients, Asia Pacific, Singh will focus on building strategic partnerships and unlocking new opportunities supporting clients to achieve their growth ambitions.
“Kulshaan brings a rare blend of strategic acumen with strong execution ability, global insight and local expertise to our Asia Pacific team,” said Torgius. “His ability to lead transformation, foster collaboration and deliver results across diverse industries will be invaluable in helping clients navigate an increasingly complex risk landscape.”
With over two decades of experience in consulting and executive leadership, Singh held prominent roles including managing director for talent solutions for southeast Asia at Aon, CEO Mercer Singapore and chief people officer at Charoen Pokphand Group. Most recently, as the global group chief people officer at Thai Union Group, he spearheaded large-scale transformation initiatives including organisation design, succession and leadership alignment.
Reflecting on his new role, Singh said, “I feel privileged and excited to be back at Aon and look forward to working closely with Aon’s global and local teams to deliver solutions that help clients navigate complexity and interconnected challenges.”
Read more about Aon’s capabilities in Asia Pacific here.
Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
About Aon
Aon plc (NYSE:AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
Follow Aon on newsroom and sign up for news alerts here.
Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
As an economy reaches a new stage of development, the central question is no longer how fast it can grow, but how well it can sustain that growth over time. The development trajectories of many countries show that crossing an income threshold often brings complex structural pressures: Mounting strain on urban infrastructure, environmental degradation, and higher expectations for quality of life.
In this context, traditional growth models, those that prioritize short-term economic returns, begin to reveal their limitations. What emerges instead is a clear demand for development paradigms in which economic performance, environmental resilience, and social value are conceived together from the outset, rather than treated as sequential or secondary considerations.
For Vietnam, this transition is particularly significant as global capital flows increasingly favor ESG-aligned markets, and urban residents shift from a focus on asset ownership to a more holistic pursuit of living quality and long-term wellbeing. Real estate, therefore, is no longer simply a supply-and-demand equation, but a foundational platform for shaping lifestyles, communities, and sustainable urban ecosystems.
It is precisely within this structural shift that Vinhomes Green Paradise is positioned as a forward-looking benchmark, reflecting the long-term vision of Vinhomes to develop real estate on an “ESG++ from the ground up” foundation, where sustainability is not an added feature, but the core architecture that underpins enduring economic and social value.
Geography as Destiny: A Living Natural Heritage
Many believe that Vinhomes Green Paradise is a “new wonder” of modern society, bringing together a rare convergence of forward-looking planning, contemporary living standards, and visionary development. Yet beyond its scale or sophistication, its very location is a wonder in itself. It is a place where human intelligence and capability are applied not to dominate nature, but to collaborate with it, leveraging an irreplaceable “forest-backed, sea-facing” setting that cannot be replicated, while preserving, restoring, and ultimately giving back to the natural environment.
Among more than 90 submissions from across the globe, New7Wonders selected Vinhomes Green Paradise as the first project worldwide to receive the “Official Participant” certification in the global “7 Wonders of Future Cities” campaign.
“This is a truly exceptional project,” said Jean-Paul de la Fuente, Director of New7Wonders and Chairman of the global campaign. “Vinhomes Green Paradise is a ‘precious jewel’, a place that is exceptional for living, working, and enjoying life. The project symbolizes the kind of cities that dare to dream, dare to pave new paths, and dare to break boundaries to realize a future where nature, community, and growth coexist in harmony.”
According to him, this spirit is exactly what the world is seeking in the cities of tomorrow.
After personally visiting the site in Can Gio, Jean-Paul de la Fuente identified the project’s geography as its most irreplaceable asset. Spanning 2,870 hectares, Vinhomes Green Paradise is uniquely positioned between two globally significant ecosystems. To the front lies the vast Pacific Ocean, with 121 kilometers of coastline. Behind it stretches the 75,000-hectare Can Gio Mangrove Biosphere Reserve, recognized by UNESCO.
At the heart of the megacity sits an 800-hectare saltwater lagoon, the largest of its kind in the world, functioning as a natural ecological regulator, a “green heart” sustaining biodiversity, climate balance, and urban vitality.
Unlike many coastal developments around the world, nature here is not reduced to a backdrop. It is treated as a living heritage, actively preserved and regenerated through dedicated mangrove restoration funds that protect not only the project, but also the ecological shield of Ho Chi Minh City.
While many global developments aim to comply with ESG standards, Vinhomes Green Paradise goes further, introducing an ESG++ model built on five pillars: Environment, Social, Governance, Regeneration, and Adaptation.
This approach reflects a paradigm shift in urban development. Cities of the future must not merely “do less harm”. They must actively give back to nature and society.
Jean-Paul emphasized the importance of this vision: “Future sustainable cities must not ‘take’ from nature, they must ‘give back,’ helping restore and nurture the planet.”
This regenerative mindset is embedded from the earliest stages of construction. Advanced K-DPM technology transforms dredged soft mud into durable construction material, completely eliminating waste discharge into the environment, a breakthrough in large-scale coastal development.
Technology as the City’s Invisible Infrastructure
If nature is the soul of Vinhomes Green Paradise, technology is its invisible nervous system. The entire megacity is designed to operate on 100% clean energy, sourced from offshore wind turbines located 20 kilometers from shore and large-scale solar systems. Transportation within the city and connections to central Ho Chi Minh City are oriented toward zero emissions, supported by electric mobility and high-speed rail.
IoT, AI, and Big Data platforms operate continuously to monitor environmental quality, optimize energy use, and provide early warnings for climate-related risks, ensuring resilience in an era of increasing uncertainty.
One of the core criteria of the “7 Wonders of Future Cities” campaign is placing people at the heart of urban design. At Vinhomes Green Paradise, this principle is elevated further: Residents are not passive beneficiaries, but active co-creatorsof the city.
The megacity features globally scaled cultural and lifestyle landmarks, including a 122-hectare entertainment complex, the 7-hectare Blue Waves Theatre with 5,000 seats, an outdoor performance plaza for 60,000 people, two 18-hole championship golf courses designed by Tiger Woods and Robert Trent Jones, a 108-story tower among the world’s top 10 tallest, and the Cosmo Bay night-time economy hub.
Healthcare, education, and lifelong wellbeing are equally prioritized, with Vinmec healthcare partnering with Cleveland Clinic (USA), Vinschool and Brighton College (UK) in education, and Vin New Horizon redefining senior living. Together, they form an ecosystem where human potential is continuously nurtured.
Residents also play a direct role in environmental stewardship, participating in biodiversity monitoring, mangrove planting, waste sorting, and adopting electric mobility, becoming true “ecological ambassadors” of Can Gio.
The Wonders of the Future Are Being Built Today
For Jean-Paul de la Fuente, Vinhomes Green Paradise represents far more than an urban project.
“The project is positioned as a powerful symbol of Vietnam’s national aspirations and its determination to assert its place on the global stage. What was seen on site is only a small part of a much larger vision,” he said.
Reflecting on the impact of previous New7Wonders campaigns, he noted: “The previous two campaigns, ‘New7Wonders of the World’ and ‘New7Wonders of Nature’, both generated what researchers call the ‘Wonder Effect,’ significantly boosting the economies and societies of the winning destinations.”
Drawing a parallel with Ha Long Bay, he added that he truly believe Vinhomes Green Paradise can achieve something similar, but on an even larger scale, competing directly with iconic cities around the world.”
As Jean-Paul concluded: “If our previous campaigns celebrated the heritage of the past and the beauty of the present, then the ‘7 Wonders of Future Cities’ campaign celebrates the vision being created for future generations.”
“The wonders of the future are taking shape today through the choices, creativity, and determination of pioneering urban planners and developers.”
In that global narrative, Vinhomes Green Paradise stands as a powerful testament to Vietnam’s ambition: A city where geography itself is a wonder, where growth does not compromise the future, and where nature, technology, and humanity evolve together, creating a legacy not just for Vietnam, but for the world.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
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