{"id":52685,"date":"2026-08-12T00:47:48","date_gmt":"2026-08-12T00:47:48","guid":{"rendered":"https:\/\/www.vtmarkets.com\/ms-asia\/uncategorized\/monthly-market-reviews-december-recap-january-outlook\/"},"modified":"2026-08-12T00:47:48","modified_gmt":"2026-08-12T00:47:48","slug":"monthly-market-reviews-december-recap-january-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/ms-asia\/monthly-market-insights\/monthly-market-reviews-december-recap-january-outlook\/","title":{"rendered":"Ulasan Pasaran Bulanan: Rumusan Disember \/ Tinjauan Januari"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/06\/ross_maxwell_banner_mobile-1024x559.png\" alt=\"\" class=\"wp-image-25586\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Disember menutup tahun yang mencabar bagi pasaran global, apabila mesyuarat Rizab Persekutuan (Fed \u2014 bank pusat Amerika Syarikat) yang dinanti-nantikan membawa pasaran ke titik perubahan penting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sepanjang tahun, pasaran dibentuk oleh pertumbuhan perlahan, tekanan inflasi (kenaikan harga) yang sukar reda, dan risiko geopolitik (risiko akibat konflik serta ketegangan antara negara) yang berterusan. Fed melaksanakan pemotongan kadar faedah kali ketiga berturut-turut selepas tempoh panjang dasar ketat (polisi yang mengekang ekonomi melalui kadar faedah tinggi).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aset berisiko (pelaburan yang mudah turun naik seperti saham) pada awalnya menyambut langkah itu, namun mesej Fed kekal berhati-hati.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tekanan inflasi semakin reda, tetapi Fed menegaskan keputusan dasar selepas ini bergantung pada data (ditentukan oleh angka ekonomi yang keluar).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inflasi perkhidmatan yang masih \u201cmelekat\u201d (kenaikan harga sektor khidmat yang sukar turun) dan pasaran buruh yang kekal kukuh mengehadkan ruang untuk pelonggaran besar pada 2026, menguatkan pandangan bahawa hala tuju selepas ini lebih beransur-ansur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Perbezaan Dasar Kekal Sebagai Tema Utama<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bank of England (BoE \u2014 bank pusat UK) turut memotong kadar faedah apabila permintaan domestik semakin lemah dan inflasi menjadi lebih sederhana, memberi ruang kepada pembuat dasar untuk melaras.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Namun, BoE turut memberi amaran tentang halangan struktur (masalah asas jangka panjang) seperti bekalan tenaga kerja yang ketat dan pertumbuhan gaji yang tinggi, yang terus merumitkan hala tuju dasarnya.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">UK inflation slipped to its lowest level in eight months, a bigger than expected drop that clears the path to an interest-rate cut at the Bank of England <a href=\"https:\/\/t.co\/u3HfdbdnUU\">https:\/\/t.co\/u3HfdbdnUU<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2001189833465626877?ref_src=twsrc%5Etfw\">December 17, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ini mengukuhkan tema besar 2025: bank pusat global menarik \u201ctuil dasar\u201d (alat dasar seperti kadar faedah dan pembelian aset) pada kelajuan berbeza, apabila prestasi pemulihan ekonomi dan profil risiko setiap negara semakin berbeza.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Aset Berisiko Tamatkan 2025 Dengan Kukuh<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun cabaran masih ada, pasaran saham menutup tahun pada paras tinggi. Langkah Fed pada Disember mengukuhkan jangkaan bahawa keadaan kewangan (kemudahan mendapatkan pembiayaan dan kos pinjaman) akan menjadi lebih longgar secara beransur-ansur pada 2026.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US stocks rose and the S&amp;P 500 notched a closing record, boosted by Nvidia, after a flurry of economic data, including a reading of economic growth, pushed bond yields higher and elevated growth names <a href=\"https:\/\/t.co\/I9PthLMpeY\">https:\/\/t.co\/I9PthLMpeY<\/a> <a href=\"https:\/\/t.co\/OWwrCvKNIr\">pic.twitter.com\/OWwrCvKNIr<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2003615353188786326?ref_src=twsrc%5Etfw\">December 23, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">S&amp;P 500 dan Nasdaq menghampiri paras rekod, manakala Dow mencatat paras tertinggi baharu. Reaksi pasaran terhadap keputusan kadar faedah agak sederhana, menandakan banyak naratif pelonggaran sudah \u201cdiambil kira dalam harga\u201d (price in \u2014 jangkaan sudah tercermin pada harga pasaran).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/5dccd82a-7c5e-45ac-8caa-21de9ccf52c2.jpg\" alt=\"\" class=\"wp-image-37726\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Kenaikan tertumpu pada sektor yang sensitif kepada pertumbuhan (sektor yang cepat naik apabila ekonomi dijangka berkembang), khususnya teknologi dan AI (kecerdasan buatan), yang memacu prestasi indeks sepanjang tahun.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Emas Kukuhkan Peranan Sebagai Aset Perlindungan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Emas meneruskan kenaikan kukuh pada Disember, menamatkan tahun dengan peningkatan melebihi 60%. Perak melonjak lebih tinggi, naik lebih 100%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hasil sebenar yang lebih rendah (real yields \u2014 pulangan selepas ditolak inflasi), kepelbagaian simpanan bank pusat (diversification \u2014 mengurangkan kebergantungan pada satu aset), dan tekanan geopolitik menyumbang kepada permintaan yang kuat bagi kedua-dua logam.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Traders are loading up on Treasury options targeting a bond rally that would send US 10-year yields back to 4% in coming weeks, a level not seen since the end of November <a href=\"https:\/\/t.co\/NZvim9QNPb\">https:\/\/t.co\/NZvim9QNPb<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2003166901753524285?ref_src=twsrc%5Etfw\">December 22, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Pemotongan kadar Fed memberi isyarat bahawa hasil sebenar sudah mencapai puncak, sekali gus mengurangkan kos peluang (opportunity cost \u2014 keuntungan yang terlepas jika tidak memegang aset lain) untuk memegang emas dan aset lain yang tidak memberi hasil (non-yielding \u2014 tiada faedah\/dividen).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ketegangan berterusan di Eropah Timur dan Timur Tengah, bersama ketidaktentuan tarif (cukai import) serta pembelian berterusan oleh bank pusat, mengukuhkan peranan emas sebagai lindung nilai strategik (hedge \u2014 pelindung daripada risiko).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perak turut mendapat manfaat daripada permintaan jangka panjang berkaitan elektrifikasi (alih kepada penggunaan elektrik), infrastruktur dipacu AI, dan pengembangan tenaga hijau.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/6e448a7b-94b1-46e1-ad99-2f963bb16b46.jpg\" alt=\"\" class=\"wp-image-37727\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Minyak Tamatkan Tahun Dalam Tekanan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Minyak mentah mencatat penutup 2025 yang bercampur dan hambar. Kebimbangan terhadap permintaan berterusan, terutama dari China dan beberapa bahagian Eropah apabila momentum pertumbuhan terus perlahan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun OPEC+ (gabungan negara OPEC dan rakan sekutu) mengekalkan disiplin bekalan (mengawal pengeluaran), peningkatan pengeluaran daripada pengeluar bukan OPEC \u2014 terutama AS \u2014 mengehadkan potensi kenaikan harga.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A hoard of Venezuelan crude on tankers at sea will provide a cushion for Chinese refiners \u2014 the biggest buyers \u2014 should the US escalate hostilities against the OPEC producer and disrupt exports <a href=\"https:\/\/t.co\/VgLstsxipF\">https:\/\/t.co\/VgLstsxipF<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2000791106003382470?ref_src=twsrc%5Etfw\">December 16, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Pemotongan Fed pada Disember memberi kelegaan terhad kerana pasaran tenaga lebih sensitif kepada petunjuk permintaan berbanding kadar faedah.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lonjakan harga pertengahan tahun yang didorong ketegangan meningkat antara Israel dan Iran tidak bertahan lama. Sepanjang tahun, minyak ketinggalan (berprestasi lebih lemah) apabila ketahanan bekalan mengatasi gangguan geopolitik.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/c83ac673-06ee-4287-addd-3ed0dc2e4ab6.jpg\" alt=\"\" class=\"wp-image-37728\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Pasaran Mata Wang Menyesuaikan Diri Dengan Pemotongan Kadar<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Dalam pasaran pertukaran asing (foreign exchange\/FX \u2014 dagangan mata wang), dolar AS susut sedikit selepas pemotongan kadar Fed, memberi sedikit ruang kepada mata wang pasaran sedang pesat membangun (emerging markets). Namun, aliran modal (capital flows \u2014 pergerakan dana pelabur merentas negara) kekal terpilih.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pound sterling (mata wang UK) dan euro mencatat kenaikan terhad, dibatasi oleh prospek pertumbuhan yang lebih lemah dan ketidaktentuan dasar yang berlarutan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolar AS susut sedikit pada Disember selepas langkah Fed, yang memberi kelegaan seketika kepada beberapa mata wang pasaran sedang pesat membangun. Namun, aliran modal kekal terpilih.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sterling melemah susulan pemotongan BoE, apabila pasaran melihat UK lebih terdedah kepada prospek pertumbuhan yang perlahan dan ruang fiskal yang terhad (fiscal space \u2014 kemampuan kerajaan berbelanja\/berhutang tanpa menjejaskan kestabilan kewangan).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/3ab866de-6253-4081-9aa2-c5eaf53d052a.jpg\" alt=\"\" class=\"wp-image-37725\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Sepanjang 2025, Indeks Dolar AS (US Dollar Index\/USDX \u2014 ukuran kekuatan dolar AS berbanding sekumpulan mata wang utama) merosot ketara pada separuh pertama tahun apabila pertumbuhan perlahan dan pedagang memasukkan jangkaan pemotongan Fed dalam harga. Separuh kedua membawa penstabilan, dengan permintaan aset perlindungan (safe-haven \u2014 aset yang dicari ketika tidak pasti) dan ketahanan relatif mengehadkan penurunan lanjut. USDX menutup tahun dengan pergerakan mendatar (konsolidasi) antara 96.25 hingga 100.50.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pasaran Kripto Mencari Paras Sokongan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pasaran kripto kembali stabil pada Disember selepas pembetulan mendadak pada November (correction \u2014 penurunan harga yang ketara selepas kenaikan). Bitcoin menemui paras sokongan (support \u2014 paras harga yang cenderung menahan kejatuhan) dan diniagakan dalam julat lebih sempit, menandakan keyakinan pelabur bertambah baik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aliran lebih besar kekal, dengan Disember menjadi tempoh pengukuhan harga (consolidation \u2014 bergerak mendatar untuk membina asas), bukan pembalikan arah.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pemotongan kadar Fed secara umum menyokong sentimen risiko, manakala minat institusi terhadap produk kripto yang dikawal selia (regulated \u2014 tertakluk kepada peraturan) terus meningkat.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/b444b6d9-8082-4a91-81ee-292bd557763d.jpg\" alt=\"\" class=\"wp-image-37729\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Dengan keadaan kewangan dijangka longgar secara beransur-ansur pada 2026, ramai pelabur menafsirkan pergerakan harga terkini sebagai \u201cset semula\u201d yang sihat (reset \u2014 menyejukkan pasaran sebelum trend baharu sambung).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pemacu Utama 2025<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Merentasi semua kelas aset (asset classes \u2014 jenis pelaburan seperti saham, bon, komoditi, mata wang), empat pemacu makro (macro drivers \u2014 faktor ekonomi besar) membentuk pasaran tahun ini: ketidakstabilan geopolitik, geseran perdagangan global (trade frictions \u2014 halangan seperti tarif dan sekatan), perbezaan dasar bank pusat, dan keseimbangan antara melonggarkan keadaan kewangan tanpa mencetuskan semula inflasi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disember menghimpunkan semua faktor ini, dengan emas, saham dan beberapa mata wang bertindak balas terhadap persekitaran makro yang masih rumit, tetapi semakin jelas arahnya.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Isyarat Awal Untuk Diperhatikan Pada Januari<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Fed potong kadar kali ketiga, namun kekal bergantung data\u2014mencetus tema dasar bank pusat berbeza. Saham ditutup kukuh dipacu AI; emas\/perak melonjak; minyak tertekan; FX dan kripto stabil. 2026? Beransur-ansur.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88],"tags":[],"class_list":["post-52685","post","type-post","status-publish","format-standard","hentry","category-monthly-market-insights"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Fed potong kadar kali ketiga, namun kekal bergantung data\u2014mencetus tema dasar bank pusat berbeza. Saham ditutup kukuh dipacu AI; emas\/perak melonjak; minyak tertekan; FX dan kripto stabil. 2026? 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