IEA (and many other) forecasts lower oil demand but ample supply in 2015 are suggesting that price won't bounce back significantly.
Generally, our neighbours (Thai,SG,Ind) will benefit from lower oil price except us. While Gov saves some money from subsidies they are also losing in terms of trade balance and budget deficit, which may in turn affect M'sia debt rating and currency.. (chain reaction). Our 2015 budget was based on $105 Oil..
I think oil will hit bottom when
i)Fed confirms tightening plan
ii)Saudi/OPEC budges
iii)news of Shale bankruptcies
iv)Surge in demand but unlikely unless all the IEA reports are fake.
Hoping to fish some local O&G service providers but only big caps that can withstand shocks though..

I'm rather neutral with CPO, recent jump was due to flood but in longer term I would look at demand from major buyers like CHN, IND, Pakistan, etc. I'm not sure if BD5 and BD10 will go on as usual if oil stays low. I'm paying closer attention to oversea planters that are exposed to forex losses.

BNM is not expected to interfere unless MYR moves closer to 3.8... A 0.25% hike by BNM may be delayed to 2H2015 thanks to Oil while recently MGS shot back up to 4% (now 4.1%) .
Some analysts say CPI will be lower due to cheap oil, but to me besides the CPI number itself is lower and cheaper prices at the pump, other things seem to go the other direction..

When it comes to GST, I've no idea what impact it will bring to the economy and earnings.. but certainly it's positive to the Gov... so i'll wait and see. Probably less spending by consumers during the adjustment period and higher cost for businesses.

Not to forget there will be some mega IPOs & M&A this year. 1MDB energy, RHB-CIMB-MBSB, maybe MBB-PBB in my dream... Interested at 1MDB Energy...

-It's SG's 50th birthday. Sg Gov may take steps to prevent any unpleasant shocks to their property mkt and economy. Furthermore they are likely to start do the ground work for the upcoming General Election in 2016
-As always, China is doing quite a good job at controlling their bubble from bursting. Analysts has been talking about hard-landing back in 2013 ? to soft landing in 2014 and back to more stimulus in 2015. Regardless, a slower China means less overall demand & consumption.
-In Japan, PM Abe will likely continue with his money printing and tax hike plans... Nikkei expected to breach 20,000.. That's all I know, never really bother much unless their bond bubble is about to burst
-Saudi King is ill but fortunately there's a succession plan... IMO this wont impact oil much.. If there's no new development in oil, the price will likely stay low until the next Opec meeting.. Although instability continues in Middle East, but it improved a little and market seems to ignore it at the moment.
-Other EM may be exposed to USD risks.

EU's overall growth will likely continue to be slow. ECB may disclose more details on their QE plan after the inflation data this month. Hopefully China, BOJ and ECB concerted easing will alleviate some pressure from US rate hike.
On the other hand, the silly GREXIT (Greece Exit) talk is back. IMO, it's unlikely to happen but market may just use it as an excuse to sell down, especially when it coincides with Fed meetings. Greece's Election will be held some time this month IIRC.

Federal Funds Rate is the mother of all news in 2015. JY (Janet Yellen) said it wont happen at least for the next 2 FOMC meetings. I watched her press conference and she was very clear that her mandate is about the US Economy. Asia or Russia or whatever shouldn't be in consideration unless it will affect US significantly. This gives a clue of what will happen. Don't expect them to delay rate hike for Asia's sake.
If we recall, October's fall was due to the end of QE and the fall ended when Bullard said QE may continue if necessary. Well of course they didnt..
While in December, it was the turning point for a rate hike. Thankfully, Fed used a more market friendly word "impatient" to minimize the damage..
I take October and December as warning of what's ahead.

Although most analysts are talking about recovery in US and a good 2015, what baffles me is the bond mkt did not go as expected. Maybe there's just too much money around..
Overall, I think Companies earnings and Wages growth will decide whether 2014 is the top or higher indices in 2015. Employment number doesnt count as much now since they consider it to be near "full employment" and latest news says Fed will likely ignore low CPI and proceed with rate hike.

*These are all assuming US recovering continues. If data turns bad for whatever reasons, it is a completely different talk already... *

very cautious in 2015.. 2014 was mainly a cash out year for me.. Will wait for opportunities to come like Oct/Dec...

IEA Cuts 2015 Oil Demand Forecasts
http://www.wsj.com/articles/iea-cuts-2015-...asts-1410425253

Asian currencies set for a wild ride in 2015
http://www.cnbc.com/id/102287806

Oil prices tumble further after Morgan Stanley cuts forecast
http://www.cnbc.com/id/102247766

Economic troubles ahead but most don’t think it will be as bad as back then
http://www.thestar.com.my/Business/Busines...then/?style=biz