As the Covid-19 outbreak continued to worsen, a recession in Singapore appears inevitable.
Major stock market equity indices during episodes of major financial crisis usually rebounded 20% after 60 days from the trough.
Economics and Macro Strategy
Chinese residential property developers could see signs of improvement as early as April, assuming the virus outbreak remains well under the government’s control.
Demand for air travel has plunged amidst the COVID-19 outbreak. We believe airlines will likely report losses for the first six months of 2020.
Wheelock & Co sold 90% of the units on offer at its Ocean Marini project over the weekend. We believe this could spur other developers to launch more projects for sale in the near term.
Core impact of Covid-19 expected to be most apparent for Hong Kong businesses in 1H20; Public vigilance and government responses to help lead rebound in 2H20.
Rising political risks, slowing economy and Covid-19 led uncertainties caused SET to tumble 15% year to date, severely underperforming regional peers.
Oversold sectors expected to outperform as the global economy moves to recovery stage as new confirmed Covid-19 cases drop steadily.
The Bank of Korea cut rates by 50bps to 0.75% at an emergency meeting yesterday. We are adding one more 25bps rate cut into our forecast.
Global oil prices have been dealt with a one-two punch this year. We highlight implications of low oil prices for Asia in four key points.
The Bank of Japan announced to expand the purchases of risky assets at today’s meeting, including ETFs, REITs, CPs and corporate bonds.
We expect the SGD NEER policy band to stop appreciating and re-centre lower. USD/SGD has been known to be volatile when this happens especially after emergency Fed rate cuts.
There is a need to rethink how USTs move as the Fed hits the zerobound.
FX: Markets may be oversold in the short term to digest pessimism. Rates: The seeds of recovery have been sown.
Meanwhile, Europe equities climb on US and Spanish aid
Bets on fiscal stimulus see rebar’s unexpected ascent as a financial sanctuary
A selloff in the nation’s bonds and stocks shows little signs of abating with a worsening pandemic
Maintain positive view on Asian HY, especially the property names.
Maintain a well-diversified barbell portfolio; gain exposure to secular winners of Technology, Health Care.
Market carnage drives home the importance of adopting a portfolio approach in investing.
Our analysts took a deep dive exploring the F&B business environment in Singapore, and examined how businesses can thrive in this lucrative, yet ever changing landscape.
Our analysts took a deep dive exploring China’s property management sector as interest in property investment continues to grow along with the country’s burgeoning economy.
Vietnam has found itself in a sweet spot as the prime beneficiary of the US-China Trade War, so much so that its economy is set to be bigger than that of Singapore’s within a decade.