STI rally loses steam as economic realities hit
Singapore's manufacturing, services and construction sectors all record simultaneous declines for the first time since Asian financial crisis
THE recent rally in the Singapore equity market fizzled out on Thursday, as optimism gave way to the harsh reality facing the local economy due to the Covid-19 outbreak.
Before trading commenced, official advanced growth estimates showed a 2.2 per cent contraction in Q1, worse than street expectations of a 1.4 per cent decline. Singapore's manufacturing, services and construction sectors all recorded declines together for the first time since the Asian financial crisis in 1998.
With the city-state likely headed for its first full-year recession since 2001, the Ministry of Trade and Industry lowered its 2020 growth forecast to a range of…
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments