Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
US Stock Futures Rise as US-Iran Ceasefire Hopes Boost Market Sentiment 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Economic Growth Projections for 2024
On Monday, the Monetary Authority of Singapore (MAS) announced that it expects the country's gross domestic product (GDP) growth to land at the upper end of its 2%-3% forecast range for 2024. This positive outlook is supported by robust economic performance in the third quarter of 2023.
Strengthening Economic Indicators
According to the MAS's latest macroeconomic review, the third quarter saw a significant strengthening in economic growth, attributed to a recovery in the manufacturing sector, increased trading activities in finance, and a resurgence of Chinese tourists following a visa exemption introduced in February. Preliminary data indicates that Q3 GDP rose by 4.1% year-on-year, building on a 2.7% growth recorded in Q2.
Potential Risks Ahead
However, the MAS cautioned that 2025 may pose challenges for Singapore's trade-dependent economy. Heightened global uncertainties, including the outcome of the upcoming U.S. presidential election, escalating geopolitical tensions, and a potential slowdown in China, could adversely impact global trade dynamics. Additionally, the sustainability of the AI-driven global tech cycle recovery remains uncertain.
Inflation Trends and Outlook
Despite a slight rise in annual inflation to 2.8% in September—up from a two-and-a-half-year low of 2.5% in July—the MAS maintains that core inflation is expected to ease to around 2% by the end of the year. The authority anticipates core and headline inflation to average between 1.5% and 2.5% in 2025, suggesting a balanced inflation outlook moving forward.
