China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
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Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
Norway Core Inflation Rises to 3% in August 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
South Korea GDP Surges on Chip and AI Boom 
German Inflation Accelerates to 2.9% in August 
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Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
ECB Rate Hike in Focus as Oil Tops $100 
Gold Prices Rise as Yen Rally Weakens Dollar 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
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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.
