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Technical recession!!
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des_khor
Supreme |
11-Oct-2008 00:14
Yells: "Tell me who is the God or MFT from this forum??" |
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I'm cash rich ... now waiting for property to crash !! any good condo to recommend at the west ??? | |||||
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stupidfool
Senior |
10-Oct-2008 20:45
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Cash is king during recession. Hope i got to keep my job *pray* |
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jonahach
Senior |
10-Oct-2008 16:10
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Singapore eases policy as recession hits economy
(Adds details, comment)
By Koh Gui Qing
SINGAPORE, Oct 10 (Reuters) - Singapore eased monetary policy for the first time in five years on Friday after its trade-reliant economy sank into recession, joining central banks globally in the fight against the worsening financial crisis.
In the latest sign Asia's real economy is hit by the rout in financial markets, the worst since the Great Depression of the 1930s, analysts said Singapore's central bank may further ease policy in the next six months because the economic contraction may spill into next year.
Singapore' economy shrank an annualised, seasonally adjusted 6.3 percent in the July-September quarter, advance estimates showed, compared with forecast growth of 1.1 percent. The economy shrank 5.7 percent in the second quarter.
From a year earlier, the economy contracted 0.5 percent as exports and manufacturing slumped.
The Southeast Asian nation last sank into a recession -- usually defined as two consecutive quarters of economic contractions -- in 2002 in a global downturn after the Sept. 11, 2001 attack.
"The outlook for next year is very dodgy. Singapore might face two years of fairly deep recession as it is a small, open economy," said Song Seng Wun, an economist at CIMB.
The government also revised down its 2008 growth forecast for the third time this year to around 3 percent on Friday from an earlier estimate of 4 to 5 percent.
Singapore's central bank guides policy by managing the Singapore dollar in a secret trade-weighted band against a basket of currencies, instead of setting interest rates.
It said on Friday it was shifting to a zero appreciation or neutral bias for the currency from a policy that allowed for gradual appreciation. The move is intended to halt the rise of the currency, thereby loosening monetary conditions.
Singapore's benchmark Straits Times Index slumped 7.3 percent to its lowest level since November 2004 on Friday in opening trade after the economic data and policy statement.
The Singapore dollar rose to 1.4724 per U.S. dollar after the central bank's announcement compared with 1.4780 as traders adjusted positions after the widely expected move.
The currency was trading at 1.4749 by 0227 GMT.
SAVING BULLETS
Singapore is the first country in Asia to report quarterly gross domestic product data for the third quarter, and its heavy dependence on trade makes the $165-billion economy a good gauge of the impact of the crisis on the rest of Asia.
It is the first Asian country to fall into a recession since the crisis started. Japan is teetering on one, and New Zealand slid into a recession in the second quarter for the first time in more than a decade.
Singapore's Prime Minister Lee Hsien Loong said on Friday the problems afflicting U.S. and European banks will hurt Singapore and other emerging Asian economies for at least a year.
As the economy slows, the central bank said, inflation will continue to cool from a 26-year peak of 7.5 percent. It forecast inflation will stay within the 6-7 percent target in 2008, and ease to 2.5-3.5 percent next year.
Economists said the central bank might review policy before its next scheduled meeting in April if the crisis deteriorates, and could decide to further weaken the Singapore dollar by lowering the band.
A downward shift of the band is viewed by economists as the most aggressive means for Singapore to loosen policy, although the central bank has used other options such as shifting the centre of the band or changing its width.
"An inter-meeting move cannot be ruled out," said Kit Wei Zheng, an economist at Citigroup. "By not re-centering now, the MAS may be simply trying to save its bullets for the future."
The looser policy should pressure the Singapore dollar to trade at the lower end of the band against the basket of currencies, analysts said.
The unfolding financial crisis has prompted central banks across the world from the United States to China to loosen policy to avoid a global recession.
In Singapore, there are signs the crisis is hurting firms. Singapore Telecommunications, Southeast Asia's largest telecoms firm, said it was cutting discretionary and advertising costs to take into account 12-18 months of economic slowdown. Like other Asian countries, Singapore depends on the world -- especially the United States and Europe -- to buy its exports and keep its economy growing.
But the crisis has dented global demand for Asian exports. Singapore's non-oil domestic exports, worth about 70 percent of the economy last year, fell on an annual basis in June, July and August. ($1=1.470 Singapore Dollar) (Additional reporting by Jennifer Tan and Kevin Lim; Editing by Saeed Azhar and Vidya Ranganathan)
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iPunter
Supreme |
10-Oct-2008 16:09
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Support levels are no more applicable in such a bad spectre situation...
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Arbitrager
Senior |
10-Oct-2008 16:03
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stupidfool
Senior |
10-Oct-2008 15:39
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Plenty of paper loss but nv totally given up on the mkt cos there will be opportunities. i am long term investor and this is not the 1st time mkt become like this. |
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cyjjerry85
Elite |
10-Oct-2008 15:32
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ya...technical charts don't even seem to be detect correctly of any signs in a single rebound of any supports...its all on the fear factor...been hitting records never seen before... equities ... stocks.... is officially what many will classify as a word they wouldn't want to hear.... seriously dare not do any shorts nor longs ...anybody in this forum have already totally given up on the market?
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stupidfool
Senior |
10-Oct-2008 15:28
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Aiyah the economy of the world now is very the ruan. soon everybody will be for themselves and things will get get very ruan. No more system and things get ruan lai. Hahaha. |
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ruanlai
Master |
10-Oct-2008 15:18
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US Future drop 327 now..... PANIC SELL........PANIC DUMP.........JUMP BOARD........RUN ROAD....... |
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stupidfool
Senior |
10-Oct-2008 14:57
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Singapore dollar is artifically too high.This will in turn have less exports and less tourists. | |||||
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jonahach
Senior |
10-Oct-2008 13:55
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Can put into housing and medical..... | |||||
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arowana1
Member |
10-Oct-2008 11:39
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problem is that withdrawal is upon death ;-)
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Blastoff
Elite |
10-Oct-2008 11:39
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Singapore's economy contracted in the third quarter as falling consumer demand from the US and Europe hurt the Republic's manufacturing export industry, the Trade and Industry Ministry said on Friday. | |||||
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jonahach
Senior |
10-Oct-2008 11:32
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Put Money in CPF...Interest one of the best. | |||||
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Arbitrager
Senior |
10-Oct-2008 11:27
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Subprime woes felt in asia... more coming.. Japanese insurer Yamato Life files for bankruptcy in TokyoHONG KONG -- Japanese insurer Yamato Life Insurance Co. filed for bankruptcy protection from creditors Friday, reportedly becoming the first in the industry to do so in seven years. The insurer said recent declines in the value of its securities holdings had impaired its balance sheet, with liabilities exceeding assets by 11.49 billion yen ($116.02 million), according to wire reports citing comments by a company spokesman at a press briefing Friday. Yamato had assets totaling 283.1 billion yen ($2.86 billion) and policies worth 1.075 trillion yen at the end of the fiscal year through March 2008, according to a report by the Nikkei newspaper. Yamato's bankruptcy filing ranks as the fifth-largest corporate failure in Japan this year.
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HLJHLJ
Veteran |
10-Oct-2008 09:21
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Upgrade. Go back to school...LOL.
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jonahach
Senior |
10-Oct-2008 08:54
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What should we do in a recession? | |||||
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