Singapore Joins N.Z. in Recession.
After reporting a consecutive second negative quarter, Singapore is now in a technical Recession. Against the less than favorable economic environment, Singapore’s GDP growth forecast for 2008 has been revised to around 3% from 4-5%.
Singapore’s Monetary Authority said in a release today that economic growth is likely remain below its potential rate over the next few quarters with prospects of a recovery in the latter half of 2009 depending significantly on how conditions evolve.
It also cited the latest advance estimates released by the Ministry of Trade and Industry which show that Singapore’s GDP declined by 6.3% on a quarter-on-quarter seasonally adjusted annualized basis in Q3 2008.
Asian markets get smacked properly this morning with Japan leading the way down with a 10% nosedive while Australia follows with a 7.5% loss and Korea at -7%.
Singapore opened more than 7% down and the Topix is tanking more than 7.5% as I write this at 09.03am (SG).
This global drop is now officially worse than the tanker we had in 1987.
Yesterday’s -678.91 (-7.33%) tanker on the DOW to close at 8,579 puts it past my current XOP (9,400) and my long term XXOP (8,700) and on its way down to my current XOP at 7,080.
11 January 1973: DOW 1,051 to 577 by 6 December 1974;Â -45% in 23 months.
25 August 1987: DOW 2,722 to 1,738 by 19 October 1987; -36% in 2 months.
18 January 2000: DOW 11,719 to 7,286 by 9 October 2002; -37.8% in 33 months.
11 October 2007: DOW 14,198 to 8,579 yesterday; 5,619 points lost = -39.6% in 362 days.
11:00 (SG) Update: Nikkei -10.6%, Shanghai -4.4%, ASX -6.7%, Kospi -7.5%, STI -6.7%, Hang Seng -8%
19:00 (SG) Update: Nikkei -9.6%, Shanghai -3.6%, ASX -8.2%, Kospi -4.1%, STI -7.1%, Hang Seng -7.2%, Sansex -7.5%, FTSE -6.1%, DAX -8.2%, CAC -6.8%
If you enjoyed this post, please consider to visit Pattern Trader Tools, leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.