Wolf Money(Singapore Trading Festival 2023)
It had been at least 4 years since I last attended a SGX organised event physically. No thank in large part by the covid restrictions. Given the long absence, I was pretty excited to attend the Singapore Trading Festival seminar at SGX centre in person with a couple of my ex colleagues. There was a sense of anticipation.
The event was well received by the public as full attendance was assured. The effort and the amount of detail that went into making the event a success starting from door gift to food preparation to the specially curated programs is commendable. There are further events throughout the week. Please check the link below.
The general mood of the guest speakers were cautious. Questions on bank failure and its implications were coming thick and fast from the audience. There were further questions asked on the state of reopening in China after 3 years of covid lockdown and the direction of the interest rate cycle. Most speakers were optimistic about the reopening story in China with one speaker mentioning about China ability to do one better than the official forecast 5% GDP growth this year. Some sectors which may see a rebound in China included property and retail. As for interest rate front, consensus among the panelists were similar, the US Fed is at the till end of the interest rate hiking cycle. American and European economies are likely to grow at a slower rate of between 0.5-1% for 2023.
The bright spot of economic growth is still within ASEAN as many MNC in US and Europe are pouring money into Vietnam, Indonesia, Malaysia, Thailand including Singapore, benefiting from the renew interest in setting up manufacturing facilities outside of China to diversify their operation due to ongoing US China trade war. Indonesia and Malaysia commodities market are the likely beneficiaries of the expanding EV production in China which used up a lot of base metal for EV production. I learn a few things from the experts at the event, it is good to get an alternative view to sharpen my thought process. Special thank to SGX for organising the STF event.
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