India, the world’s largest rice exporter, bans non-basmati white rice exports to ensure domestic availability and tackle rising prices amid global food crises, potentially impacting rice-dependent nations.
Chinese homebuyers are resorting to mortgage boycotts and protests against developers due to ongoing housing crisis, with little legal recourse and government sensitivity to the issue.
Markets rose as global interest rate hikes subdued inflation, allowing central banks to adopt a softer monetary policy. Investors hoped for Beijing’s support amid weak data, while Wall Street’s strong earnings were tempered by Netflix and Tesla reports. Cautious optimism persisted, given the receding risk of recession but lingering concerns over China’s economy.
Indian tycoon Gautam Adani denies fraud accusations against his group, calling them a deliberate attempt to damage its reputation.
Philippine President Ferdinand Marcos signs a law creating a US$9 billion sovereign wealth fund to stimulate economic growth and infrastructure spending, despite critics warning of potential misuse and public opposition. The fund, named the “Maharlika Investment Fund,” will draw funds from various sources, including the national government, gaming revenue, and private investments. Marcos assures transparency and prudent management of the fund.
Singapore’s economy dodged a technical recession in 2Q’23 with a rebound of 0.3% q-o-q output, exceeding consensus expectations, according to BMI, a Fitch Solutions company.
However, weak global demand and tight monetary policy could hinder achieving 2.2% y-o-y growth in H2’23.
Singapore’s NODX faces significant challenges as data from EnterpriseSG reveals a 15.5% decline in June 2023, extending the ongoing downward trend observed since April.
“NODX to the top markets as a whole declined in June 2023, though NODX to Hong Kong and China rose,” said EnterpriseSG..
The ringgit showed slight signs of strengthening against the Singapore dollar at Friday (14 Jul) noon, reaching 3.43.
This slight appreciation follows its lowest level in history against the Singapore dollar, which hit a daily low of 3.50 two days prior.
Additionally, the ringgit also traded higher against a variety of major currencies and other ASEAN currencies.
Singapore’s economy narrowly evades a technical recession, with a slender 0.7% growth in Q2 2023 amid widespread sector contractions and a struggling manufacturing industry.
Chinese exports fell in June, increasing pressure on Beijing for additional stimulus measures to revive the economy. Weak demand in key markets and external factors contribute to the decline. Imports also dropped, reinforcing concerns about softening domestic demand.