Market Highlights
- Singapore’s PMI Expands
- RBA Increases Interest Rates by 0.25%
Singapore’s PMI expands
Singapore’s Purchasing Managers’ Index (PMI) managed to show a healthy expansion with a reading of 50.2, despite this being lower than September’s figure of 50.6.
“Positive PMI readings from across the globe rekindle risk position interest. First thoughts are that Asian out-performance will be enhanced.” commented Societe Generale strategist Patrick Bennett. “Manufacturing has recoverd strongly, but the question now is about demand for Asia’s consumer exports.”
RBA increases interest rate by 0.25%
Meanwhile in Down Under, RBA raised interest rates for a second month running by 0.25bps to reach 3.5%.
This suggests that Australia’s economy is already on the path to recover and RBA has started to slowly withdraw stimulus measures. Amongst the G-20 nations, Australia is the first to start increasing interest rates.
The AUD has since dipped by around 200bps since reaching the peak of 1.3 levels this year in end Oct.
By Ho Canjie(CJ), Account Manager
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