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Not a Problem in Singapore
Unlike yesterday's example of Malaysia, the Singapore index has rallied significantly in 2025. And as before we like the upturn in key domestic macro indicators such as durable auto demand, property construction activity and overall private lending (although the Singapore retail sector is considerably weaker).
We continue to get queries about the "overheated" state of the property market, but as always we need to stress that Singapore is a big laggard by regional standards, with prices and rents are still close to decade lows on an income-adjusted basis.
And thus we'll continue to hold the market. Singapore is not exactly an "Asian tiger" on the external side, but with near-infinite structural surpluses there's plenty of room to support a domestic recovery story, and as a result we're maintaining our equity exposure.
Not a Problem in Singapore (PDF)
Corporate Chartbook
Our semi-annual guide to EM listed corporate trends by charts and data.
EM Corporate Charbook (2022 Edition)How To Think About Emerging Markets (2024 Edition)
An opinionated guide to emerging markets
What is an Emerging Market? (How to Think About Emerging Markets 2024 Edition, Part 1)What's Wrong with EM? (How to Think About Emerging Markets 2024 Edition, Part 2)
Who Makes It, Who Doesn't (How to Think About Emerging Markets 2024 Edition, Part 3)
Is Globalization Over? (How to Think About Emerging Markets 2024 Edition, Part 4)
Four Big Growth Fallacies (How to Think About Emerging Markets 2024 Edition, Part 5)
An Austrian Primer: Savings, Debt and Default (How to Think About Emerging Markets 2024 Edition, Part 6)
Life After China (How to Think About Emerging Markets 2024 Edition, Part 7)
Macro and EM Equities (How to Think About Emerging Markets 2024 Edition, Part 8)
Macro and EM Debt (How to Think About Emerging Markets 2024 Edition, Part 9)
Macro and EM Currencies (How to Think About Emerging Markets 2024 Edition, Part 10)
How To Think About China (2025 Edition)
... and an opinionated guide to China
Property Boom and Property Bust (How to Think About China 2025 Edition, Part 4)Debt, Banks and the Budget (How to Think About China 2025 Edition, Part 5)
The Future of the Renminbi and the Closing of China (How to Think About China 2025 Edition, Part 6)
The Aging Crisis (How to Think About China 2025 Edition, Part 7)
How to Follow Macro Policy (How to Think About China 2025 Edition, Part 8)