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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 (Webcast)

Not a Problem in Singapore (PDF)

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EM Monthly Chartbook (July 2025)

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