To The Moon

Singapore stocks rose this week, with the STI up 1.4%.

In terms of individual stocks, Yangzijiang Shipbuilding rose 10.2%; Seatrium rose 7%; Sats rose 3.3%; DBS rose 2.8%; UOB rose 2%; OCBC rose 1.9%; Keppel rose 1.3%; SGX fell 1%; Singtel fell 1.1%; SIA fell 1.3%; Sembcorp fell 1.7%.

Market News

Singapore Core Inflation Accelerates to 1.6% As Oil Risks Linger

Singapore's core inflation accelerated last month as higher global energy costs are beginning to filter through to consumer prices.

Core inflation, which excludes housing and private transportation costs, rose to 1.6% in June from a year earlier, according to a statement by the Singapore Department of Statistics on Wednesday. That was faster than the 1.4% pace in May but below the median estimate in a Bloomberg News survey of 1.7%.

The all-items inflation rate came in at 1.9%, compared to the 2% survey median estimate.

Singapore Reshuffles Cabinet with Two Ministers to Co-Lead Trade Ministry

Singapore Prime Minister Lawrence Wong announced a cabinet reshuffle on ​Wednesday, appointing two ministers to co-run the trade ministry, the Prime ‌Minister's Office said.

Tan See Leng moves from the manpower ministry to co-lead trade with existing Trade Minister Gan Kim Yong, also the deputy prime minister.

Gan will oversee trade ​and the broader economic strategy while Tan will oversee energy and ​industry, Wong announced.

Singapore Home Prices Rise for Seventh Quarter as Rents Jump

Singapore private home prices rose for a seventh straight quarter, as the market remained resilient even as sales slowed. Rents gained.

The price index rose 0.5% from the previous three months, the same pace as earlier estimated, according to figures released Friday by the Urban Redevelopment Authority. Prices rose 0.9% in the first quarter.

The increases underscore the demand that is sustaining what is already Asia’s most expensive city for buying or renting a private home. An average private property in the city-state costs nearly $1.8 million, more than the likes of Hong Kong and Tokyo, according to a report published Thursday by the Urban Land Institute.

Singapore Bourse to Introduce SpaceX, Grab Depository Receipts

Singapore Exchange said on Tuesday that it ​will introduce depository receipts for Elon ‌Musk's SpaceX, ride-hailing firm Grab, and tech conglomerate Sea.

Singapore's bourse operator said that trading for the ​depository receipts commences trading on Wednesday, allowing ​investors to trade the companies in ⁠Singapore Dollar during local market hours.

The introduction of SpaceX's depository receipts comes after its rockets-to-AI blockbuster IPO last month, the ​largest ever.

Grab ​and Sea, ⁠although listed in the U.S., are both headquartered in Singapore.

US Hits Singapore with 12.5% Tariffs

The United States will impose a 12.5 per cent tariff on a range of Singapore exports from Friday (Jul 24), with about one-third of the country’s domestic shipments to the US set to be affected, Singapore’s Ministry of Trade and Industry (MTI) said.

The move follows a US Section 301 investigation into 60 trading partners over their alleged failure to enforce bans on imports of goods produced with forced labour.

The US Trade Representative (USTR) concluded in June that 54 of these economies, including Singapore, China and Britain, "failed to impose and effectively enforce a forced labour import prohibition", and proposed a 12.5 per cent tariff on certain goods.

Next Week Outlook

Singapore is expected to keep monetary policy unchanged at a scheduled review next week as inflation rates stay at a manageable pace, even as the Middle East conflict keeps energy costs elevated.

Out of 16 analysts polled by Reuters, 12 expect ​the Monetary Authority of Singapore (MAS) to keep settings unchanged on July 27, while four expect policy tightening.