Today data showed Singapore entered recession last month, with the economy contracting 41.2 per cent for the quarter, worse than the 37.4 per cent analysts had forecast. — Reuters pic
The moves came after a selloff on Wall Street that followed reopening rollbacks in California, where Governor Gavin Newsom ordered bars closed and restaurants and movie theatres to cease indoor operations.Meanwhile tension grew between the United States and China. The United States yesterday rejected China’s disputed claims to offshore resources in most of the South China Sea — a shift in tone which prompted a rebuke from Beijing.
“Last time it was really about the bottom line,” he said, but now what had been primarily a trade dispute ranges across political and strategic dimensions, making a resolution less likely and the next moves less predictable. The tech-heavy Nasdaq shed 2 per cent yesterday and shares of Tesla ended down 3 per cent, tapping the brakes on a rally that has boosted the electric car maker’s stock by more than 40 per cent in two weeks.
Currency markets hemmed the dollar in a tight range, with the kiwi stalling its grind higher at US$0.6532 and the Aussie sat at US$0.6941.
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