Singapore Market Buzz and Round Up
This post was written for www.hnworth.com, a site targeting high net worth individuals in Singapore.
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Between Gold and the other Black Gold that we know as oil, the world has moved into a deflationary mindset in less than 4 days which could possibly explain the poor Black Friday sales numbers, in addition to the fact that many retailers started sales earlier in the week. http://fortune.com/2014/11/30/black-friday-weekend-sales/
Last Thursday’s OPEC meeting on Thanksgiving followed by Sunday’s Swiss referendum rejecting increased gold purchases by the Swiss National Bank, has seen commodities take another dip down on the first trading day of December and reports are starting to surface that a deflationary mindset may not be as good for economic growth despite the benefits of lower oil prices.
As a consequence, we have the STI index close the week on a heavy heart with the bulk of the maritime O&G stocks making new yearly lows.
I dragged out the list of stocks making their 52-week lows for the past week and we can see that few of the O&G names are spared the brunt of the sell-off that is nothing compared to the billions wiped out around the world.