Dear readers, as we enter into April 2022 and a new quarter of the year, let us have a quick recap of what happened in the first quarter of this year.
First for Singapore stocks, SPACs were all the rage in January 2022 with the debut of three homegrown SPACs: Vertex SPAC, Pegasus SPAC and Novo Tellus SPAC.
Next as we moved on to Feb 2022, the limelight was on Singapore Budget 2022, where it was announced that GST will be increased to 8% in Year 2023 and to 9% in Year 2024.
And finally, for this month (Mar 2022), Singapore government announced further Covid-19 reopening of the Singapore economy, with a noteworthy moves in border movement and masking requirements.
Next, we moved on to the global stock markets.
The US stock markets already showed sign of retreating after the middle of Jan 2022 with the NASDAQ technically in a correction on 19 Jan 2022. On 24 Jan 22, the NASDAQ was down by more than 4% at one point during trading. The volatility was in part caused by concerns about US inflation and interest rate hikes.
The volatility increased when Russia invaded Ukraine in late Feb 2022. The Singapore Straits Times Index (STI) was not spared when the STI retreated by 3.45% on 24 Feb 2022 over the geopolitical tensions over Ukraine.
As the volatility of the global stock markets continued into March, Singaporeans also noted how Grab stock crashed by 37.2% in a single day in early March over poor earning results. And the US also published a list of Chinese-listed companies in the US that could be delisted which affected not just these stocks but only better known names like AliBaba which also dived in stock price.
In mid March, the US Federal Reserves increased interest rates by a quarter percentage point (0.25%) and has signalled hikes at all six remaining meetings this year. Chinese stocks, which have been trending lower in early parts of the year recovered lost ground after the Chinese government announced that it will keep the Chinese stock market stable.
That’s all for the key development of Singapore and the global stock markets for first quarter of 2022.
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