Singapore's economy sharply missed expectations in the second quarter, even as analysts have been cutting their forecasts for growth. Gross domestic product (GDP) rose 1.7 per cent, well below a forecast for a 2.4 per cent rise from a Reuters poll and below the 2.8 per cent advance in the previous quarter, according to flash estiates from the Ministry of Trade and Industry on Tuesday.
Resale prices of non-landed private residential properties edged up 0.4 per cent in June compared to May, according to flash estimates from SRX Property on Tuesday. Year on year, prices have dropped 1.6 per cent from June last year.
GIC, Singapore's sovereign wealth fund, agreed on Monday to pay 132.4 million reais (S$57.32 million) for a minority stake in a shopping mall controlled by Brazil's Aliansce Shopping Centers SA, the latest step in the fund's push into Latin America's largest economy. Under terms of the deal, GIC took a 35 per cent stake in Via Parque Shopping, a mall located in Rio de Janeiro's exclusive Barra da Tijuca area, according to a statement.
Indonesia's central bank kept its main interest rate unchanged for a fifth month, refraining from monetary easing that could further weaken one of Asia's worst- performing currencies. Governor Agus Martowardojo and his board held the reference rate at 7.5 per cent, Bank Indonesia said in Jakarta on Tuesday, an outcome predicted by all 20 economists surveyed by Bloomberg News.
China's broadest measure of new credit increased the most since January after the government stepped in to boost provincial finances and the central bank accelerated monetary easing. Aggregate financing, which includes bank loans and off- balance-sheet credit, was 1.86 trillion yuan (S$408.2 billion) in June, according to the People's Bank of China, higher than all 23 forecasts in a Bloomberg survey of economists.