SG Morning Highlights | Keppel Expands Rig Operations and Plans New Private Fund

Advancers / Decliners is 98 / 66, with 68.25M securities worth S$96.23M changing hands.

Singapore's non-oil domestic exports (NODX) experienced a 4.6% year-on-year decline in October, contributing to an overall 0.9% drop year-to-date. Despite this downturn, exports to the US specifically increased by 2.2% due to anticipated tariff implementations by the US, prompting exporters to advance shipments. This situation is expected to provide a temporary boost to NODX. However, UOB has revised its growth forecast for NODX from 3.0% down to 0.5%, influenced by the poor performance in October and potential downtrends in electronics, as observed in regional cycles in South Korea and Taiwan. Electronics NODX growth also decelerated slightly in October, indicating potential further slowing in the coming months.

Singapore is increasingly favored by affluent families in Asia due to its strategic location, economic stability, and well-regulated tax system. The Julius Baer Family Barometer Report 2024 highlights Singapore's advantages, including its well-regulated financial sector and legal certainty, which are crucial for managing complex wealth needs. The country's growing number of family office structures also adds to its appeal. The report emphasizes that wealth preservation remains a paramount concern for these families, aiming for secure leadership and asset transitions to future generations. Additionally, political stability is a rising priority amid concerns about nationalism and economic fluctuations in various regions.