The see-saw ride in the global markets continues since my last portfolio update in April’19 with no clear end in sight. The US levying of tariffs on China and a swift retaliation from China leads to a tumbling of many blue-chip companies listed on the Singapore Stock Exchange. However, over the past 2 weeks, the market had rallied strongly despite weakening macroeconomic fundamentals. “Defensive stocks” such as Singtel and REITs have also seen their prices shooting up like a rocket. The surprising aspect of this is that while the Federal Reserve has given some indication of halting of interest rate increase, this does not mean cutting of interest rates but more of mere hinting. Still, the global market rally on optimism that interest rate cuts are definitely coming which will save the global economies. One point to note, as per the last global financial crisis in 2008, is...