Looking forward
I have updated my April predictions in the widget to the right. The signs are positive but not fantastically positive; we are at the stage in the cycle where we are looking at monetary policy tightening in the Eurozone and possibly the US over the rest of this year – but of course we have much liquidity to expect from Japan. Bloomberg is somehow projecting a decline in forward earnings for the STI, making the STI less attractively priced relative to HK.
Looking backward
We can also have a quick look at what just happened in this quarter (it just flew by, didn’t it?)
Oddly enough, we gained 2% in HK and lost 2.6% in SG. Sadly we don’t have total return data for the STI but with adjustment the STI’s return was probably in the neighborhood of -1....