I have a base case scenario where a worsening global inflationary environment will have an adverse impact on our local companies.Moreover, our major trading partners are facing risks of their own: Prolonged COVID-19 restrictions may slow China's 2022 economic growth;
Europe faces an energy crisis from Russia's threat to turn off its gas supply;
The U.S. faces a possible recession due to over-tightening by the Fed. Major equity indices have reacted accordingly. The S&P 500 Index is down 13.5% year-to-date. The MSCI Asia Ex Japan Index is down 16.7%. The Hang Seng Index is down 14.5%. The CSI 300 Index, Nikkei 225 Index and the KOSPI Index are all underwater too. The only exceptions are Indonesia's JCI (up 9.8%) and our STI (up 5.4%). The STI's gravity defying feat is puzzling. It is as if Singapore has become unhinged to global developments. One may argue the Singapore bourse...