From a fundamental perspective, latest economic indicator suggests that the economy is indeed recovering. The suffering property sector is still very much in focus, as investors digested news surrounding the inability for several companies to fulfil their obligations. High uncertainty regarding the prospect of the Chinese economy has prompted investors to be more risk averse. In Asia, the majority of risk assets also recorded declines and this can be verified from the 3.86% drop recorded by the MSCI Asia Pacific ex-Japan index last month.

And finally, PMI numbers wasn’t promising enough both from the manufacturing and services side, still in contraction territory at 43.5 and 46.7 respectively. Second quarter growth was at 0.5%, lower than the previous quarter which was at 0.6%. The ECB unexpectedly hiked rates to 4.5% last month, putting more weight onto its ailing and recovering economy. The fear of inflation was also felt throughout Europe with the German DAX down 3.91% and the Eurostoxx50 for as much as 3.15%. Fear of a higher for longer interest rate environment have triggered a sell-off in the fixed income market. This has propelled the US Treasury (UST) yield to rise above 4.6%, which is its highest in the last 16 years. Moreover, with oil prices on the rise currently at around it highest level for the year, will put extra pressure on equities as the threat of inflation increases. However, Powell in his testimony left markets questioning as to the probability of another rate hike this year while maintaining rates at a level higher for longer. The hawkish pause by the Fed to maintain the main rate at 5.25% - 5.50% during the last FOMC Meeting was widely anticipated by investors. The three main bourses of Wall Street recorded quite a drop, with the Dow jones index down 3.5%, 4.8% for the S&P500, and 5.81% for the NASDAQ.

© BANK OF CHINA(BOC) All Rights Reserved.Global risk assets were under significant pressure in the month of September. Personal Time Deposit Board Rates (20221031) Personal SGD Time Deposit Promotion Rates（20221031） Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. All interest rates shown are annual rates and only applicable to individual deposit customers.ĭeposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.

Ocbc fixed deposit rate august 2020