Asian Market fall for the 3rd consecutive day. Due to the US subprime loan issue and the comment that made by Head of People's Bank of China regarding interest rate hike may not be done yet
Locally, Citigroup wrote a research asking investor to sell in Singapore and buy Taiwan, as Singapore is now an expensive market. What it means is though there’s more upside to the market, it is considered expensive relative to Taiwan, which has better valuations.
Analyst are also expecting Singapore’s inflation to increase as well as it is believed that the property market is 'just at the beginning of its expansion phase' and that increased activity in en-bloc sales, the integrated resorts and a pick-up in demand for retail office space indicate that Singapore's construction sector should be a major driver of growth.
On the other hand, the JPY advances on a couple of comments from Finance Minister Omi, who stated that it is important that investors realize the risk of one-way bets against the currency
Most important data to watch out today is the US Consumer Confidence and New Home Sales. This coming thursday would be the FOMC rate decision meeting again, watch out for it also.
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