1) Singapore’s GDP in 3Q beat expectations
Singapore’s economy in the third quarter of 2021 grew 7.1% compared with a year ago, which was better than the 6.5% estimate by economists. On a quarter-to-quarter basis, the economy grew 1.3% compared to the second quarter of 2021. The Ministry of Trade and Industry revised Singapore’s 2021 economic growth to around 7%.
2) India and UK will join the U.S. in releasing strategic oil reserves
India is releasing 5 million barrels of crude oil from its strategic petroleum reserves in concerns of oil supply being artificially adjusted below demand levels by oil producers, leading to rising prices and negative attendant consequences.
The U.S. President Joe Biden said that Washington would release 50 million of its 600 million barrels. China, Japan, South Korea, and the UK will also join the U.S. in the attempt to curb rising oil prices.
3) New Zealand raised interest rates for two straight months
New Zealand’s central bank hiked interest rate for the second straight month by 25bps to 0.75%, pressured by rising inflation. The Reserve Bank of New Zealand said that further stimulus easing may be required and the official cash rate may go above its neutral rate. Meanwhile, Covid-19 Response Minister said that the country may keep travel restrictions until April 30, 2022.