- We expect volatility to remain elevated in the coming weeks, especially as the US’ insistence on influencing Iran’s leadership transition raises the risk of prolonged conflict, and any sustained US military presence in Iran would likely extend the war, amplifying geopolitical and market instability.
Uncertainty reigns
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Singapore still a safe haven, but energy prices a risk in the medium term
- Singapore continues to attract safe-haven inflows, with anecdotal evidence suggesting increased capital flows from the Middle East over the past two weeks. In the near term, Singapore’s energy supply remains relatively insulated through pipeline gas imports from Indonesia, although these prices are linked (albeit with a lag) to the Indonesian Crude Price.
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Defensive sectors to consider
- Key defensive sectors that we have identified include construction, consumer, healthcare and telecommunications which should all hold up relatively well compared with other sectors.
- Key stock picks in these sectors include
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