Earlier this month, the trade-dependent nation lowered its economic growth forecast for this year to almost zero on escalating US-China tensions. Analysts expect profits to deteriorate throughout 2019 as a result.
(Aug 21): Singapore’s slowing economic growth has started to hurt company earnings as a trade war intensifies between its two biggest trading partners.
By one measure, companies in the benchmark Straits Times Index posted their first profit decline in six quarters in the three months ended June, according to data compiled by Bloomberg. Meanwhile, 23 of the 30 stocks in the gauge saw cuts in earnings estimates after reporting quarterly results, according to Credit Suisse Group AG.
