Singapore's economy grew 2.7% year-on-year in the first quarter of 2024, the quickest pace in 18 months, data showed on Thursday as the government said it expected manufacturing and trade-related sectors to improve over the course of 2024.
Several Asian share benchmarks fell on Thursday as markets digested the implications of policymakers in major economies preferring to take a patient approach to monetary easing amid sticky inflation.
Oil prices eased for a fourth straight session on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of interest rates if inflation remained sticky, a move that could hurt oil demand.
Most Asian currencies kept to a tight range on Thursday and were nursing overnight losses as the minutes of the Federal Reserve’s recent meeting boosted the dollar amid growing concerns over higher-for-longer interest rates.
Most Asian stocks fell slightly on Tuesday as a stimulus-driven rally in Chinese markets ran dry, while concerns over high for longer interest rates also chipped away at sentiment.
Top Japanese companies agreed to wage increases of an average 5.58% at annual labour talks that wrapped up in March, the Keidanren business lobby's preliminary data showed on Monday, representing the heftiest pay hike in 33 years.