Singapore’s core inflation rate slowed to 3.4% in August, the lowest since April 2022, and below the expected 3.5% predicted by economists. This marks the fourth consecutive month of slowing inflation in the country. The core inflation rate, which excludes accommodation and private transport prices, is an important measure used by the Monetary Authority of Singapore (MAS) to assess inflation trends. Additionally, the headline inflation rate also decreased to 4% in August, the lowest since January 2022.
Japanese markets, particularly the Nikkei 225 and Topix, were the only major Asian markets to experience gains on Monday amid a broader sell-off. The Nikkei rose by 0.88%, while the Topix increased by 0.41%. The gains were driven by health technology and retail trade stocks, with pharmaceutical company Daiichi Sankyo and departmental store chain Takashimaya being among the top performers.
Shares of Chinese real estate firm Evergrande plummeted by about 20% after the company announced a delay in its debt restructuring meeting scheduled for Monday. The company cited lower-than-expected sales and an ongoing investigation into its subsidiary Hengda Real Estate as reasons for the delay. The Chinese securities regulator is reportedly probing Hengda Real Estate for potential violations of information disclosure. These developments have further deepened concerns about Evergrande’s financial instability.
