Global stock markets have more room to decline as investors have yet to price in the odds of an economic downturn and its impact on company earnings, Temasek's chief investment officer Rohit Sipahimalani said on Friday.
The expected decline, led by the US market and expectation for inflation to stay higher for a longer period, means Singapore's investment company will be investing cautiously through the next several months, he added.
"Current valuations are not reflecting the risks and the downturn that we see over the next 12 to 18 months, so we are more cautious," he said in a panel discussion at the Milken Institute's Asia Summit, held at the Four Seasons Hotel in Orchard.
The Straits Times Index was down by 0.4 per cent by midday on Friday its lowest level in nearly three months - although it rose 0.5 per cent at closing.
This story is from the October 01, 2022 edition of The Straits Times.
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This story is from the October 01, 2022 edition of The Straits Times.
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