Last Week in Numbers
The big headline of last week was North Korea’s threat to fire ballistic missiles to the island of Guam. This puts Guam’s population of 170,000 people and 7,000 military personnel and their families at risk. Guam is, in fact, a strategic outpost for the US military; the US defense department owns about a quarter of Guam’s 212 square miles
In the markets this week, tech stocks have finally ended their impressive run by paring around 2% last Thursday. The S&P 500 started last week at an all-time high of 2480, but ended up losing 39 points to close last Friday at 2441 points.
Meanwhile, gold is on a run this year and has returned 10.4% as of last Friday, compared to the S&P 500, which has run up 10.25%.
In other news, Singapore property prices are down around 12% from their peak reached in the third quarter of 2013, but this has not stopped the developer of Wallich Residences from asking around S$99 million dollars for the project’s luxury penthouse. The penthouse, which is located on the 64th floor and has its own private pool, has a built up area of 21,108 square feet. At the asking price, this equates to a mind-boggling S$4690 per square foot.
And finally, the US reported its consumer price index (CPI) for the month of July last Friday. Inflation in the US remained soft as CPI rose by only a marginal 0.1% on a month-on-month basis and 1.7% on a yearly basis. The five-month gain in core CPI is the weakest stretch since 2010.