They came. They met. They shook hands, patted shoulders and moved on. On the face of it, the world took a step towards becoming a slightly safer place following a historic and seemingly cordial meeting last week between President Trump and North Korea’s Kim Jong Un. The cost to the Singapore government to put this summit on was quoted to be around $20m – was the money well spent? A week on and it looks as if global financial markets gave a collective shrug to the summit, instead appearing to focus more on the central bank meetings, another US rate increase and economic data releases.
Last week was jam packed with local economic data, the most notable releases being the latest monthly business and consumer sentiment surveys as well as the May labour force release. Offshore, it has been a tale of two central banks: one full of confidence and raising interest rates again last week; the other decidedly circumspect over the economic outlook.