• The faster-than-expected GDP growth was driven by the buoyant consumption.
• New administration will increase government expenditure to improve long term competitiveness.
• Decent investment growth momentum reflected positive business confidence.
• Moderate upward pressure on price will remain due to fed-through of high rent onto the CPI basket from last year.
Stock market consolidation will weigh on domestic consumption:
Overnight HIBOR jumped due to stock market consolidation; Long-term local interest rates will converge with LIBORs:
Property market remained red-hot:
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