I can't help but notice that the airwaves here in Singapore are suddenly full of adverts by car companies with offers of free insurance, free tax and free petrol.
To top it off, COE peices are falling for those not in Singapore, COE stands for certificate of entitlement. This is a 10year permit that allows you to put a car on the road. Here in Singapore cars are rationed strictly, and buyers of new vehicles have to buy a COE before they can put their new car on the road. COEs are sold twice a month on an auction basis, and so are a pretty good indicator of immediate economic health and confidence. And prices are falling, admittedly only from 75k to 72k, but only a month or 2 ago people were talking 100k. I have a theory that COE prices are only still so high because car importers are registering their cars and then struggling to flog them.
Singapore is calming down, and Singapore is the canary in the Asian coalmine. If Singapore goes into reverse then Asia is in trouble.
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