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Temasek Turns Cautious on Outlook, Sees More Market Declines

  • Temasek’s portfolio jumps 5.8% on fiscal year to $287 billion
  • Temasek sees rising risk of mild US recession into 2023
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 WATCH: Singapore’s Temasek posted a 5.8% return for the fiscal year but CIO Rohit Sipahimalani says now the state-owned investor is adopting a cautious outlook and sees more market declines ahead.Source: Bloomberg
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Singapore’s state-owned investor Temasek Holdings Pte said it’s adopting a cautious outlook and sees more market declines after posting a 5.8% return for the fiscal year as gains in domestic stocks offset widespread declines in China.

The $287 billion firm said it will slow the pace of investments given the likelihood of a recession in developed markets. Temasek said the risk of a mild recession in the US into 2023 has risen due to tighter financial conditions and geopolitical uncertainty. China meanwhile faces “challenges” meeting its 2022 growth target of 5.5%.