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%.
