THE HEISENBERG writes: “Earlier this week, Singapore slashed its 2019 growth outlook to a range of zero to 1% amid collapsing exports and a worsening outlook in key end markets tied to the intractable US-China trade dispute. While not exactly surprising, the announcement (which came alongside the final read on second quarter growth), was a poignant reminder that the trade frictions are starting to bite – hard. Singapore, like South Korea, is a bellwether of sorts.”

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