SINGAPORE, Sept 30 (Reuters) – Singapore’s Temasek Holdings (TEM.UL) said that market valuations had not yet priced in a global economic recession and that said the state investor was waiting for further declines before stepping up investments.
“Current valuations are not reflecting the risk of downturn we see in the next 12 to 18 months,” Temasek’s chief investment officer, Rohit Sipahimalani, said on Friday.
“I do expect as these valuations correct, we will again step up our pace of investment,” Sipahimalani told a session at the Milken Institute Asia Summit in Singapore.
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Temasek remains committed on its four major investment trends, including digitization, longer lifespans, sustainable living and the future of consumption, he said.
“I think those trends are still valid,” he said. “For the long term, we will continue investing alongside them with a few nuances.”
Stock markets globally have fallen sharply this year as big increases in interest rates by inflation-fighting central banks raise worries about a recession or economic slowdown.
Sipahimalani said the markets …….