Back

Singapore: Further improvement in Q3 GDP outlook – UOB

Economist at UOB Group Barnabas Gan assessed the latest results from the industrial sector in Singapore.

Key Quotes

“Singapore’s industrial production surprised market expectations with a 24.2% y/y (+10.1% m/m sa) surge in September 2020… Excluding biomedical manufacturing, industrial production grew 8.5% y/y.”

“Importantly, the surge in Singapore’s manufacturing momentum seen in September injects upside risks to Singapore’s 3Q20 GDP estimates. Singapore’s implied overall manufacturing cluster’s growth is higher at 10.0% y/y in the third quarter of 2020, materially stronger than the +2.0% growth pencilled in the latest advance estimates for Singapore’s 3Q20 GDP released by MTI. This translates to Singapore’s 3Q20 GDP at -5.6% y/y, up from the advance estimates of -7.0%, assuming no significant revisions to the rest of the key sectors.”

“Given the upside surprise in September’s manufacturing pace, year-to-date manufacturing growth is now at a strong +5.7% y/y, up from -0.6% y/y in the same period last year. As such, we revise our full-year industrial production outlook higher to average +5.5% in 2020, up from our prior outlook of +2.5%. This would improve our full-year Singapore GDP outlook to -5.5%, up from our previous outlook of -6.5%.”

Cotton guns for the January high at 73.00 – Commerzbank

ICE Cotton has reached the June 2017 high at 72.21 and firmly has the January high at 73.00 in its sights, Karen Jones, Team Head FICC Technical Analy
อ่านเพิ่มเติม Previous

NZD/USD clings to small daily gains, stays below 0.6700

The NZD/USD pair closed the first day of the week with small losses and reversed its direction on Tuesday. As of writing, the pair was up 0.2% on a da
อ่านเพิ่มเติม Next