Weak output sweep Singapore: Singapore PMI hits more than 2 year low

A string of poor PMI figures hit Asia on Monday. Singapore was no exception. Its PMI (purchasing manager's indices) - a barometer of industrial activity - fell to a more than two year low of 49.4 indicating a fifth month of industrial contraction. The declines were in both local and abroad orders. Production output fell together with stocks of finished goods. Employment continued to fall. South Korea fell too. Both India and Taiwan slipped. Currently, the transport engineering - and in particular, marine and offshore engineering are likely to remain weak in the coming months. This is also seen in the electronics sector. On a related note, China's April HSBC PMI hits lowest in a year.