Market Focus Daily: Wednesday, June 25, 2025
Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day's market movements and news from Singapore and the region.
Written and hosted by: Emily Liu (emilyliu@sph.com.sg)
Produced and edited by: Chai Pei Chieh & Claressa Monteiro
Produced by: BT Podcasts, The Business Times, SPH Media
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Business Times
22 minutes ago
- Business Times
Singapore's PMI rebounds to expansion territory in June amid improving regional activity
[SINGAPORE] Singapore's overall factory activity returned to expansion territory in June after two straight months of contraction, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Jul 2). The purchasing managers' index (PMI) expanded marginally last month, by 0.3 point to 50. A reading above 50 on the index indicates growth from the previous month, while one below 50 points to a contraction. Similarly, the linchpin electronics sector edged up 0.2 point from the previous month to record an expansion at 50.1 in June, after two straight months of contraction. SIPMM executive director Stephen Poh said: 'It is heartening to note that the manufacturing sector has reverted to an expansion going into the second half of the year, albeit trade uncertainties remain in the global economic environment.' However, he also acknowledged that local manufacturers are concerned about 'the rapidly shifting landscape of global trade policy and tariffs, resulting in supply chain fragmentation'. Selena Ling, chief economist at OCBC, said the improvements in Singapore's manufacturing and electronics PMIs suggest that 'market sentiments and business confidence levels have stabilised somewhat' since the April announcement of US reciprocal tariffs and the ensuing market volatility. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The June PMI readings illustrate a semblance of a return to some normalcy, likely underpinned by hopes' the US will strike more trade deals or truces, as it did with the UK and China, she added. However, she also pointed out that front-loading efforts 'may largely be spent' as the end of the 90-day pause on US reciprocal tariffs approaches. 'There are some tentative signs that business momentum may cool in the coming months once the tariff realities kick in, and the 10 per cent universal tariffs look likely to stay intact.' UOB associate economist Jester Koh likewise said the June readings likely reflect 'better sentiment, driven by hopes of a durable trade and tariff de-escalation following the two-day US-China negotiations in London', as well as near-term front-loading momentum. But he warned that the payback from earlier front-loading could lead to a 'more protracted downturn' in manufacturing and trade activity in H2 2025, cushioned partly by less cyclical demand for data storage and spillover effects into consumer electronics. Though most remained in contraction, some regional economies picked up in June. China's official manufacturing PMI contracted for a third straight month, albeit at a slower pace, posting a reading of 49.7 in June compared to 49.5 in May. Surprisingly, the Caixin PMI, derived from smaller private manufacturers, rose to 50.4 from 48.3. Both South Korea and Malaysia remained in contraction territory despite improvements. South Korea's S&P Global manufacturing PMI rose to 48.7 in June from 47.7 in May, while that of Malaysia was 49.3 in June, up from 48.8 the month before. Taiwan's S&P Global manufacturing PMI, meanwhile, registered its steepest decline in one-and-a-half years – it slid to 47.2 in June, from 48.6 in May. Vietnam's S&P Global manufacturing PMI also fell in June, to 48.9 from 49.8 the previous month.
Straits Times
28 minutes ago
- Straits Times
Singapore factory activity ticks up to end two-month contraction as US tariffs loom
Sign up now: Get ST's newsletters delivered to your inbox Manufacturing activity staged a modest rebound in June but uncertainty prevails with a reprieve on Trump's global tariffs set to end next week. SINGAPORE - Manufacturing activity in Singapore staged a modest rebound in June after languishing in contraction territory for two straight months, but uncertainty prevails with a reprieve on US President Donald Trump's global tariffs set to end next week. Singapore's purchasing managers' index (PMI), a barometer of the manufacturing sector's health, edged up from 47 points in May to 50 in June, with readings above that level indicating expansion. 'It is heartening to note that the manufacturing sector has reverted to an expansion going into the second half of the year, albeit trade uncertainties remain in the global economic environment,' said Mr Stephen Poh, executive director of the Singapore Institute of Purchasing and Materials Management (SIPMM). Despite the PMI rise, Mr Poh said: 'Anecdotal evidence suggests that local manufacturers are concerned about the rapidly shifting landscape of global trade policy and tariffs, resulting in supply chain fragmentation.' SIPMM is a professional body that gathers and compiles PMI data monthly through surveys of logistics, procurement and supply chain management professionals. In May, it said Singapore manufacturers were facing a wave of export-order deferments and cancellations from foreign buyers hit by Mr Trump's reciprocal tariffs announced in April. While front-loading of orders by traders trying to get ahead of the tariffs propped up manufacturing and exports for a while in 2025, the exports and output data for May showed that support had started to wither. Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade Singapore Ong Beng Seng's court hearing rescheduled one day before he was expected to plead guilty Singapore ByteDance food poisoning: Catering firm convicted after cockroach infestation found on premises Singapore Three hair salons raided in clampdown on touting, vice, drugs in Geylang and Joo Chiat Singapore The romance continues: Former 'Singapore girl', 77, returns to Osaka Expo after 55 years Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Singapore Man on trial for raping drunken woman after offering to drive her and her friend home Singapore 3 weeks' jail for man who touched himself on train, flicked bodily fluid on female passenger Factory output in May rose 3.9 per cent year on year, but this was a slowdown from April's 5.6 per cent gain and March's 6.9 per cent growth. In May, also, non-oil domestic exports slid 3.5 per cent year on year, reversing a 12.4 per cent rise in April. SIPMM said the latest PMI reading was attributed to an expansion in new orders, a faster expansion rate in new exports and input purchases, and a slower contraction rate of factory output and employment. It said the imports index posted a faster expansion rate, whereas a slower expansion rate was recorded for supplier deliveries, finished goods and order backlog. The input prices index reverted to an expansion, while the future business index posted a faster contraction. The electronics sector PMI also increased in June after contracting for two months. It rose by 0.2 point from the previous month to 50.1 points. SIPMM said the latest reading for the electronics sector PMI was supported by a faster expansion rate in sub-indexes of new orders, new exports and input purchases. Factory output resumed expansion, and employment in the sector posted a slower contraction. Ms Selena Ling, chief economist and head of global markets research and strategy at OCBC Bank, said the June PMI readings suggest that market sentiments and business confidence levels have stabilised somewhat since the April announcement of US reciprocal tariffs. However, she added: 'That said, the front-loading efforts ahead of anticipated tariffs may be largely spent.' Most analysts believe uncertainty about US trade policy and tariff deals will persist after a 90-day reprieve on higher levies ends on July 9. There are also signs that business momentum may cool in the coming months once the tariff realities kick in. Ms Ling noted that despite the June PMI recovery, the future business indexes for both the manufacturing and electronics sectors have already posted three straight months of contraction since April. 'The employment gauges for both the manufacturing and electronics sectors remained in contraction territory at 49.8 and 49.7, respectively, suggesting persistent caution about hiring intentions, which is not unexpected given the tariff uncertainties that still surround the global economic landscape.' The latest PMI data from across Asia showed a slowdown in manufacturing activity deepening further in June. Taiwan's PMI slipped to 47.2 points in June from 48.6 in May, with new business and export sales declining at a faster pace. South Korea, which saw its PMI reading climb to 48.7 in June from May's 47.7, was still well below the 50 threshold. That was the same for China, where PMI rose to 49.7 in June from 49.5 in May, according to a report by the National Bureau of Statistics.
Business Times
44 minutes ago
- Business Times
Hong Kong May retail sales increase 2.4%
[HONG KONG] Hong Kong's retail sales by value rose 2.4 per cent in May from a year earlier, the first increase in more than a year, government data showed on Wednesday (Jul 2). Sales increased to HK$31.3 billion (S$5.1 billion), the first expansion since February 2024. In April, retail sales fell 2.3 per cent compared with the same month a year before. In volume terms, May retail sales increased 1.9 per cent from a year earlier, compared with a revised 3.3 per cent decline in April. May visitor arrivals rose to 4.08 million, up 20 per cent from the same month a year ago, data from the Hong Kong Tourism Board showed. That compared with 3.85 million in April, 3.82 million in March and 3.67 million in February. The number of mainland Chinese visitors stood at 3.12 million in May, up 19 per cent from a year ago. That compares with 2.81 million in April, 2.75 million in March and 2.77 million in February. However, many visitors from mainland China are visiting only for a day and keeping a tight rein on spending. At the same time, local residents are spending more across the border, taking advantage of the Hong Kong US dollar's relative strength against the Chinese yuan. 'While the retail sector continues to adapt to the changes in consumption patterns, the government's proactive efforts in promoting tourism and mega events, in tandem with the increase in employment earnings and sustained steady growth of the mainland economy, will help bolster consumption sentiment and support the consumption market,' a spokesman for Hong Kong's government said. Sales of jewellery, watches, clocks and valuable gifts fell 3.2 per cent year on year in May after a 1.7 per cent drop in April. Sales of clothing, footwear and allied products climbed 0.3 per cent year on year in May after a 5.5 per cent decline in April. REUTERS
