Asia manufacturing data to remain a mixed bag

Manufacturing data in Asia could remain a mixed bag. In Taiwan, industrial production (IP) slowed to 1.2% y/y in April - the softest since early 2014 - from 6.5% in March. 

Singapore's April manufacturing activity could have declined by 1.8% y/y, although the electronics sector could help limit the weakness. 

Strength in electronics could also be a theme when South Korea releases its IP data, while the automobile sector likely softened. 

Thailand's exports likely contracted 0.1% y/y, marking the fourth consecutive month of contraction. Philippines' GDP is likely to have decelerated modestly to a still-healthy 6.3% y/y, from 6.9% in Q4. 

Construction and the services sector are likely to have remained solid growth engines but, mirroring other data across the region, domestic manufacturing likely slowed.