Singapore IP likely contracted again in March

Singapore will release March industrial production (IP) data on 24 April. Manufacturing momentum was likely poor. 

Singapore's March PMI likelt to be remained in negative territory for the fourth consecutive month at 49.6 due to the poor outlook for new export orders. 

IP will likely improve further in H2-2015 on better external growth momentum from the US and euro area. 

Resilient construction and services growth is expected to cushion poor manufacturing momentum.

"We expect IP to have fallen 6.1% y/y from a 1.1% contraction in January-February, with the high base effect in March deflating our forecast", Said Standard Chartered in a report on Wednesday.