Singapore's industrial production is expected to have stabilised in May

Singapore will release May industrial production data on 26 June. Industrial production is expected to have stabilised, contracting just 2.1% y/y, versus the 8.7% y/y fall in April. 

Singapore's PMI returned to a mild positive for the first time in six months in May, increasing to 50.2 from 49.4 in April. This likely suggests stabilisation in global external demand in the coming months. 

However, non-oil domestic export (NODX) data released in May still hints at downside risks to industrial production. NODX fell 0.2% y/y in May, below consensus estimates of a 2.3% expansion.