华侨银行：新加坡10月PMI微幅回调 制造业与电子业复苏势头或放缓

Core Insights - The manufacturing PMI and electronics PMI in Singapore for October 2025 showed slight declines but remain in the expansion zone, indicating a mixed outlook for future growth [1][2] - The manufacturing PMI has expanded for three consecutive months, while the electronics PMI has expanded for five months, suggesting a positive trend despite recent warnings of potential slowdowns [1] Manufacturing Sector - New orders, new export orders, purchasing volume, and order backlogs in the manufacturing sector have all shown a slowdown in expansion [1] - Supplier delivery times and factory output have shifted to contraction, with future business indicators remaining in the contraction zone, signaling caution for future momentum [1] Electronics Sector - Similar trends are observed in the electronics sector, where new orders, new export orders, factory output, purchasing volume, employment, finished goods inventory, and order backlogs have all experienced a slowdown in expansion [1] - This marks the first decline in the electronics PMI since April 2025, indicating potential challenges ahead [1] Supply Chain Concerns - Despite an improvement in supplier delivery times, there is an acceleration in import and input prices, reflecting ongoing concerns about potential supply chain disruptions [2] - The recent escalation in US-China trade tensions may have contributed to these concerns, although a trade agreement was reached shortly thereafter [2] Regional Manufacturing Trends - Broader trends in Asia show weakening PMIs in Malaysia, South Korea, and Taiwan, attributed to softening global and US demand, as well as weak downstream demand from China [2] - Many semiconductor companies are seeking to reshore production and attract more foreign direct investment into the US as part of bilateral trade negotiations [2] Future Outlook - Despite the challenges, recent US corporate earnings reports indicate strong ongoing capital expenditure in AI-related investments and cloud infrastructure demand, suggesting that the growth momentum in the electronics sector may be more sustainable than that of the overall manufacturing sector [2]