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Singapore’s manufacturing production rose 10.6% year-on-year in December 2024, exceeding market expectations of a 6.4% growth, although it moderated slightly from a revised 10.8% increase in the previous month. This was driven by a further rise in the output for precision engineering (3.9% vs 2.3% in November), alongside a strong rebound in biomedical manufacturing (9.4% vs -23.9%), chemicals (3.1% vs -1.1%), transport engineering (16% vs -0.3%), and general manufacturing industries (3.7% vs -2.8%). Meanwhile, output for electronics grew at a slower pace (14.3% vs 31.3%). On a seasonally adjusted monthly basis, manufacturing output decreased by 0.7% in December, less than market expectations of a 1.2% drop, but reversing a revised 1.7% gain in November. For the full year of 2024, output was 4.3% higher compared to 2023.

Singapore Manufacturing Output Growth Beats Forecasts

Japan’s 10-year government bond yield rose above 1.23% on Friday, reaching a one-week high following the Bank of Japan's decision to raise interest rates by 25 basis points to 0.5%, as anticipated. This move has brought short-term borrowing costs to the highest in 16 years. The central bank also forecasted that inflation would reach its 2% target in the second half of its projection period, signaling the possibility of further rate hikes. Additionally, the BOJ expressed confidence that businesses would offer solid wage increases in the upcoming spring wage negotiations. On the economic front, Japan’s core inflation rate surged to a 16-month high of 3% in December, supporting the rationale behind the rate hike. However, manufacturing activity contracted for the seventh consecutive month in January, while the services sector saw growth, reaching a four-month high.

Japan 10-Year Yield Rises as BOJ Hikes Rates to 0.5%

The HSBC India Manufacturing PMI rose to 58 in January 2025, up from 56.4 in December and above the expected 56.7, preliminary estimates showed. This was the fastest expansion in the Indian manufacturing sector since July last year.

India Manufacturing Growth at 6-Month High

The HSBC India Services PMI fell to 56.8 in January 2025 from the fastest expansion in four months in December of 59.3, below market estimates of 59.5, preliminary data showed. This marked the 42nd consecutive month of growth in services activity and the softest pace since November 2022.

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