Manufacturing growth slows, but long-term trends offer tech support
THE thesis behind the year-long rally in tech stocks remains solid despite slower-than-expected industrial production and forecasts for a tempering of growth in the second half of the year.
While some of the heady year-on-year growth numbers that were seen in previous quarters may not last, the development of the digital economy continues apace, and should support fundamentals for tech companies even after accounting for base effects.
Industrial production in Singapore rose 5 per cent year-on-year in May. While the positive number implied growth, it was nevertheless down from the 6.7 per cent expansion in April, and missed private-sector forecasts of about 7.5 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UK's FTSE 100 hits record highs on Anglo-American boost
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
SocGen Q1 profit slumps less than expected as investment bank surprises
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking