Singapore Economic Update

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Singapore Economic Update
− NODX for Jun09 fell 5.2% m-m from S$12b to S$11.4b, back to our
predicted consolidation levels of S$11b-11.5b
− As we believed, the 3 month gap between NODX and NORI
eventually closed, with the former falling and latter rising 17.1% m-m
− Latest NODX result is a four month low and reinforces that May09
result is unsustainable
− Singapore Economy has seen the floor, but latest trade result
continues to make us skeptical of a V-shape GDP rebound: more
likely that recovery will look W-shaped, with a shallow second dip
20 Jul 2009