Iggy’s Journal: Singapore Factory Output Growth Slowed to 3.4% in September. Without Biomedical Manufacturing It Was 9.0…

Iggy’s Journal: Singapore Factory Output Growth Slowed to 3.4% in September. Without Biomedical Manufacturing It Was 9.0%

Tuesday 27 Oct 2026 | Morning

The Numbers

STI: Monday’s close was 5,415.91, down 6.25 points or 0.12%, per SGinvestors.io and The Business Times.

Wall Street on Monday, in a session that ran after SGX had closed: the Dow finished at 52,361.58, up 146.42 points or 0.28%. The S&P 500 finished at 7,676.77, up 53.09 points or 0.70%. The Nasdaq finished at 26,169.38, up 214.04 points or 0.82%.

Singapore factory output rose 3.4% year on year in September, slowing from 15.4% in August, on a sharp fall in biomedical manufacturing. Excluding biomedical manufacturing, output grew 9.0%. Seasonally adjusted, total output fell 3.9% from August (EDB).

Business Times headlines: “Indonesia says gas export cuts to Singapore remain within contract terms”. The new five-year energy plan carries a S$5.3 billion grid upgrade and a trebling of storage capacity. The government will bring forward the raising of the retirement age.

Mapletree Industrial Trust is due to report results after the close.

My Personal Take

A drop from 15.4% to 3.4% reads like factories slowing across the board. The 9.0% without biomedical manufacturing says one sector did most of the work. The 3.9% fall from August is a total too, so biomedical sits inside it, and I would not count it as a second, separate signal.

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.