Singapore's April factory activity at 2-year low

Activity in Singapore's manufacturers touched its lowest in more than two years in April, contracting for a fifth straight month, with the electronics sector hit and new orders declining, a survey showed on Monday.
The Singapore Institute of Purchasing & Materials Management's Purchasing Managers' index (PMI) fell to 49.4 in April, the lowest since February 2013. The PMI was lower than 49.6 in March.
A reading below 50 indicates activity is contracting, while one above that points to an expansion.
"The contraction in the overall PMI was attributed to further decline in new orders and new export orders," the institute said in a statement.
The PMI for the electronics sector fell to 49.1 in April, the lowest since December 2012, according to the institute. The sector's PMI stood at 50.1 in March.