NODX at its worst

August NODX contracted 10.6% yoy -- the worst NODX performance since October 2011.

OCBC Treasury & Strategy Research noted:

Aug NODX contracted a worse-than-expected 10.6% yoy (-9.1% mom sa), below market consensus of -4.0% yoy (-0.7% mom sa), and close to our forecast of -9.9% yoy and -6.7% mom sa.

This is the worst NODX performance since Oct 2011 (-16.3% yoy), and the weakness was broad-based – electronics and non-electronics both contracted by 11.0% yoy (previously +2.0%) and -10% yoy (+7.8% previously).

The NODX contraction in 4 of the top 10 key markets was led by the EU27 (-28.7% yoy), Thailand and Malaysia (-5.6% yoy each), and China (-4.4% yoy).

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