Global manufacturing is stabilising, but the recovery remains uneven across regions. Singapore’s factories are finding their footing again amid tariffs and soft demand, while markets worldwide brace for the next move from the U.S. Federal Reserve.

Dan Koh speaks with Pan Jingyi, Economics Associate Director at S&P Global Market Intelligence, to unpack what the latest PMIs and the upcoming Fed minutes reveal about the health of global trade, inflation pressures, and Asia’s growth outlook heading into the final quarter of 2025.