Singapore’s economy is still expanding, but November’s PMI pullback from 57.4 to 55.4 raises fresh questions about whether this is a healthy reset or the first sign of global pressures. Pan Jingyi, Economics Associate Director at S&P Global Market Intelligence, breaks down what the latest data says about the strength of various sectors and how Singapore compares with a surprisingly strong ASEAN manufacturing landscape. We also look ahead to the week’s biggest global signals, including new PMI readings from the world’s major economies and the upcoming Fed meeting, to understand how external demand, trade flows and financial conditions could shape Singapore’s outlook heading into 2026.