China and the U.S. will continue to be the main engines of global growth next year'. The slowdown in growth is minor and China's demand for oil and metals will continue to pressure global commodity markets.
US$70 appears likely, but global growth seems solid right now.
As long as the outlook appears bright for continued world growth and investment spending generally, that should be supportive for Japanese machinery makers.
A robust number is consistent with the strength that we have been seeing in Singapore's exports. Growth for the fourth quarter and the full year will probably be better than what we had originally expected.
The U.S. and China continue as the primary engines of export growth for the region, and we are seeing improvements in Europe and Japan as well. Export strength is helping support investment and consumer demand.