Asia’s manufacturing activity stalled in June as many companies were hit by supply disruptions caused by China’s strict COVID-19 lockdowns, while sharp economic slowdown risks in Europe and the United States reinforced fears of a global recession.
REUTERS
China’s manufacturing activity expanded at its fastest in 13 months in June, a private survey showed, as the lifting of COVID-19 lockdowns sent factories racing to meet solid demand. Policy tightening across many other economies amid red-hot consumer price pressures have stoked fears of a sharp global economic downturn and shaken financial markets in recent months.
The final au Jibun Bank Japan Manufacturing purchasing managers’ index slipped to 52.7 in June from 53.3 in the previous month, staying above the 50-mark separating contraction from expansion. On the brighter side, China’s Caixin/Markit manufacturing PMI rose to 51.7 in June from 48.1 in the previous month, marking the first expansion in four months. That was well above analysts’ expectations for an up-tick to 50.1.
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