The PMIs broadly declined due to higher oil prices, unfavourable exchange rates, and demand pressures.
Wider Middle East conflict may drive up crude costs this quarter, hindering manufacturing expansion amid elevated interest rates.
Most countries across the region reported pressures from cost inflation, shrinking output and new orders, according to manufacturing purchasing managers’ indexes published Wednesday by S&P Global and au Jibun Bank. Japan and South Korea remained in contraction at 48.7 and 49.8, respectively, little changed from the prior month.
The latest data are a discouraging sign for a global economy that has been trying to recover from the worst of its downturn. Asia — which makes much of the world’s goods — has struggled to ramp up production this year amid patchy demand from economies including the US, Europe and China. Crude costs may surge further this quarter if a broader conflict erupts in the Middle East. Elevated interest rates — or ones that climb even higher — would crimp any plans to expand manufacturing activity.
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