The data are a discouraging sign for the global economy, which has had its bid for recovery threatened by uncertainty over the Israel-Hamas war.
| Manufacturing activity in Asia slumped again in October as conflict in the Middle East drove oil prices higher, costs rose and global demand remained under pressure.
The data are a discouraging sign for the global economy, which has had its bid for recovery threatened by uncertainty over the Israel-Hamas war and the prospect of wider conflict in the region. Mr Bhatti also noted that firms had mentioned unfavourable exchange rates as their currencies came under pressure, leading to higher input costs.Although oil prices are beginning to cool again, the war in the Middle East has led to volatility over the month – just as many Asian factories had begun to enjoy cooling inflation and widening profit margins. Crude costs may surge further this quarter if a broader conflict erupts.
There have been a couple of signs that the worst may be over for at least some parts of the region as activity and demand attempt to recover.
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