Although factories across the euro zone saw a further decline last month, the cost of manufacturing fell for the first time since mid-2020
S&P Global’s final euro zone manufacturing Purchasing Managers’ Index fell to 47.3 in March from February’s 48.5, just ahead of a preliminary reading of 47.1 but below the 50 mark separating growth from contraction for a ninth month.
German manufacturing activity shrank in March at the fastest pace in almost three years, while weak demand continued to drag down France’s factory sector as purchasing managers turned pessimistic about the 12-month outlook for their businesses. But oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ on Sunday to cut more production, likely adding to inflationary pressures.
China’s Caixin/S&P Global manufacturing PMI stood at 50.0 in March, much lower than market forecasts of 51.7 and below February’s 51.6.“The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand, especially an improvement in household consumption,” Wang Zhe, senior economist at Caixin Insight Group, said on China’s PMI.
A separate central bank survey released on Monday showed Japanese big manufacturers’ sentiment soured in January-March to its worst in more than two years, as weak external demand added to the struggle for firms already grappling with rising raw material costs.
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