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Asia's factories slump as Mid-East conflict drives oil prices higher
The Straits Times
|November 02, 2023
Output shrinks in October for most countries in region amid weak demand
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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.
Most countries across the region reported pressures from cost inflation, shrinking output and new orders, according to manufacturing purchasing managers' indexes (PMIS) published on 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 September.
A reading above 50 indicates an expansion in activity, while anything below suggests contraction.
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