The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Asia and European factory activity continued its expansion in December, lifted by resilient demand and easing supply-chain bottlenecks as the Omicron strain begins to spread in the region.
North Asia’s export hubs led the recovery as they enjoyed better-than-expected industrial production and robust demand for their tech products. The IHS Markit manufacturing purchasing managers’ index for Taiwan rose to a 55.5 last month from 54.9 in November, while South Korea saw the sharpest jump to 51.9 from 50.9.
Malaysia and the Philippines also posted better readings. Indonesia showed a slight dip to 53.5 from 53.9, but still above the 50 level that separates expansion and contraction. India also eased, to 55.5 from 57.6.
In the euro area, the manufacturing PMI slipped to 58, with Italy showing the strongest growth reading and France the weakest. Many companies across the region continued to feel the impact of shortages at suppliers.
“We’re seeing some tentative, but very welcome signs that the supply chain crisis which has plagued production lines all across Europe is beginning to recede,†says Joe Hayes, senior economist at IHS Markit.