Asia's manufacturing activity stalled in June as many companies were hit by supply disruptions caused by China's strict COVID-19 lockdowns, while sharp economic slowdown risks in Europe and the United States reinforced fears of a global recession.
A string of surveys on Friday showed China's factory activity bouncing solidly in June though a slowdown in Japan and South Korea, as well as a contraction in Taiwan, highlighted the strain from supply disruptions, rising costs and persistent material shortages.
Policy tightening across many other economies amid red-hot consumer price pressures have stoked fears of a sharp global economic downturn and shaken financial markets in recent months. The final au Jibun Bank Japan Manufacturing purchasing managers' index slipped to 52.7 in June from 53.3 in the previous month, staying above the 50-mark separating contraction from expansion.South Korea's S&P Global PMI also fell to 51.3 in June from 51.8 in May, dropping for a second month due to the drag from supply constraints and a truckers' strike in June.
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