- Euro zone factories have passed their trough in activity – PMI
- China’s Jan factory activity shrinks – Caixin PMI survey
- Softening input price pressure offer signs of hope
LONDON/TOKYO, Feb 1 (Reuters) – Manufacturing activity across Europe and Asia contracted again last month, underscoring the fragility of the global economic recovery, although factories in the euro zone at least may have passed the trough, surveys showed on Wednesday.
Price pressures slackened and the fall in demand moderated in the 20 countries sharing the euro, driving a surge in optimism. The bloc eked out growth in the final three months of 2022, managing to avoid a recession, official data showed on Tuesday.
S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) climbed to a five-month high of 48.8 in January from December’s 47.8, in line with a preliminary reading but still below the 50 mark separating growth from contraction.
“We think in general the…