Asia’s factory activity slumped in June, business surveys showed on Monday, as sluggish demand in China and advanced nations clouded the outlook for the region’s exporters.
While manufacturing activity expanded marginally in China, it contracted in powerhouses Japan and South Korea as Asia’s fragile economic recovery struggled to maintain momentum.
The surveys underscore the toll China’s weaker-than-expected rebound from COVID lockdowns is inflicting on Asia, where manufacturers are also bracing for the fallout from aggressive U.S. and European interest rate hikes.
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