By Fabiana Negrin Ochoa and James Glynn
Surging cost pressures are weighing on businesses across Asia, according to new measures of activity that underscore the deepening economic impact of the conflict in the Middle East.
A fresh batch of S&P Global surveys reveals the extent to which these headwinds are affecting manufacturing and services sectors in Australia, Japan and India mid-way through the second quarter.
The data was most bleak in Australia, where the flash purchasing managers' index indicated the private sector suffered its steepest decline in new business in over four-and-a-half years in May.
The headline seasonally adjusted PMI composite output index slipped below the crucial 50.0 mark that separates growth and contraction, slipping to 47.8 in May from 50.4 in April.
