China’s service sector contracted sharply last month, survey results from S&P Global showed on Wednesday. The Caixin services Purchasing Managers’ Index fell to 42.0 in March from 50.2 in February. This was the steepest fall since February 2020.
German factory orders were down 2.2% in February compared to the previous month, according to a report published by the Federal Statistical Office on Wednesday. The annual growth was set at just 2.9%, compared to the previous change of 8.3%.
Services PMI in Brazil increased to 58.10 points in March from 54.70 points in February of 2022, marking the highest reading since June 2007, according to Markit Economics.
The yen fell by the most of any major currency except the ruble during the first quarter of 2022 as Japan fell behind other big economies in moving toward higher interest rates. The Asian country’s dependence on imported energy and food creates structural weakness, Nikkei Asia reported on Wednesday.
The World Bank is pessimistic on the Ukraine war’s impact on the Asian economy, while the Asian Development Bank sees strength saying that growth in the region will “continue to be strong.”