Business activity in the U.S. grew at a steady pace in May while slowing in Europe and Asia as energy costs have risen, an indication that the global economy has been weakened by the fallout from the conflict in the Middle East, the Wall Street Journal reported. The war has led to a sharp decline in shipments through the Strait of Hormuz, through which a fifth of the world’s oil and natural gas supplies usually transit. As a result of reduced supplies, energy prices have jumped around the world.
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Stocks in Asia followed a rally on Wall Street after the latest U.S. inflation data reinforced bets that the Federal Reserve will be able to start its monetary easing in September, Bloomberg reported. Equity benchmarks in Japan and South Korea advanced more than 1% at the open, extending their recovery from a historic Aug. 5 selloff. The gains came after the U.S. producer price index rose less than forecast, helping to fuel a 1.7% rally in the S&P 500 that was led by gains in big tech. The easing of price pressures has bolstered confidence U.S.
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