War Knocks Global Economy With Dual Shock to Growth, Prices

The world economy’s first signs of a synchronized shock emerged in business surveys revealing how the Iran war’s fallout is crippling growth momentum and stoking prices.

Multiple purchasing manager indexes compiled by S&P Global for March showed declines. Among the releases on Tuesday, composite measures for the US and the euro zone were lower than economists predicted. Australia’s equivalent gauge slumped to indicate a sudden contraction, and Indian factory activity slowed to the weakest since 2021.