Business activity in the eurozone contracted for the first time in 16 months in April, as the war in the Middle East drove energy prices higher and disrupted global supply chains, a closely watched survey showed Thursday. The Flash Eurozone purchasing managers’ index (PMI) published by S&P Global, an important gauge of the overall health of the economy, registered a figure of 48.6 this month, down from 50.7 in March.
A reading above 50 indicates growth, while a figure below 50 shows contraction. READ ALSO: Asia Slashes LNG Imports From Nigeria, Others As Closure Of Strait Cuts Off Cargoes The development comes as Asia’s imports of liquefied natural gas (LNG) will drop to the lowest in nearly six years in April, as closure of the Strait of Hormuz cuts off cargoes from suppliers such as Nigeria, Qatar, and others.
Commodity analysts Kpler estimate Asia’s imports of LNG for April at 19.03 million metric tons, down from 20.69 million in March and the winter peak of 26.34 million in December. April arrivals are the lowest since June 2020 and reflect a sharp loss in volumes from Qatar, which, before the Iran war, supplied around 20% of global LNG, according to statistics from a Reuters report.