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Iran war is rattling global economy, surveys show

Closely watched sentiment data points to slump in business activity from Australia to Europe

Business activity around the world has slumped as the Iran war and surging energy costs weigh on confidence, early survey data showed on Tuesday.

The first closely watched surveys of purchasing managers since the outbreak of the war suggest the conflict is rattling companies from Europe to Australia, as Brent crude prices remain above $100 per barrel and global supplies of liquefied natural gas tighten.

The Iran conflict “is leaving its first traces”, Commerzbank economists said.

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