'Stagflation Alarm Bells': Iran War Is Already Hitting the Global Economy -- WSJ

Dow Jones03-24

By Chelsey Dulaney

Surveys of global businesses released Tuesday have laid bare how the energy-price crisis is already weighing on the economy.

Early readings of S&P Global's purchasing-managers indexes showed growth is slowing across Europe and Asia. The U.S.'s report is due at 9:45 a.m. ET. Here's what the surveys show:

-- Eurozone: The gauge-which covers activity in both the manufacturing and services sectors-fell to its lowest level in 10 months. Businesses reported their costs shot up at the fastest rate in over three years, and manufacturers' supply chains faced disruptions. S&P said the report is "ringing stagflation alarm bells."

-- Germany: The country's manufacturing was a bright spot, with output expanding at its fastest pace in over four years. Some companies are moving orders forward amid worries about supply-chain disruptions, and S&P warned the flurry of activity could be short-lived.

-- Japan: The manufacturing and services sectors are still growing, but the pace has slowed. Firms reported a sharp rise in costs, but manufacturers remained more upbeat about demand for key products like semiconductors.

Companies were surveyed over the last two weeks.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 24, 2026 06:51 ET (10:51 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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