Milan, 15 May (LaPresse) – "Global economic activity has continued to show resilience, whilst displaying the first signs of weakening. Against a backdrop where the war in the Middle East is weighing on energy markets, confidence and short-term growth prospects, in March 2026 the global composite Purchasing Managers’ Index (PMI) for output, excluding the euro area, fell to 50.9 from 53.5 in February, whilst remaining in expansionary territory ". So states the ECB Bulletin. According to this indicator – the ECB Bulletin continues – economic activity slowed more sharply in March in emerging Asian countries, including China, and in the United States. Rising energy prices also appear to be curbing consumer spending, with the greatest weakening seen in the PMI indicators for consumer-oriented sectors. At the same time, consumer surveys point to a modest deterioration in household confidence, although this is much less pronounced than during the energy shock of 2022. As the shock on the energy side continues to feed through to the economy, the negative impact on economic activity is expected to intensify in the coming quarters.