European PMI data suggests downturn may not be as bad
China39;s private survey shows continued PMI contraction
Factory activity shrinks in Japan, South Korea
Surveys highlight darkening outlook for Asia next year

LONDONTOKYO, Dec 1 Reuters Factory output fell widely last month as slowing global demand and the impact of China39;s COVID19 lockdowns weighed, although the downturn eased in Europe and activity in India actually picked up, surveys showed on Thursday.

While the surveys indicated that factories in the euro zone still face a harsh winter it may not be as bad as initially feared and there were signs rampant inflationary pressures were abating.

Inflation may have peaked, or be close to doing so, in many economies but steep price rises and increased borrowing costs as central banks tighten policy aggressively have left indebted consumers feeling the pinch and forcing them to cut spending.

Global consumers are reining back on spending on discretionary goods in a world of stagflation, said Duncan Wrigley at Pantheon Macroeconomics.

SP Global39;s final manufacturing Purchasing Managers39; Index PMI for the euro zone rose to 47.1 from October39;s 46.4, but was below a preliminary reading of 47.3 and under the 50 level that marks growth in activity.

An index measuring output, which feeds into a composite PMI due on Monday and seen as a good guide to economic health, rose to 46.0 from 43.8, marking its sixth month of sub50 readings.

Today39;s PMI data…