S&P Global Market Intelligence chief economist Joe Hayes said April’s growth in France was transitory. The front-loaded order boost has faded, replaced by falling new business, lower production and inventory reduction. Supply chains are still adjusting to the Middle East war and energy-price shock: more French manufacturers report delivery disruptions and rising input costs versus April, pressures that could feed broader commodity-price rises and supply constraints in coming months. He warned he

S&P Global Market Intelligence chief economist Joe Hayes said April’s growth in France was transitory. The front-loaded order boost has faded, replaced by falling new business, lower production and inventory reduction. Supply chains are still adjusting to the Middle East war and energy-price shock: more French manufacturers report delivery disruptions and rising input costs versus April, pressures that could feed broader commodity-price rises and supply constraints in coming months. He warned heavily indebted countries like France have limited policy tools to counter such large external shocks.