Global supply chain pressure owing to the coronavirus pandemic had abated somewhat over the past couple of quarters, with shipping bottlenecks in the US starting to ease. But China’s rolling lockdowns in key economic hubs, including Shanghai, pose new headwinds. The conflict in Ukraine is also posing substantial challenges. Recovery in the auto sector will be delayed, given China/Shanghai’s role in auto parts supply. The electronics sector faces growing headwinds, from both the supply and demand sides. Crucially though, imbalance in the semiconductor sector appears to be improving.
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