European manufacturing looks broadly miserable — expensive energy, China pressure, legacy sectors fading — and yet, in places, it’s never had it so good.
Europe’s industrial base is having a bit of a split-screen moment. On one side: chemicals, metals and other energy-guzzling stalwarts. All are still reeling from high gas prices and now staring down another squeeze as oil and natural gas jump on the back of the war in the Middle East.
On the other: weapons, planes and anything with a defence budget attached. These are quietly (or not so quietly) booming.
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