Global factory activity rebounded in August, driven by AI demand in Asia and new orders in Europe; Eurozone PMI hit 52.7, highest since May 2022. Surveys showed that growth in the euro zone's manufacturing sector reached its fastest pace in over four years. In Asia, China's manufacturing PMI rose to 51.5, Japan's to 54.9 (highest since April), and South Korea saw activity expand for a ninth straight month, all on solid demand for chips and AI-related products. This positive outlook comes despite ongoing uncertainty from the prolonged U.S.-Iran war and the closure of the Strait of Hormuz.