Business activity in Europe and some large economies in Asia continued to grow this month despite continued uncertainty about global trade policy and the threat of higher energy prices as conflict in the Middle East intensifies.

While the final outcome of trade negotiations between the U.S. and the European Union remains unclear, European businesses are hoping that President Trump will drop the most damaging of his threatened tariffs. A deal on nontariff trade issues appears to be close, and that would facilitate an overall agreement.