BMO Industrial Chart Pack: Power Hungry

Research evidence excerpt

BMO Industrial Chart Pack: Power Hungry

June 30, 2026 | 15:37 ET~

BMO Global Commodities Research

BMO Industrial Chart Pack: Power Hungry BMO Global Commodities Research

Helen Amos Analyst

helen.amos@bmo.com +44 (0)20 7664 8180

George Heppel Analyst

Bottom Line: george.heppel@bmo.com +44 (0)20 7664 8106

Strains on the global industrial economy from the Iran conflict were increasingly visible Alona Yunda Senior Associate

in the latest batch of monthly data. A third of countries we track saw slippage in alona.yunda@bmo.com +44 (0) 789 479 7518

manufacturing PMIs and global trade growth has shifted sharply lower since pre-conflict. Walid Hasanzadeh Associate

Unsurprisingly, oil importing regions have borne the brunt of damage. That said, should walid.hasanzadeh@bmo.com +44 (0)20 7872 156589

the US-Iran deal to reopen the Strait of Hormuz hold, data may improve sequentially Legal Entity: BMO Capital Markets Limited

from here. Meanwhile, a broad range of data continues to support the case that the

U.S. is gradually regaining its industrial might, even if predominantly centred around

AI. Regardless of the unevenness of industrial growth, the world's collective hunger for

power is not abating any time soon with the Energy Institute reporting this week that

global electricity demand rose by 3% in 2025, with use in data centres rising by 20%.

Key Points

Visible damage. Another month of data reveals the early stages of damage inflicted

on the global industrial economy as the Iran conflict extended into its third full month

in May. Across the 38 countries we track, the proportion registering manufacturing PMI

expansion fell back to 64% in May (78% April), with slippage seen across 13, mainly

oil importing economies. Cracks have also been evident in global trade, which grew