Olly Harrison, who farms in Tarbock, on Merseyside, said he bought his fertiliser for a good price last year and now believes – due to a wet and cold spring and limited growing days left, added with the costs of diesel for machinery – he may be better off not planting.

India’s industrial production grew 5.2 per cent in February, driven largely by an improvement in manufacturing output, according to official data released on Monday.Factory output, measured by the Index of Industrial Production (IIP), had expanded 2.7 per cent in February 2025, as per the official statement.Data released by the National Statistics Office (NSO) also showed that industrial growth for January 2026 has been revised upward to 5.1 per cent from the earlier provisional estimate of 4.8 per cent.The manufacturing sector, which forms the bulk of the index, recorded a growth of 6 per cent in February 2026, compared with 2.8 per cent in the year-ago period, supporting the overall expansion.Mining output growth improved marginally to 3.1 per cent from 1.6 per cent a year earlier, while power generation rose 2.3 per cent against a 3.6 per cent increase in February 2025.According to the official data, the IIP index stood at 159.0 in February 2026 compared to 151.1 in the corresponding month last year.Within manufacturing, 14 out of 23 industry groups recorded positive growth. Key contributors included “manufacture of basic metals” (13.2 per cent), “manufacture of motor vehicles, trailers and semi-trailers” (14.9 per cent), and “manufacture of machinery and equipment n.e.c.” (10.2 per cent).In use-based classification, infrastructure and construction goods, intermediate goods and capital goods emerged as the top contributors to growth. Capital goods output rose 12.5 per cent, while infrastructure/construction goods grew 11.2 per cent and intermediate goods by 7.7 per cent.Consumer durables output expanded 7.3 per cent, whereas consumer non-durables contracted 0.6 per cent during the month.During the April-February period of FY26, industrial production growth remained flat at 4.1 per cent compared to the same period last year.

The bourse fell on Monday as surging oil prices and rising bond yields intensified fears of imported inflation and external-account stress, with investors also tracking the widening Middle East conflict and its spillover risks for trade and industrial activity.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index traded between a high of 151,813.61 (up 106.10 points, or 0.07%) and a low of 144,656.97 (down 7,050.54 points, or 4.65%) compared to the previous close of 151,707.51.

“Stocks witnessed selling amid concerns for Middle East conflict impacting industrials output and surging interest rates,” said Ahsan Mehanti, Managing Director and Chief Executive Officer of Arif Habib Commodities.

“Surging Govt bond yields, higher crude oil prices impacting external account played catalyst role in bearish activity at PSX,” he added.

Oil rallied as the conflict entered its fifth week, with Yemen’s Houthi rebels saying they fired cruise missiles and drones at strategic sites in Israel, adding to concerns about a widening theatre and disruption risks around the Red Sea and the Strait of Hormuz.

Saudi Arabia rerouted much of its oil exports via the Red Sea to avoid Hormuz, which the report said has been effectively closed, pushing crude to its highest level since earlier in the month; Brent climbed close to $117 a barrel at one point.

Risk aversion also hit global equities, with heavy falls reported across Asian markets after Wall Street’s sell-off.

Adding to the cautious mood were US President Donald Trump’s remarks about wanting to “take the oil in Iran” and that the United States could take Kharg Island “very easily”, while Iran’s parliament speaker warned Washington was “secretly planning a ground attack”.

Foreign flows remained under pressure. State Bank of Pakistan (SBP) data showed overseas investors withdrew a net $177.9 million from Pakistan’s Treasury Bills (T-bills) as of March 19, compared with $31.2 million in February, while also selling $21 million in Pakistan Investment Bonds (PIBs) and $148.7 million from their Pakistan Stock Exchange portfolios by March 19.

Overall, the report said foreign investors sold T-bills, PIBs and equities worth $348 million as heightened global risk sentiment and higher oil prices drove a flight from emerging-market exposure.

On the inflation front, weekly inflation measured by the Sensitive Price Indicator (SPI) rose 0.97% in the week ended March 26 to 345.45 points, and was up 8.24% year-on-year, the Pakistan Bureau of Statistics (PBS) said.

On Friday, the KSE-100 Index extended losses, shedding 1,200.45 points (0.79%) to close at 151,707.52 from 152,907.97, trading between 153,660.89 and 151,457.95.