The global activity dispersion index averaged 53, up from the 50.3 recorded in October, however the volatility of regional activity was striking, Marex Spectron's global head of analytics Dr Guy Wolf said.

Capacity utilisation rebounded in China, where the index rose from 42.2 in October to 48.6.

However North America, which had strongly rebounded in September, fell from 45.4 last month to 36.6 in November, suggesting pandemic-related shutdowns were a major factor again.

Europe had seen "a huge jump" to 66.5 in October and maintained a high level last month with a reading of 61.7.

Activity in South America shot up from 55.1 to 62.2 in November, according to the observations.

"The volatility of activity levels at a regional level continues to be striking," Wolf said.

"Whether due to lockdowns or maintenance, we continue to observe sharp rises and falls in activity levels from month to month.

"China led the recovery earlier in the year, then passed the baton onto North America, and now it is with Europe and South America.

"Assuming the pattern is repeated, we should therefore expect to see activity levels in Europe and South America begin to soften whilst China and Asia appear to be accelerating again."

Readings above or below 50 indicate greater or lesser activity levels than average, in SAVANT's global activity dispersion index.