Asia's factories took a heavy hit in February from the coronavirus outbreak...
TOKYO - Asia’s factories took a heavy hit in February from the coronavirus outbreak with activity in China shrinking at a record pace, business surveys showed on Monday, adding to fears the crisis risks triggering a global recession.
That followed the Chinese government’s similarly dire PMI release on the weekend, which also showed a record pace of decline. Investors now await PMI readings out of major euro zone economies due later in the day, which are also expected to point to declining activity. “Near-term prospects for Japan’s industrial sector appear very bleak,” said Joe Hayes, economist at IHS Markit, which compiles the survey.
BOJ Governor Haruhiko Kuroda on Monday joined U.S. counterpart Jerome Powell in pledging to take necessary steps to stabilise markets jolted by the virus.
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