Surveys show coronavirus pandemic savaging global economy via MZaharia Follow the latest news on coronavirus with our live blog:
PARIS/HONG KONG - Evidence that the coronavirus pandemic is hammering the global economy mounted on Tuesday as business activity surveys from Australia and Japan to Western Europe showed record falls, with data for the United States expected to be just as dire.
IHS Markit’s flash composite Purchasing Managers’ Index for the euro zone, seen as a good gauge of economic health, plummeted to a record low of 31.4 this month from February’s 51.6. That was by far the biggest one-month fall since the survey began in mid-1998 and below all forecasts in a Reuters poll which gave a median prediction of 38.8.
A sister survey showed post-Brexit Britain’s economy shrinking at a record pace, faster than during the 2008-09 financial crisis. Entire regions have been placed on lockdown and in some places soldiers are patrolling the streets to keep consumers and workers indoors, halting services and production and breaking global supply chains.
In Australia, the CBA Services PMI fell to a record low of 39.8 as restaurants, cafes and tourism were hit hard by travel bans and cancellations of events and concerts.With most asset markets tanking, global central banks have been rolling out extraordinary measures on an almost daily basis to stop the rot.For the first time, the Fed will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized businesses.
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