Major markets in Asia attempted to bounce back in Monday morning trade after sharp losses last week, even though Chinese manufacturing data released over the weekend and on Monday came in much worse than expected.
SINGAPORE (Reuters) - Stock futures plummeted on Monday as investors were rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus.
Major markets in Asia mostly declined in Monday morning trade as official Chinese manufacturing data released over the weekend came in much worse than expected.
China's official Manufacturing Purchasing Managers' Index for February tumbled down to 35.7 points, the lowest on record and well beneath 45 expected. Any score below 50 represents contraction. The figure stood at 50 in January. The coronavirus outbreak paralyzed many factories in the Hubei province and beyond.
China's February factory PMI seen at lowest since 2009 as coronavirus slams production: Reuters poll
BEIJING (Reuters) - Activity in China's vast manufacturing sector likely shrank at the fastest pace since the global financial crisis in February as the coronavirus suspended large movements of goods and people in most parts of the country.
TOKYO (Reuters) - Global share markets were headed for the worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and derail economic growth.