China’s official Purchasing Managers’ Index (PMI), a gauge for its manufacturing sector, plunged to a record low of just 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday. Any reading below 50 signals a contraction. The somber reading provides the first official snapshot of the state of the Chinese economy since the outbreak of the coronavirus epidemic which has killed almost 3,000 people in mainland China and infected about 80,000.â Li
More than 85,000 coronavirus cases have been confirmed worldwide along with at least 2,943 deaths related to the virus. The U.S. confirmed its first virus-related death. The state of Rhode Island reported the first coronavirus case in the east coast of the U.S. Coronavirus cases in Italy surged this weekend to more than 1,100 cases while Iran has confirmed more than 900 cases. A surge in coronavirus cases outside of China sent global stock markets tumbling as investors fretted over a possible economic slowdown. âImbert
All eyes are on how U.S. stock futures will be trading in a couple of hours following a historic pullback. More than $3 trillion was erased from American stocks in the span of five days last week as the deadly coronavirus stoked fears of a recession, driving investors out of risk assets rapidly. The S&P 500, which tumbled more than 11% last week, also suffered its fastest correction in history.Â â Li
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