Factory activity contracted in most Asian countries last month as an escalating ...
HONG KONG - Factory activity contracted in most Asian countries last month as an escalating trade war between Washington and Beijing raised fears of a global economic downturn and heaped pressure on policymakers in the region and beyond to roll out more stimulus.
In China, Asia’s economic heartbeat, the Caixin/Markit Manufacturing Purchasing Managers’ Index showed only modest expansion at 50.2, but output growth slipped, factory prices stalled and businesses were the least optimistic on production since the survey series began in April 2012. “In terms of the monetary policy response, almost everywhere the race is going to be to the downside.”
India, one of the world’s leaders in terms of growth, will publish PMI data later on Monday. On Friday, data showed the economy growing at its slowest pace in more than four years in January-March.The trade conflict between China and the United States suddenly escalated last month when U.S. President Donald Trump raised tariffs on hundreds of billions of Chinese imports to 25% from 10% and threatened levies on all Chinese goods.
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