Global recession fears grow as manufacturing shrinks across Asia.
LONDON/HONG KONG - Factory activity contracted across Asia and Europe last month as an escalating trade war between Washington and Beijing raised fears of a global economic downturn and heaped pressure on policymakers to roll out more stimulus.
The U.S.-China trade war, slumping automotive demand, Brexit and wider geopolitical uncertainty took their toll on manufacturing activity in the euro zone last month. It contracted for a fourth month in May - and at a faster pace. In Britain, the Brexit stockpiling boom of early 2019 gave way last month to the steepest downturn in British manufacturing in almost three years as new orders dried up, boding ill for economic growth in the second quarter.
Central banks in Australia and India are expected to cut rates this week, with others around the world are seen following suit in coming weeks and months. Meanwhile, Monday's survey adds to evidence that the euro zone economy is under pressure and will likely be of concern to policymakers at the European Central Bank, who have already raised the prospect of further support.
Washington's new tariff threats against Mexico last week also contributed to global recession fears, with stock markets tumbling around the world. The 10-year U.S. Treasuries yield fell to 2.121%, a nadir last seen in September 2017.
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