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April results showed South Korea’s factories suffering under the pandemic. Global quarantine restrictions sent manufacturing operations declining the fastest since 2009 and exporters beaten by the historical drop in demand in 16 years.
April figures show that the IHS Markit purchasing managers’ index (PMI) declined to 41.6 from its initial standing of 44.2. This came to be the most extreme reading of the index after the 2009 record, placing under the 50-point mark that separates decline from growth.
“Panel reports suggest that automobile-related industries are being hit particularly hard by shutdowns overseas such as in North America and Europe, while severe supply chain dislocations mean that factories that do stay open are operating below capacity,” said IHS Markit economist Joe Hayes.
Total new orders fluctuated the biggest in 11 years, while export orders succumbed to record-breaking inactivity brought by the government’s decision of halting factory operations. The survey also showed weak export figures, highlighting inactivity in shipments.
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West ...
KYC Policy