Email PM By business reporter David Taylor Posted September 24, 2019 10:30:30 Photo: Germany’s manufacturing recession deepened in September. (REUTERS/Ralph Orlowski) Related Story: ASX trades flat, European stocks fall as German manufacturing recession deepens Related Story: Manufacturing is in retreat, threatening to take the global economy down with it Related Story: Analysis: Property market has a spring in its step, but a rebound is not yet in the bag Map: Germany A combination of the US-China trade war and Brexit has dragged global manufacturing into recession, according to market analysts. Key points:Manufacturing has contracted across the 36 developed economies of the OECD, the weakest performance since 2013German factories are among the hardest hit with the sharpest contraction in activity since the global financial crisisPressure in the global economy may be a key factor in driving the RBA to cut rates again Manufacturing surveys, or PMIs, published overnight showed European business growth has stalled, dragged down by deteriorating conditions in the economy’s traditional powerhouse Germany.”It [the trade war and Brexit] is damaging world trade, we can see it — it’s as obvious as the ugly nose on the end of my face,” London City market analyst David Buik said.”Every continent in… Read full this story
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