Covid-19 smashes Asia's factories; activity hits historic lows all over

The PMI for South Korea, Asia's fourth-largest economy and a global manufacturing powerhouse, skidded to 41.6 in April, the lowest reading since January 2009

Asia's factory activity was ravaged in April, business surveys showed on Monday, and the outlook dimmed further as government restrictions on movement to contain the coronavirus outbreak froze global production and slashed demand.

A series of Purchasing Managers' Indexes (PMIs) from IHS Markit fell deeper into contraction from March, with some diving to all-time lows and others hitting levels last seen during the 2008-2009 global financial crisis.

Similar gauges out of Europe's largest economies due on Monday and later in the week are also expected to show dire global industry conditions.

The PMI for South Korea, Asia's fourth-largest economy and