Japan's factory output rose more than expected in January, providing some relief for policymakers amid heightened risks of a recession as the coronavirus outbreak in China disrupts supply chains and business activity.
The Bank of Japan will consider offering a bleaker assessment on factory output than in October at its rate review this month, sources said, underscoring its concern over the broadening fallout from the US-China trade war and slowing global demand.
Germany’s industrial slump unexpectedly deepened in October amid a steep decline in investment goods, raising concerns that some of the early signs of a manufacturing revival may have already been smothered.
Russia’s average daily oil production remained above its OPEC+ target in October, though the compliance gap is the narrowest since the Druzhba crude-contamination crisis earlier this year. The country pumped 47.49 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit.
Agriculture officials in northern China’s Shandong Province warned on Tuesday that an infestation of the fall armyworm pest will spread further in the key corn-producing area, posing a ‘major threat’ to autumn crop output in the region.
China’s Industry Ministry said on Tuesday that ‘arduous efforts’ will be needed to achieve this year’s industrial output growth target, as trade protectionism weighs on exports and clouds the outlook for the world’s second-largest economy.
Both German industrial output and exports fell more than expected in April, data showed on Friday, highlighting the vulnerability of Europe’s largest economy to headwinds from trade frictions and Brexit uncertainty.