Markets rally as China's factories grow after Covid-19 restrictions ease – business live

Rolling coverage of the latest economic and financial news, as China’s economic activity surprisingly returns to growth

11.07am BST

Mihir Kapadia, the CEO of Sun Global Investments, is also cheered by the surprise jump in Chinese factory output this month:

“China has demonstrated that economies can bounce back into action if citizens comply to lockdowns for controlling the pandemic and flattening the curve.

The official Chinese PMI rebounded in March from last months record lows, surging back to 53 from a record low of 28.9 in February, Manufacturing rose to 52.0 from 35.7 and construction rose to 52.3.

While its an astounding ‘V’ shape recovery from China, the pandemic is far from over in Europe and now has established firmly in the United States.

We still have long months of battle as the US has just started dealing with it. Global economic growth and trade will continue to be affected until the disease is contained across the world. But as China shows, there is hope at the end of the tunnel.”

10.38am BST

Asia-Pacific stock markets have just posted their worst quarter since the financial crisis more than a decade ago.

Thanks to the coronavirus, indices have suffered steep, double-digit losses.

Almost time to put this quarter behind us. Asia down about 20% in first three months.

Worst-performing markets in the region:

1. Philippines -34%
2. India -32%
3. Thailand -31%
4. Vietnam -31%
5. Indonesia -30%

*As is usually the case, EMs tend to get this the hardest pic.twitter.com/QFf1yXGuFP

Financial markets and investors have been left bruised and battered by one of the most brutal quarters on record for equities, but the last few sessions have indicated some tentative green shoots.

Italy is finally seeing progress in its fight against the coronavirus. Stefano Patuanelli, a member of the Italian senate, says people should prepare for the end of lockdown. Getting back to normal could be as hard as isolating in the first place, but recovery is not far off. There is light at the end of the tunnel you feel.

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https://www.theguardian.com/business/live/2020/mar/31/china-economy-picks-up-covid-19-german-unemployment-us-confidence-stock-markets-business-live