The coronavirus outbreak has wrecked havoc in China and seems to be on the brink of doing the same worldwide. I hope things remain under control, but the PMI manufacturing and non-manufacturing reports from China over the weekend sent shivers across the globe, probably more than the virus itself.

Both numbers fell to the lowest levels ever recorded for this indicator and as China remains in a lock-down, this might actually into a deep recession. China was already in trouble due to the trade war before the virus broke out and the rest of the globe is close to stagnation. If this continues as it has evolved, then we’re in for a global recession, God forbid. Anyway, Chinese officials are trying to keep up the moral in the state media.

Comments by the Chinese state media and premier Li Keqiang

• Coronavirus outbreak control remains at a crucial stage
• There is a positive trend in areas outside of Hubei
• But strict prevention and control measures must be maintained
• Cities with high population mobility like Beijing must control channels
• The rest of China should adjust emergency response level according to situation
• Says that Hubei must also start agricultural production in an orderly manner