The J.P.Morgan Global Manufacturing PMI fell to 39.8 in April, its lowest level since March 2009. The economic disruption resulting from the outbreak of COVID-19 continued to hit global industry hard during April. Rates of contraction in output and new orders were among the steepest registered in the 22-year survey history and the worst since the global financial crisis of 2008/09. Business confidence took a severe knock, falling to a fresh record-low. The cyclically-sensitive new orders-to-inventory ratio also fell to its lowest ever level.