April PMI preliminary indexes released yesterday paint a picture of total disaster. Life in the services sector in all major economies (preliminary PMIs are not published in China) practically stopped in April, especially in the Eurozone (forecasts for European countries are now the most dramatic in comparison with others).
However, in the USA these are record-low values in the entire history of polls. In the industrial sector there is a recession, but here the depth of the recession is still less.
All hopes are that in May countries will slowly begin to ease quarantine restrictions. Fitch estimates that every month quarantine costs the global economy 2% of GDP.
