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Survey: Asian business sentiment plunges to record low on virus effect | Malay Mail

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SINGAPORE, June 17 — Business sentiment of Asian companies sank to an 11-year low in the second quarter, a Thomson Reuters/Insead survey found, with some two-thirds of the firms polled flagging a worsening Covid-19 pandemic as the biggest risk over the next six months. While the pandemic’s...

Wednesday, 17 Jun 2020 11:49 AM MYT

While the pandemic’s initial impact was reflected in the March survey, confidence during the June quarter fell by a third to 35, only the second time the Thomson Reuters/Insead Asian Business Sentiment Index has slumped below 50 since the survey began in the second quarter of 2009. “We ran this survey right at the edge when things were getting really bad,” Antonio Fatas, Singapore-based economics professor at global business school Insead, said of the survey conducted between May 29 and June 12.

After weeks with almost no new coronavirus infections, China recorded dozens of new cases in recent days, roiling fragile equity markets. South Korea too faces an uptick after early successful containment.Participants included Thai hospitality group Minor International, Japanese automaker Suzuki Motor Corp , Taiwanese contract manufacturer Wistron Corp and Australia-listed Oil Search.

Last week, the US Federal Reserve said it would likely hold its benchmark interest rate near zero through 2022, signalling it expects a long road to recovery.

 

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