Japan, South Korea factory output worsens in May amid Covid-19: PMI data

Asia's factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.

A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China's factory activity unexpectedly returned to growth in May.

China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) hit 50.7 last month, marking the highest reading since January as easing of lockdowns allowed companies to get back to work and clear outstanding orders.

But with