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Data: Investing.com; Chart: Harry Stevens/Axios

Manufacturing data released Thursday was weak all over the globe, signaling slowing international commerce.

Why it matters: "After global GDP was stronger than expected in Q1, the continued weakness in the latest business surveys among advanced economies suggests that the world economy will lose steam in the second quarter," economists at Capital Economics wrote in a note to clients.

  • Brett Ryan, senior U.S. economist at Deutsche Bank, warns, "Any potential negative fallout from the latest escalation of trade tensions is likely to first show up in the PMIs, which have traditionally been leading indicators of capital spending."

What's happening: The preliminary U.S. manufacturing purchasing managers' index (PMI) fell to 50.6, the lowest reading since 2009. An early reading on Japanese manufacturing PMI fell into contraction as export orders fell at the fastest pace in 4 months.

But perhaps the worst news came from the eurozone where readings on manufacturing have been in contraction since February and have missed economists' expectations in every month except March.

  • Eurozone manufacturing PMI fell again this month, and Ifo Institute for Economic Research President Clemens Fuest now says, "there is reason to worry."

Go deeper: Markets worldwide decide it's time to panic

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441Map.
  2. U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
  4. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  5. Business: America is closing out its strongest quarter of economic growth.
  6. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  7. Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
  8. Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.
8 hours ago - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

Dave Lawler, author of World
9 hours ago - World

Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

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