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Manufacturing data from China yesterday suggested its downturn may be bottoming out, but plunging US auto sales underscored the depth of the recession in the world's biggest economy.
British manufacturers reported some of the weakest conditions ever in January when they cut jobs at a record pace, monthly purchasing managers index data showed on Monday.
Factories in China, India and Russia slashed output and jobs at a record pace in December in another sign the world's largest emerging markets were wilting under the recession that has gripped most industrialised nations.