Recession fears rise as manufacturing shrinks

Fears of a fresh global recession have increased with latest data showing continued shrinkage in manufacturing levels around the world as trade war and Brexit concerns escalate.

A recession could begin in as soon as nine months if US President Donald Trump pushes to impose 25% tariffs on an additional $300bn (€267bn) of Chinese exports and China retaliates with its own countermeasures, according to Chetan Ahya, chief economist and global head of economics at Morgan Stanley.