Factories across Asia and Europe cut output and jobs at the fastest pace since the global financial crisis, a sign the global economy has entered a deep freeze as governments lockdown their populations in an effort to contain the novel coronavirus and minimize mortality.

A series of business surveys released Wednesday painted an almost uniform picture of sharply declining production, falling new orders and contracting payrolls. The main exception was China, which saw a slight rebound in activity as its economy began to thaw…

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