Global recession rocks Asian, European industry

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London: economies has been reduced by 144 basis points so far in 2008 to the lowest in three years.

Expectations for more rate cuts in Britain were underlined by the UK's PMI index showing manufacturing shrank at a record pace in November after a collapse in new orders.

The headline manufacturing PMI figure plunged to 34.4 from October's downwardly revised 40.7 -- both the lowest level and the biggest one-month fall in the series, which started in 1992.

Australia's central bank is expected to almost certainly slash its benchmark rate by at least 75 basis points on Tuesday on top of 200 basis points of cuts since early September, with a bigger move seen as a strong possibility.

US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke both make speeches later in the day.

RAZOR-THIN MARGINS

German retail sales unexpectedly fell in October, dealing a blow to hopes that consumer spending would help to cushion the effects of a marked slowdown in global demand for German goods.

Sales fell by 1.6 per cent month-on-month in real terms in October, sharply undershooting the consensus forecast for a 0.5 per cent rise.

In the United States, shoppers tried to take advantage of rock-bottom sales prices over the holiday weekend, traditionally the start of the busiest period of the year for US retailers.

However, the weekend of activity does not necessarily augur well for retailers' bottom line.