Chinese, Indian and Russian factories cut production and jobs in December by the most on record, offering yet more evidence that major emerging economies are struggling on the brink of recession while most industrialised nations are deep in the mire. Reuters reported that Purchasing Managers' Index surveys due on Friday are expected to show the U.S. and European economies contracted further in December as domestic demand shrank sharply, which in turn hammered the economic growth of many developing countries relying on consumption in Western countries.