Europe closes lower as BoE expects unemployment surge

Thursday, 06. August 2020 17:30

European markets closed in the red on Thursday after the Bank of England projected unemployment in the United Kingdom will nearly double after the government support schemes run out.

The central bank decided to hold rates at the conclusion of its policy meeting earlier in the day while projecting that recovery from the coronavirus crisis will take longer than earlier anticipated.

The DAX ended the session in Frankfurt 0.54% lower. Beiersdorf AG was the worst performer as the company tanked over 5%. The CAC 40 dropped 0.98% with Unibail-Rodamco-Westfield losing 3.71%. The FTSE 100 plunged 1.27% as Glencore plummeted over 7% after the mining giant scrapped its dividend.

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Author:
Breaking the News / JC