Europe closes higher despite UK entering recession

Wednesday, 12. August 2020 17:30

European stock markets closed higher again on Wednesday despite negative economic data from the United Kingdom. Fresh data from the Uk revealed the country has officially entered a recession for the first time in 11 years after its GDP tumbled 20.4%.

Meanwhile, investors continued to monitor the coronavirus pandemic and its effects on the global economy as Russia announced it has registered the first vaccine against COVID-19.

The DAX climbed 0.86% at the end of the session in Frankfurt as Deutsche Borse jumped 2.45%. In Paris, the CAC 40 rose 0.90% with Carrefour as the top performer. The FTSE 100 closed 2.20% in the green; insurance company Admiral Group led the gains.

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