Europe ends in red as EU faces record GDP fall

Friday, 31. July 2020 17:31

Shares on major European stock markets traded lower at the closing bell on Friday as Eurostat's preliminary estimate saw the European Union's economy recording the largest quarterly contraction on record. According to the estimate, the euro area's GDP is set to slump 12.1% annually in the second trimester, while the whole bloc faces a drop of 11.9% in the same period.

As the earnings season heats up, Fiat Chrysler Automobiles (FCA) said its revenue plunged 56% in three months ending June, largely impacted by the coronavirus crisis.

The DAX lost 0.17% at the end of the session as Covestro AG sank nearly 5%. Meanwhile, FTSE 100 dipped 1.13% as BT Group fell more than 7% and the CAC 40 in Paris slipped 0.99% at the close with Renault plummeting over 7%.

The euro slid 0.22% at 5:28 pm CET, changing hands at $1.18209.

Related Links: 
Breaking the News / GA