European stocks rally despite investor fears of a second coronavirus wave in the US and a record contraction in the UK economy
European and US stocks reversed losses on Friday even as investor fears grew over a resurgence of coronavirus infections in the US, and after bleak economic data emerged from the UK.On Thursday, all three major indexes tanked following a dire outlook from the US central bank which signalled permanent economic damage and a drawn-out period of high unemployment.
"One wonders what the situation will look like a few weeks from now elsewhere in the States given the large numbers of protestors not able to engage in much social distancing," Rabobank analysts said in a note.European stocks and US futures reversed losses on Friday despite investors turning wary of a second coronavirus wave in the US, dashing hopes for a stronger pickup in the economy.shrank by 20.4% in April"A 20.
While April was expected to be the"low point," subsequent readings for the UK should improve although repercussions will be felt for some time, according to Adrian Lowcock, head of personal investing at Willis Owen. In the US, futures tied to the Dow Jones rose 2.3% reversing losses of as much as 6.9% on Thursday when all threeMarket participants weighed the US Federal Reserve's response earlier this week and observed a rise in new coronavirus cases continuing to soar in parts of the economy, like
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