The euro area is suffering its worst contraction ever, as the French economy suffers its biggest plunge since the second world warLatest: 3.8m US initial jobless claims last week Eurozone economy shrank by 3.8% last quarterFrance in recession as GDP shrinks 5.8%Coronavirus – latest updatesSee all our coronavirus coverage 2.45pm BST Bank shares are falling across the eurozone following Christine Lagarde’s press conference.Traders have noted her gloomy forecasts — the possibility that the eurozone shrinks by an unprecedented 15% in the April-June quarter. The deeper the recession, and the slower the recovery, then the longer it will be until monetary conditions can ever normalise. 2.35pm BST Stocks have dropped at the start of trading in New York too.The Dow Jones industrial average has dropped 301 points at the open, down 1.2% at 24,332. There’s not much sign of the optimism that lifted shares so strongly in April. Continue reading…
Via: France and Italy fall into recession; US jobless claims hit 30m – business live
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PIERS MORGAN: A phone call I received from a fired-up Trump should be a warning to Democrats
President Trump called me for a chat on Saturday. It was our first conversation since he unfollowed me on Twitter in April after I wrote a Mail column telling him to ‘Shut the f*ck up Read more…