Eurozone posts fastest growth on record; markets suffer worst week since March – business live

1 month ago

France, Germany, Spain and Italy have all posted record rises in GDP, but the region is still below its pre-pandemic levels

Latest: Eurozone economy grew by 12.7% in July-September Germany and Italy beat growth forecasts Spanish economy grew by 16.7% in last quarter French GDP jumped 18.2% in Q3 Introduction: It’s eurozone GDP day

3.20pm GMT

Anxiety over the second wave of Covid-19, allied with pre-election jitters, means stock markets have suffered their worst week since the March crash.

The Europe-wide Stoxx 600 is down 0.5%, taking its weekly losses to over 6%, as the lockdowns in Germany and France sparked a wave of selling.

Wall Street sell-off gains steam, Dow falls 450 points and heads for its worst week since March pic.twitter.com/RBJrmYZZnH

MSCI’s broad gauge of stocks in developed and emerging markets around the world fell 1. 5 per cent on Friday, leaving it down 5.7 per cent this week, its heaviest sell-off since concerns about coronavirus gripped markets in March.

The selling comes against a backdrop of renewed virus-related lockdowns across much of Europe and the upcoming US presidential election that has sparked an uptick in stock volatility.

Global equities markets on course for worst week since March tumult https://t.co/mRy61uKzrt

3.10pm GMT

Losses are accelerating on the New York stock exchange, as anxiety over the pandemic and the presidential election mount

The Dow is now down 492 points, or 1.8%, at 26165, which means it has lost over 2,000 points since the start of the week.

Related: Amazon third-quarter earnings soar as pandemic sales triple profits

Sentiment remains cagey owing to concerns about the pace of the economic recovery due to the rapid rise in new virus restrictions and the delay in US stimulus talks, not to mentioned Brexit and US election uncertainties. The US is also dealing with a surge in coronavirus cases, and if the world’s largest economy goes into another lockdown, or some form thereof, then things may get uglier for risk assets. Another risk is the potential for a messy, contested, presidential election outcome, which together with disappointment over a much hoped-for stimulus bill means there is an increased risk we may see heightened volatility.

So, in recent days, investors have been forced to reassess their optimistic projections on economic recovery and some growth stocks. But is there more selling to come in light of the above macro concerns and the disappointing reaction to the big US tech earnings last night?

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