Europe closes with sharp losses

Tuesday, 09. June 2020 17:30

European markets closed with sharp losses on Tuesday as hopes of a speedy recovery from the coronavirus pandemic faded.

On the data front, Germany's trade surplus narrowed to €3.2 billion in April. Meanwhile, the Eurozone's GDP shrank 3.6% in the first quarter of the year amid the coronavirus pandemic lockdown. Investors also awaited the end of the Federal Reserve's meeting on Wednesday, when policymakers are expected to hold rates.

The DAX fell 1.57% at the end of trading in Frankfurt. MTU Aero Engines was the worst performer, falling 5.84%. The CAC 40 lost 1.55% as Societe Generale plunged over 7%. In London, the FTSE 100 dropped 2.11%; Meggitt tumbled 8.51%.

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