Europe opens mostly lower as UK enters recession

Wednesday, 12. August 2020 09:01

Major stock markets in Europe opened mostly lower on Wednesday after it was reported that the United Kingdom entered recession as the GDP contracted by 20.4% in the second quarter. Investors are also monitoring developments in the coronavirus outbreak after global cases of the virus surpassed 20.5 million.

The DAX fell by 0.22% at 9:02 am CET with MTU Aero Engines going down by 2.62%. London's FTSE 100 rose 1.17% at 9:00 am CET. Admiral Group Plc was the best performer jumping by 6.42%. The CAC declined by 0.24% at 9:00 am CET as Unibail-Rodamco-WE fell by 1.04%.

The euro was down by 0.09% compared to the dollar at 8:57 am CET, trading for 1.17313. The British pound decreased by 0.06% against the American currency, going for 1.30406 at the same time.

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