Europe closes lower after downbeat Fed minutes

Thursday, 20. August 2020 17:30

European markets closed with losses on Thursday as investors digested the minutes from the Federal Reserve's last policy meeting.

The Fed minutes revealed policymakers expect a longer recovery period from the coronavirus-induced recession. For its part, minutes from the European Central Bank's meeting noted that "financial conditions were approaching pre-pandemic levels at a slowing but steady pace."

The DAX dropped 1.14% at the end of the session in Frankfurt. Wirecard was the worst performer, retreating 4.56% ahead of its last day on the DAX. The CAC 40 tumbled 1.33% as Renaults led the losses. The FTSE 100 sank 1.61%; Evraz slumped over 6%. The euro rose 0.10% against the dollar at 5:35 pm CET, to go for $1.18510 The pound jumped 0.51% at the same time versus the greenback, buying $1.31660.

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