PRESSEMITTEILUNGEN
European equities down as deep recession hits
Monday 03rd August '20
European Union (EU) leaders announced a landmark €750bn fiscal stimulus deal on 21 July in a bid to help the economy recover from the ongoing coronavirus crisis. Markets were eagerly awaiting a coordinated response from the group, but the recovery package was largely priced in as negotiations had been ongoing among leaders for some time. After a moderately positive response initially to the announcement, the Euro Stoxx 50 Index is down around 5% (as of 03 August) since the close of 20 July. With economic data pointing to a deep contraction in the European economy in the first half of this year and second wave virus risks, European equities are yet to recover their losses from earlier this year and the Euro Stoxx 50 Index is still down 12% (on a total return basis year-to-date in EUR).