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7/7/2020, 5:30 PM (Source: TeleTrader)
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Europe closes lower on coronavirus concerns

Major stock markets in Europe closed lower on Tuesday as the coronavirus pandemic and its effects on the economy remain the center of attention. The European Commission's report predicted the Eurozone's economy could contract 8.7% in 2020, while companies such as Lufthansa and HSBC France announced job cuts. Meanwhile, the United Kingdom saw a drop in house prices in June compared to May, but a rise of 2.5% on an annual basis.

The DAX traded 0.84% at the close as Bayer AG dropped by 4.94%. The FTSE 100 went down by 1.48% with Whitbread PLC declining by 5.12%. The CAC 40 fell by 0.66% as AXA decreased by 4.11%.

The euro lost 0.11% to the dollar, with the exchange rate of 1.12962 at 5:27 pm CET. At the same time, the pound sterling increased by 0.74% to the greenback to sell for $1.25844.

Breaking the News / JR