9/8/2020, 5:30 PM (Source: TeleTrader)
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Europe closes lower after record GDP drop report

European equities finished trading lower on Tuesday after it was reported that the seasonally adjusted gross domestic product (GDP) in the Eurozone fell by 11.8% in the second quarter of 2020 compared to the trimester prior, marking the largest drop since the series started in 1995. In the meantime, the European Commission proposed to the European Parliament a tariff reduction regulation that would bring an additional €200 million per year in trade between the European Union and the United States.

The DAX closed 118.55 points or 0.90% in the red. Linde Plc was the worst performer going south by 2.53%. The CAC 40 lost 1.48% at the end of trading in Paris with Total going down by 3.86%. The London Stock Exchange fell by 0.17% while Whitbread Plc plunged by 4.29%.

The euro went down by 0.18% against the dollar buying 1.17924. At the same time, the pound fell by 1.01% versus the greenback to go for 1.30322 at 5:26 pm CET.

Breaking the News / TF