Global markets retreated sharply today as leading economies contracted at record pace and some of the world’s largest companies revealed huge losses as a result of Covid-19.
Investor concern was heightened by President Trump’s suggestion that November’s American presidential elections should be postponed, moments after it was revealed that the country’s economy had suffered its worst quarter since records began in 1947.
GDP in the United States slumped by 32.9 per cent on an annualised basis between April and June, having fallen by 5 per cent in the first three months of the year. Official figures also showed that the German economy had endured its worst quarter on record, with gross domestic product down 10.1 per cent.
News – Covid losses send global markets into retreat