Wed, 02 Dec 2020

European stocks steady as eurozone growth rebounds

30 Oct 2020, 23:42 GMT+10

European stock markets steadied Friday, pulling back from virus-driven losses on news of rebounding economic growth across the region.

Eurozone output soared by a record 12.7% in the third quarter as the bloc bounced back from the depths of the coronavirus lockdown, official data showed Friday.

The news came one day after official data showed the US economy expanded by a record 33.1% in the same period, after a 31.4% collapse in the previous three months.

'Double dip fears'

Markets remain fearful however that the world economy could now be heading for a double-dip recession.

Equities and oil prices have endured a torrid week as governments are forced to act to contain a second wave of disease in the northern hemisphere.

Traders remain nervous that US President Donald Trump could contest any tight result on claims of mail-in voter fraud.

Source: News24

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