adminStock markets plunged last Thursday after economic growth data confirmed fears of Covid-19’s bruising impact on the world economy.
Key eurozone markets were more than 2 percent down at the close, while London dropped even more sharply. On Wall Street the Dow Jones index was around 250 points lower in the late New York morning trading, depressed by another spike in jobless claims. The EU economy shrank 3,5 percent in the first quarter, the first major indication of the devastation facing the bloc as a result of coronavirus. Separate figures revealed that the jobless total in Europe’s biggest economy Germany soared 13,2 percent in April.
The European Central Bank, also last Thursday, promised that it was ready to reload its weapons to help offset the economic impact of the coronavirus, notably by buying more bonds. — AFP
Bongani Ndlovu
Online Reporter