Record decrease in German industry

08 / 06 / 2020
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The data, which the federal statistics agency said was the biggest fall since its records began in 1991 after German industrial production plunged by a record 18 per cent in April. The main reason was coronavirus lockdown which caused major disruption to factories across most manufacturing sectors of Europe’s biggest economy. Germany’s economy contracted 2.2 per cent in the first quarter and analysts expect an even greater decline in the second quarter. The globe’s second-largest economy, China, a major trading partner with Europe. China’s exports contracted in May by 3.3% from a year earlier, while imports tumbled 16.7%, the sharpest decline since January 2016.

the DAX in Germany traded 0.9% lower, after gaining almost 10% last week. France’s CAC 40 fell 0.8%, compared with gains of 8% last week, while the U.K.’s FTSE index was down 0.4%, after gaining just under 5% last week.

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