European stocks are down due to record deflation expectations


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European stocks were lowered by expectations of a record contraction, today Wednesday 6 May 2020 09:15 pm

The European stock market closed lower on Wednesday, affected by a pessimistic GDP forecast that dampened hopes for a rapid economic recovery even as a few countries began easing restrictions linked to the Corona virus.The pan-European STOXX 600 index ended the trading session down 0.4 percent with its narrowing in a narrow range after the European Commission expected that the euro zone economy will hit a record contraction at 7.7 percent this year.

The pressure was also added by concerns about the future of the European Central Bank’s bond purchases program after Germany’s highest court on Tuesday gave the bank three months to justify its stimulus programs.

The energy stocks index was at the forefront of the losers and ended the session down 3 percent, after recording in the previous session the largest gains for a day in more than a month.

The index of travel and entertainment companies fell 1.8 percent, while the banking index fell 1.6 percent.

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