German coalition parties agreed on Tuesday to extend measures to cushion the effects of the coronavirus crisis on Europe’s biggest economy at a cost of up to €10bn, including prolonging a short-time work scheme and freezing insolvency rules.
Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to prevent a deeper recession.
European shares edged higher this morning as focus turned to Brussels where European Union leaders are expected to hammer out details of a €750bn recovery fund, with positive earnings updates from Ericsson, Daimler and other firms also supporting gains.
Germany's industrial production rebounded in May, rising by 7.8pc on the month after falling by a revised 17.5pc in April, the Statistics Office said on Tuesday, in the latest sign that Europe's largest economy is recovering after lockdown.
Fund management firm Copenhagen Infrastructure Partners (CIP) said on Tuesday it had started what it expects to be the world's largest fund for renewable energy infrastructure as it targets investments worth 100bn crowns (€13bn).
Zara owner Inditex booked its first-ever quarterly loss on Wednesday as it reported results for the period February to April that spanned the coronavirus outbreak and the ensuing shuttering of thousands of its stores around the world.
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