is expected to seek approval from the British parliament for a one-month lockdown to come into effect on Thursday across the whole of England, which is home to nearly 90% of the entire UK population, to curb an alarming spike in cases of COVID-19, which he said on Saturday was more severe than the government's reasonable worst-case scenario.and the euro, making it the worst-performing G7 currency of the day.
"On the growth outlook, a fourth-quarter contraction is now probable. November GDP will likely plunge by 6% to 10% m-o-m, as a result of tighter restrictions," Deutsche Bank analyst Sanjay Raja said. The UK has the worst death rate in Europe, with nearly 45,000 fatalities so far. The eurozone has seen large swathes of the population put under renewed restrictions, including France, Germany and Spain and economists are predicting a drastic decline in overall activity.
UBS has cut its annualized growth forecast for the eurozone to 3% from 8% for the fourth quarter of the year. Oil has fallen to its weakest in five months, as mobility restrictions have increased across much of Europe, which is biggest driver of demand for diesel fuel.
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