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Europe: Shares fall from 7-week peak on ECB, earnings upset

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[BENGALURU] European shares fell from seven-week highs on Thursday after the European Central Bank held back on big policy moves despite mounting evidence of the damage being wrought on the euro zone economy by the coronavirus crisis. Read more at The Business Times.

The banking sector also came under pressure from a 8.6 per cent decline in France's Societe Generale as it reported a quarterly loss, while Britain's Lloyds Banking Group became the latest to be hit by provisions against expected bad loans due to the pandemic.

A preliminary reading showed economic activity in the bloc contracted at a record rate in the first quarter and inflation slowed sharply due to coronavirus-induced lockdowns. Economists expect even worse numbers for the second quarter.

 

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