"But we suspect that activity will remain below pre-crisis levels for at least the next couple of years," he said, pointing also to employment PMIs remaining well below 50 - the mark separating contraction from growth, suggesting recovery in output hasn't stopped firms from letting workers go.
Germany's DAX slumped 2 per cent, while London blue-chips hit two-week lows with investors looking past data that showed strong June UK retail sales. A 750-billion euro EU recovery fund and hopes of an eventual Covid-19 vaccine had put European stocks on course to end the week higher, until a US order to shut the Chinese consulate in Houston over accusations of spying, prompting a tit-for-tat move by Beijing, ordering the closure of the US consulate in Chengdu. The Stoxx 600 ended the week down 1.5 per cent.
British Gas owner Centrica surged 16.8 per cent to post its best session in two decades, as it announced plans to sell its North American business Direct Energy to NRG Energy for US$3.63 billion. In earnings, Equinor climbed 4.6 per cent as a strong performance from its refinery and trading business helped the group beat forecasts for a loss, while plumbing supplier Ferguson rose as the pace of decline in sales at it main US operations slowed in the May to July period.Next week, results from luxury good stocks will be watched. Louis Vuitton owner LVMH is expected to have weathered the coronavirus crisis better than most rivals.
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