Wednesday, 01 Jul 2020 07:47 AM MYTFRANKFURT, July 1 ― European stocks rose marginally yesterday to close out their best quarter since March 2015 as investors bet that the worst economic fallout from the coronavirus crisis had passed.
In Europe, the picture was mixed with German stocks rising 0.6 per cent, while UK's FTSE 100 dropped 0.9 per cent as data showed Britain's economy shrank by the most since 1979 in early 2020 as households slashed their spending. “We think that a renewed panic in financial markets is unlikely, even if cases in the US continue to rise,” analysts at Capital Economics wrote in a note.
UK energy major Royal Dutch Shell fell 3.9 per cent after revealing plans to slash the value of its oil and gas assets by up to US$22 billion and weakened the outlook for energy prices.