Coronavirus Lockdowns Bring Recession Threat Back to Europe

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  • Bloomberg QuickTake: Now published this video item, entitled “Coronavirus Lockdowns Bring Recession Threat Back to Europe” – below is their description.

    Europe’s economic recovery is being cut short as governments implement new restrictions to fight the coronavirus that risk driving the region toward another recession. The euro area’s four biggest economies are going into various forms of lockdown, overshadowing data on Friday that showed a record surge in third-quarter output. A new slump is on the cards, governments are pumping in additional aid, and the European Central Bank is promising more monetary stimulus amid the rapidly deteriorating situation. It’s vice president, Luis de Guindos, said that stagnation, or even contraction, can’t be ruled out this quarter. “The economic picture has definitely gotten worse,” said Carsten Brzeski, chief economist at ING Germany. “It’s called a double dip.” The euro area’s recovery from the first coronavirus lockdowns in the spring was already looking like a dead-cat bounce before this week’s developments. Measures of activity were dropping, and confidence among companies and consumers had started to wobble after the summer bounce. European stocks have tumbled, with the Stoxx Europe 600 Index heading for a third straight weekly decline. The impact on sovereign borrowing costs has been muted by ECB bond-buying. In France, bars and restaurants will shut until at least the start of December, public gatherings are banned and non-essential retailers will also close. Germany will shutter businesses in hospitality and put restrictions on gatherings, while Italy is limiting opening hours. Bank of Italy Governor Ignazio Visco said Friday the fresh wave of the pandemic will set back the repair of economies. Progress so far has been helped by huge government spending and emergency ECB stimulus, both of which will need to be ramped up even further. “The resurgence of the pandemic threatens the results achieved so far,” Visco said. “There is a risk that the increase of virus cases, even though contrasted with less drastic measures than in the spring, will have a negative impact on the confidence and spending of families and businesses.”

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    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

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  • In This Story: Italy

    Italy is a republic in central Europe which forms a peninsula in the Mediterranean Sea as well as bordering France, Switzerland, Austria and Slovenia. The islands of Sardinia and Sicily form part of the main territory of Italy. Italy is part of the Eurozone, having entered the common currency on 1st January 1999.

    Latest English language Italy news is below, with the most recent item nearest the top.

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  • In This Story: Lockdown

    During the 2020 Covid-19 epidemic, lockdown has come to mean the practice of attempting to control transmission of the virus by means of restricting people’s movement and activities on a broad scale, usually on a national or state-wide basis.

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