Global markets retreated yesterday after America and Germany officially entered recession and some of the world’s largest companies revealed huge losses as a result of Covid-19.
Investor concern was heightened by President Trump’s suggestion that November’s US presidential elections be postponed moments after it was revealed that the country’s economy had suffered its worst quarter since records began in 1947.
Growth in the US slumped by 32.9 per cent on an annualised basis between April and June, having fallen by 5 per cent in the first three months of the year. Two consecutive quarters of negative growth indicate a recession.
Official figures also showed the German economy had endured its worst quarter on record, with gross domestic product down 10.1 per cent.
The latest signs
