Rolling coverage of the latest economic and financial news * Latest: China’s stocks have slumped 4.8% today * China avoids recession with 3.2% growth. * But anxiety as retail sales keep falling * Coronavirus UK: 649,000 people lose their jobs during lockdown * Coronavirus – latest updates * See all our coronavirus coverage 10.38am BST COVID-19 HAS ALSO TAKEN A CHUNK OUT OF EUROPE’S TRADE SURPLUS. Exports from the EU shrank by 29.7% in May, year-on-year, to €129.8bn. France and Greece suffered the biggest plunges, according to new data from Eurostat this morning. 10.19am BST OVER IN AMSTERDAM, BREWING GIANT HEINEKEN’S REVENUES HAVE TURNED SOUR DUE TO THE COVID-19 CRISIS. People have been enjoying a pint since the dawn of agriculture, and they’re not going to stop any time soon. This summer has been painful for Heineken, and the balance sheet may force some hard decisions in the future, but in the long run we think they’ll do just fine. The brands are still strong and, though it may take some time, once the pubs get back into full swing profits should pick back up.” Continue reading...
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