The banking sector also came under pressure from a 8.6 per cent decline in France's Societe Generale as it reported a quarterly loss, while Britain's Lloyds Banking Group became the latest to be hit by provisions against expected bad loans due to the pandemic.
A preliminary reading showed economic activity in the bloc contracted at a record rate in the first quarter and inflation slowed sharply due to coronavirus-induced lockdowns. Economists expect even worse numbers for the second quarter.
Source: News Formal (newsformal.com)
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