With more than 1 million people now infected around the world and countries extending national lockdowns, economists expect euro area real GDP to shrink as much as 43 per cent in the second quarter.
Energy stocks dragged on the Stoxx 600, relinquishing most of their gains from Thursday after a record spike in oil prices on hopes that Saudi Arabia and Russia would end their price war. The bump in prices, along with extremely low stock valuations in the sector, saw energy stocks outperforming other sectors for the week with a 9 per cent gain.
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