Lockdown backlash as economies slump

23rd September 2020 (Last Updated September 23rd, 2020 08:29)

23 September

Stock markets across Europe witnessed one of the sharpest declines in recent months over reports of new lockdowns and measures that are planned to be implemented to curb the resurgence of infection cases.

The sectors that were already impacted by the previous lockdown measures suffered most of the damage indicating at a slowdown in global economic recovery over the next few months.

John Ashcroft, an economist, shared an article on how stock markets across the world slumped after reports of additional lockdowns emerged.

The UK’s index of leading shares, for example, had its sharpest decline since June of 3.4% or 202.76 points.

Further, the UK-focused FTSE 250 declined by 4% or 698.90 points to 16,870.78, which is its worst decline since mid-April.

The pan-continental Stoxx 600 index also closed down by 3.2%, which is the biggest decline since June.

Oil prices also witnessed the sharpest decline in two weeks after fears that new lockdowns will impact the demand for fuel.

Prices of Brent crude declined by 4% or $1.70 to $41.44 a barrel.

Meanwhile, as the lockdown backlash continues, Prof. Steve Hanke, economist at Johns Hopkins University, shared an article on an open letter signed by doctors and health professionals in Belgium to Belgian authorities and media.

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