US economy shrinks 33.9%, biggest decline since 1940s – business live

US economy shrinks 33.9%, biggest decline since 1940s – business live

9.04am EDT

09:04

Donald Trump tried to distract away from the numbers, which he hasn't mentioned yet.

Donald J. Trump

(@realDonaldTrump)

With Universal Mail-In Voting (not Absentee Voting, which is good), 2020 will be the most INACCURATE & FRAUDULENT Election in history. It will be a great embarrassment to the USA. Delay the Election until people can properly, securely and safely vote???

July 30, 2020

9.03am EDT

09:03

The sell-off on European stock market has gathered speed since the bad US numbers. The FTSE 100 in London has fallen below the 6,000 level.

UK's FTSE 100 down 2.3%, or 142 points, at 5,989

Germany's Dax down 2.57%, or 328 points, at 12,493

France's CAC down 1.4%, or 68 points, at 4,888

Spain's Ibex down 2.39%, or 171 points, at 7,034

Italy's FTSE MiB down 2.86%, or 571 points, at 19,310

8.33am EDT

08:33

US economy shrinks by record 32.9% in Q2

NEWS FLASH: The US economy contracted at an annualised rate of 32.9% in the second quarter following a 5% decline in the previous quarter, according to preliminary figures released by the US Commerce Department. This compares with forecasts of a 34.1% decline.

Consumer spending slumped 34.6% while business investment was down 27%.

Updated

at 8.36am EDT

7.43am EDT

07:43

European shares tumble ahead of US GDP

European shares are extending their losses after