Stock Market drops 2% and European economy shows signs of growth amid fear of 2nd wave of pandemic

The stock market was operating in a sharp drop this Friday (30), last trading day of October, amid concerns about the advancement of the coronavirus in the United States and Europe.

The decline in shares of technology companies in the United States also puts pressure on risky assets worldwide.

Apple’s shares plummeted 5.5% after the company reported an almost 20% decline in iPhone sales and Amazon’s shares retreated 4.8% even after strong third-quarter figures.

During the week, the United States was also unable to approve a new stimulus package before the elections, frustrating the expectations of most investors.

Today, the Gross Domestic Product (GDP) data for several eurozone countries were released. The economy of the Euro Zone grew 12.7% in the third quarter of 2020 compared to the second, according to preliminary data released on Friday by the official statistics agency of the European Union, Eurostat.

The result exceeded the expectation of analysts consulted by The Wall Street Journal, who foresaw an increase of 9.4% in the period.

In the annual comparison, the EURO GDP contracted 4.3% between July and September, much less than the 7% drop projected by the market. In the second quarter, eurozone GDP fell by 11.8% compared to the previous three months, given the effects of the new coronavirus pandemic.

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