32.9%! Second Quarter GDP Of The United States Recorded The Largest Decline Since!

The Nasdaq composite index rose and closed 43% lower on Thursday. The market received a series of disappointing news on Thursday. First, the much watched U.S. GDP shrank by 32.9% in the second quarter, the biggest drop since records began in 1947.

Affected by the epidemic, many states in the United States implemented home quarantine administrative orders in the second quarter and closed unnecessary operation sites, which led to heavy losses in consumption areas such as catering, retail and tourism. Personal consumption accounts for about 70% of the U.S. economy. The "flameout" of the consumption engine is the main factor for the severe contraction of the U.S. economy in the second quarter. Although a number of U.S. economic data improved in May and June, people had expected a severe contraction in the second quarter, so the reaction of US stocks was not too intense. The number of unemployed workers in the U.S. still rebounded for the first time in four consecutive weeks in the United States, but it was the first time that 1.43 million people were unemployed in the United States last week. In a previous statement, the Federal Reserve said that the path of economic development in the United States will depend on the spread of the epidemic.

Google, Amazon, Facebook and apple all reported their latest results after Thursday's trading, with Google's second quarter sales falling for the first time in 16 years, though less than expected. The results of the other three companies are also better than Wall Street forecasts, and the shares of the three companies have jumped after hours.

Europe's three major stock markets closed lower as Germany's GDP shrank 10.1% in the second quarter

The three major European stock markets fell sharply on Thursday, with the DAX index in Frankfurt, Germany, down more than 3%. Like the United States, Germany released worrisome economic data on Tuesday, with Europe's largest economy showing a 10.1% decline in GDP in the second quarter, worse than the 9% forecast by economists, suggesting a more serious downturn in the rest of Europe. On Thursday, there was a series of disappointing financial reports from banks and other sectors closely related to the economy. German Volkswagen's car delivery volume plummeted by nearly 30% due to the new crown pneumonia epidemic, operating loss in the first half of the year and cutting its dividend significantly. Renault had a record net loss of 72.9 billion euro in the first half of the year.

International oil prices closed down

Gold prices fell on Thursday as investors took profits after nine consecutive days of gains, though gold remained near record highs and remained bullish. As of press release, spot gold fell 0.7% to $1956.64, while gold futures for December delivery closed slightly lower at $1966.80.

Weak US economic data and political uncertainty weighed on oil prices, with us WTI light crude oil futures and Brent crude oil futures both falling.