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German manufacturing recovery remains on track in August: PMI

BERLIN (Reuters) – German manufacturers’ recovery from lockdown measures continued last month, with output growing at the fastest pace since February 2018, a survey showed on Tuesday. IHS Markit’s final Purchasing Managers’ Index (PMI) for manufacturing, which... More »

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Spanish prime minister moderately optimistic about economic recovery

MADRID (Reuters) – Spanish Prime Minister Pedro Sanchez said on Tuesday he was moderately optimistic about the country’s economic recovery from its worst downturn on record caused by the impact of the coronavirus pandemic. Sanchez reiterated that gross domesti... More »

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Dollar rally regains some momentum- Aussie and Kiwi fall

LONDON (Reuters) – The dollar rose in early London trading on Monday, including versus the euro and Swiss franc, with investors focusing on fiscal stimulus in the United States and U.S.-China tensions ahead of key trade talks on August 15. After talks in Washi... More »

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TCI sees Autostrade valuation between 11-12 billion euros-partner

MILAN (Reuters) – Activist hedge fund TCI Fund Management, which is challenging the Italian government over the forced sale of Atlantia’s Autostrade per l’Italia (ASPI) unit, said on Friday the value of Autostrade could be between 11 and 12 billion euros. “I b... More »

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German abattoir scandal puts cooling systems under COVID spotlight

(This July 17 story corrects to show company name in 15th paragraph is Howatherm not Howarth) By Caroline Copley BERLIN (Reuters) – A COVID-19 outbreak in Germany is forcing meatpacking plants to review infection risks posed by their cooling systems, placing t... More »

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EU leaders show first signs of compromise on stimulus plan

BRUSSELS (Reuters) – Signs emerged that leaders of northern European Union countries were willing to compromise on a 1.8 trillion euro ($2 trillion) coronavirus stimulus plan on Monday as talks in Brussels extended to a fourth day. Divided and slow to respond ... More »

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Analysts’ View: EU progress lifts euro, stocks on the defensive

LONDON (Reuters) – EU leaders reported some progress on Monday after three days of haggling over a coronavirus stimulus plan, sending the euro to a four-month high and Italy’s borrowing costs to lows not seen since March. An attempt to reach a compromise faile... More »

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Euro hits four-month high on hopes for EU recovery fund deal

LONDON (Reuters) – The euro retreated after hitting a 19-week high of $1.1467 on Monday after EU summit chairman Charles Michel said a recovery fund to revive economies hit by the COVID-19 pandemic could contain 390 billion euros in grants. EU leaders have mad... More »

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Intesa ups bid for UBI by 18% with cash sweetener

MILAN (Reuters) – Italy’s Intesa Sanpaolo (ISP.MI) on Friday raised its bid for rival UBI Banca (UBI.MI) by 18%, adding a cash sweetener to secure investor backing for its plan to create the euro zone’s seventh-largest banking group. In mid-February, just befo... More »

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Britain set to ban Huawei from 5G, though timescale unclear

LONDON (Reuters) – Prime Minister Boris Johnson is set to ban Huawei from Britain’s 5G network in a landmark decision that will anger Beijing but win plaudits from President Donald Trump as the United States grapples with China’s rising economic and technologi... More »

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German study shows low coronavirus infection rate in schools

BERLIN (Reuters) – Very few of 2,000 school children and teachers tested in the German state of Saxony showed antibodies to COVID-19, a study found on Monday, suggesting schools may not play as big a role in spreading the virus as some had feared. Germany bega... More »

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Ubisoft shares sink after misconduct review

PARIS (Reuters) – Ubisoft (UBIP.PA) shares dropped 9% on Monday after the French video games group said over the weekend that three senior managers were leaving the company following a review into allegations of inappropriate behaviour. Ubisoft, which makes ga... More »

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Bond investors wait for more headlines on EU recovery fund

AMSTERDAM (Reuters) – Euro zone bond yields held their ground on Thursday with investors’ main focus expected to be any new developments on the European Union’s recovery fund, which aims to help the region’s economy recover from the coronavirus crisis. Hopes a... More »

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Moderate rebound in German industry orders points to slow recovery

BERLIN (Reuters) – Orders for German industrial goods rose by 10.4% in May, rebounding from their biggest drop since records began in 1991 the previous month, data showed on Monday, as demand picked up after lockdown measures to fight the coronavirus were lift... More »

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One fifth of German firms fear for their survival amid pandemic: Ifo

BERLIN (Reuters) – Around one fifth of German companies (21%) believe their survival is threatened by the coronavirus crisis, Germany’s Ifo institute said on Monday, with travel agents, hotels and restaurants particularly concerned. “We could see a wave of ins... More »

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EU banks to take on Visa, Mastercard with new payments system

LONDON/PARIS (Reuters) – Sixteen banks from Germany, France and three other euro zone countries on Thursday said a “truly European” payments system was expected to be up and running in 2022 to fully digitalise a region where half of all retail payments are sti... More »

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Italy’s Cassandra: the scientist who challenged WHO guidelines

ROME (Reuters) – Andrea Crisanti says his one regret is that he didn’t yell loudly enough at the beginning, when the dead had yet to pile up.  The Italian virologist has become a medical celebrity at home, a contrarian who broke with initial  World Health  Org... More »

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Spain, Ireland, Luxembourg vie for Eurogroup leadership

BRUSSELS/MADRID (Reuters) – Finance ministers of Spain, Ireland and Luxembourg are in the running to chair meetings of the powerful Eurogroup of euro zone finance ministers, with euro zone officials saying it is likely to be a close race between the Spanish an... More »

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Euro zone data confirm tepid recovery, ECB’s Knot says

FRANKFURT (Reuters) – A string of positive economic indicators in the euro zone confirm that a recovery is on its way but the bloc may still need years to reach pre-crisis levels of activity, European Central Bank policymaker Klaas Knot said on Thursday. “I wo... More »

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France’s Macron to visit Dutch PM Rutte to break EU budget impasse

PARIS (Reuters) – Emmanuel Macron will travel to the Netherlands on Tuesday to try to break Dutch Prime Minister Mark Rutte’s resistance to the European Union’s 750 billion euro aid package that the French president wants to see approved at an EU summit in Jul... More »

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Dollar steadies as overnight risk-off move eases

NEW YORK (Reuters) – The U.S. dollar was slightly lower in North American morning trade on Monday, stabilizing after a move higher overnight on a sell-off in risk assets over rising fears of a second wave of coronavirus infections. The dollar index =USD, which... More »

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Hisense to start TV set production in Slovenia in January

LJUBLJANA (Reuters) – China’s household appliances maker Hisense (000921.SZ) plans to start producing TV sets in Slovenia in January 2021, creating about 350 jobs in the country, Hisense said on Monday. Production would be approximately 1.5 million TV sets in ... More »

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Germany to buy stake in CureVac as world races for COVID-19 vaccine

FRANKFURT/BERLIN (Reuters) – Germany will take a stake in unlisted biotech firm CureVac, which is working on a COVID-19 vaccine, Economy Minister Peter Altmaier said on Monday, confirming an earlier Reuters report. The Berlin government will acquire a 23% stak... More »

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Hungary ready to help Audi run local plant at full capacity: Orban

BUDAPEST (Reuters) – Hungary is ready to give financial support to Audi (NSUG.DE) to help its manufacturing plant in the country run at full operating capacity, Prime Minister Viktor Orban was reported as saying on Monday as he visited the site. Orban said Aud... More »

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Baby dragons take their bow in a Slovenian cave

POSTOJNA, Slovenia (Reuters) – Three rare aquatic creatures known as baby dragons are going on display in an aquarium at Slovenia’s Postojna Cave, one of the country’s biggest tourist attractions. The cave-dwelling animals, officially called proteus or olms, h... More »

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Greece, Italy to sign accord on maritime zones

ATHENS (Reuters) – Greece and Italy will sign an agreement on maritime boundaries during a visit by Italy’s foreign minister to Athens on Tuesday, the Greek Foreign Affairs Ministry said. The deal follows months of tensions in the Eastern Mediterranean region ... More »

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Aussie dollar falls amid feud with China, traders cash in gains

LONDON (Reuters) – The Australian dollar fell nearly 2% on Tuesday after China’s education ministry warned students to carefully consider studying there amid tension between the trading partners. The dollar found some footing, rising against tearaway commodity... More »

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ECB expands pandemic support to over $1.5 trillion

LONDON (Reuters) – The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns due to the coronavirus pandemic. HIGHLIGHTS: ** ECB increases size o... More »

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Lagarde comments at ECB press conference

(Reuters) – The European Central Bank beefed up its bond-buying programme on Thursday in its latest effort to support a euro zone economy pummelled by more than two months of shutdowns to cope with the coronavirus pandemic. Following are highlights of ECB Pres... More »

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Dollar treads water against euro- yuan sinks on U.S.-China tensions

NEW YORK (Reuters) – The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic. The euro EUR=EBS wa... More »

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A crisis that has blunted the euro’s global profile

LONDON (Reuters) – The coronavirus crisis may have dealt a lethal blow to the idea that the euro could one day replace the dollar as the world’s preferred currency, by exposing euro zone frailties and cementing the U.S. Fed’s role as global lender of last reso... More »

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German economy to shrink by at least 10%: DIHK

BERLIN (Reuters) – Germany’s DIHK chambers of industry and commerce expect Europe’s largest economy to shrink at least 10% this year due to the coronavirus crisis, its president said on Tuesday, a much more pessimistic view than the government’s forecast. “Thi... More »

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VW’s Skoda braces for second quarter hit after earnings drop

PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter. Skoda, the Czech R... More »

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France reports 135 more deaths from COVID-19, taking toll to 24,895

PARIS (Reuters) – The number of people who have died in France after contracting the new coronavirus rose on Sunday by 135 to 24,895, the health ministry said. The number of people treated in hospital for the coronavirus and the number of people in intensive c... More »

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Adidas misses forecasts with 93% profit plunge, warns on sales

BERLIN (Reuters) – Adidas (ADSGn.DE) reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores. F... More »

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A battle far from over: Five questions for the ECB

LONDON (Reuters) – The European Central Bank meets on Thursday, the ink barely dry on its emergency bond-buying scheme, and markets are already asking what more it will do to help the euro zone economy through the coronavirus crisis. Its emergency stimulus, wh... More »

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Euro zone economy set for deepest recession on record: Reuters poll

BENGALURU (Reuters) – The euro zone economy is already in its deepest recession on record, according to a Reuters poll of economists, who have stuck to a bleak outlook and worry the downturn might be even worse as coronavirus lockdowns across the bloc take the... More »

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Euro zone fiscal response to crisis inadequate: ECB’s Panetta

FRANKFURT (Reuters) – The euro zone’s fiscal response to the coronavirus crisis has been inadequate so far and threatens the single market, European Central Bank board member Fabio Panetta said in an editorial published by Politico. Budget action should be pro... More »

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Key EU states agree coronavirus economic rescue -text of draft deal

BRUSSELS (Reuters) – European Union countries on Thursday evening agreed the emergency credit lines from the euro zone’s bailout fund “will be available until COVID-19 crisis is over”, a draft of their deal read. Afterwards, euro countries should remain commit... More »

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UK car sector slashes 2020 sales forecast by 23% due to coronavirus

LONDON (Reuters) – A group representing Britain’s car industry cut its sales forecast for this year by 23% to 1.73 million vehicles because of the impact of the coronavirus crisis. The figure represented a 25% fall from the number of new car registrations in 2... More »

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Help in coronavirus crisis should come from European level: ECB

FRANKFURT (Reuters) – Help to euro zone members struggling under the weight of the coronavirus crisis should come from the European level, European Central Bank board member atold Greek newspaper To Vima in an interview. “This is not just a question of Europea... More »

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IMF says ECB, ESM support key to strong EU coronavirus response

WASHINGTON (Reuters) – The International Monetary Fund said on Monday the relaxation of the euro zone’s fiscal rules and support from the European Central Bank and the European Stability Mechanism is critical to a strong regional response to the coronavirus pa... More »

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ECB tells euro zone banks to skip payouts as virus hits economy

LONDON/FRANKFURT (Reuters) – The European Central Bank told euro zone banks on Friday to skip dividend payments and share buybacks until October at the earliest and use their profits to support the economy as it is hit by the coronavirus pandemic. With large p... More »

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EU states agree to suspend airline slot requirements until October

BRUSSELS (Reuters) – The EU agreed on Friday to suspend requirements that oblige airlines to use at least 80% of their take-off and landing slots in order to keep them the following year until Oct. 24 due to the aviation industry crisis unleashed by coronaviru... More »

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Spain’s coronavirus death toll surpasses 1,000

MADRID (Reuters) – Spain’s death toll from the coronavirus epidemic soared to 1,002 on Friday from 767 on the previous day, the country’s health emergencies chief Fernando Simon said. The number of registered cases in the country rose to 19,980 on Friday from ... More »

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ECB to print 1 trillion euro this year to stem coronavirus rout

FRANKFURT (Reuters) – The European Central Bank launched 750 billion euro emergency bond purchase scheme in a bid to stop a pandemic-induced financial rout from shredding the euro zone’s economy and raising fresh concerns about the currency bloc’s viability. W... More »

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Deutsche Bank expects German economy to contract 4%-5% in 2020

LONDON (Reuters) – Deutsche Bank slashed its forecast for Germany’s economy on the coronavirus fallout, saying it now expected the euro zone’s largest economy to contract between 4-5% in 2020 while industrial production could shrink by 10%. “Within days lockdo... More »

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Big Dutch galleries close until end of March due to coronavirus

AMSTERDAM (Reuters) – The Dutch national gallery, the Rijksmuseum, and the nearby Van Gogh museum, two of the Netherlands’ premier tourist attractions in Amsterdam, will be closed to the public at least until March 31 due to the coronavirus epidemic. Their ann... More »

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ECB’s Holzmann sees no need for rate cut to combat coronavirus

VIENNA (Reuters) – European Central Bank policymaker Robert Holzmann said he would not support an interest rate cut to insulate the euro zone from the effects of the coronavirus epidemic but he could consider giving firms ultra cheap loans. When asked if targe... More »

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Louvre museum closed again as workers fret over coronavirus

PARIS (Reuters) – The Louvre museum in Paris shut its doors to art lovers and tourists for a second day on Monday as management held talks with workers over the risks associated with coronavirus. Queues quickly formed in the rain outside the world’s most visit... More »

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ECB can do more if needed, but we’re not there yet: Villeroy

PARIS (Reuters) – The European Central Bank is prepared to support the economy if needed in the face of the coronavirus outbreak, although more action is not yet needed, ECB policymaker Francois Villeroy de Galhau said on Monday. Villeroy, who is also head of ... More »

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Kuwait has 10 new cases of coronavirus, brings total to 56 – TV

DUBAI (Reuters) – Kuwait’s Health Ministry announced 10 new cases of coronavirus in the country on Monday bringing the total number to 56, a ministry official said. The official, who was speaking during a news conference broadcast on state television, urged ci... More »

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Vivienne Westwood show brings gypsy chic to Paris town hall

PARIS (Reuters) – Austrian-British fashion duo Andreas Kronthaler and Vivienne Westwood brought a gypsy-like caravan of models wrapped in tartan and silk to the gilded corridors of Paris’ town hall to present their 2020-21 winter collection. Contrasting the op... More »

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Polanski movie collects first trophy at Cesar Awards in France

PARIS (Reuters) – Roman Polanski’s film “An Officer and a Spy” collected its first Cesar Award out of 12 nominations on Friday, scooping the prize for best costume designer. Pascaline Chavanne was not at the event to collect her trophy after the entire cast an... More »

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Italy’s UniCredit says Mustier to stay on as CEO

MILAN (Reuters) – Italy’s biggest bank UniCredit (CRDI.MI) said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HSBC (HSBA.L). UniCredit rece... More »