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US economy shrinks at worst pace ever
At 12:30 GMT, the US economy released its advance GDP reading for the second quarter of 2020, which shrank by 32.9%, the worst reading the US history, but slightly better than forecasts of -34.5%, vs. a contraction of 5.0% during the first quarter.
US unemployment claims beat forecasts
At 12:30 GMT, the US department of labor revealed that the unemployment claims reached 1.434 million in the week ending July 25, better than forecasts of 1.440 million, but worse than the previous reading of 1.422 after it was revised from 1.416 million.
MoreDollar clings above 2-year low ahead of US GDP data
The US dollar rose on Thursday, to cling above its 2-year low, as demand rebounded relatively, ahead of the US GDP reading for the second quarter, which is expected to show the worst contraction since the 1930s Great Depression.
MoreEuropean stocks dive to 4-week low on weak earnings reports
European stocks fell on Thursday, to deepen losses for the second straight session, and hit a 4-week low, due to disappointing earnings reports by major companies, which have offset the US Federal Reserve's pledge to support the US economy from the coronavirus pandemic.
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