In Europe

Historic EU Stimulus: Outstrips Expectations To €750 Bn

The Next Generation EU fund, which is meant to address the eurozone’s main financing needs to counter the crisis, consists of €500bn delivered as grants according to country- specific financing needs and €250bn credited as loans. The news boosted the euro initially as the plans outstrip expectations for €500bn in funding previously proposed by Merkel and Macron.

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New Car Registrations In Europe’s Five Major Markets Fell By 83.8% Y-o-Y In April; European Sales Will Slump By Nearly 25% In 2020

Santander Credit Research | So far this year, new registrations are down 42.4%, with a drop of 83.8% in April on top of falls of 55.6% in March, 7.2% in February and 8.2% in January. The UK, Italy, France and Spain were the most affected markets, with falls of 97.3%, 97.6%, 88.9% and 96.5% respectively, while the decline in Germany was limited to 61.1%. The extent of the decline in sales (at least in Q2’20) will be even worse than in 2008/09, when many car manufacturers and suppliers were in trouble.