This morning, growth data for the Japanese economy was released, which showed a contraction for the third consecutive quarter, as GDP fell by 28.1% in the second quarter of 2020,

American stock markets fell today, as European stock indices witnessed a significant decline due to fears of a second wave of the Coronavirus pandemic. This potential return to crisis levels of infection could delay the global economic recovery that has been anticipated – or hoped for – in second half of the year.

During the past week, we witnessed several important economic surprises, including the European Central Bank raising the value of the pandemic purchase program by €600 billion and extending it to June 2021.