The most important news of the last week 2.11.2020
Lock-downy across Europe
After France adopted a new national restriction to cope with the recurrence of COVID-19, measures began to increase in Germany.
Despite France imposing a night curfew on capitals, including Paris, two weeks ago from 9 p.m. to 6 a.m., COVID-19 data continued to deteriorate. French President Emmanuel Macron have a televised speech introducing a new national lockdown from midnight on Thursday, albeit slightly less harsh than the two-month shutdown that began in mid-March.
German Chancellor Angela Merkel began lobbying to close all restaurants and bars on November 4 to curb the rise in coronavirus cases. On the other hand, schools and kindergartens should remain open. The reason is the exponential increase in infections in almost all regions of Germany, based on which it is necessary to significantly reduce contact between people in the hope that large-scale restrictions will not be needed at Christmas.
Deutsche Bank recorded an accounting profit
Since the beginning of 2019, the German bank Deutsche Bank has returned to profit for the first time. The reason was an increase in bond trading and a reduction in provisions for bad loans supported the largest German creditor.
The revenues of the investment bank Deutsche increased by 43% in the quarter compared to the previous year and the level of €2.4 billion exceeded the first quarter. In the third quarter, Deutsche Bank set aside €273 million for loan losses compared to €761 million in the second quarter. Analysts expected a 20% higher number of allocated reserves. The total profit of the company was €182 million compared to a loss of €942 million in the same period a year ago.
"Although we have benefited from some unfavourable market developments, a key driver of our performance has been the changes we have made to our business over the past year," said Ram Nayak, head of sales and trading at fixed income and currency.
Facebook supports social media reform
Mark Zuckerberg, CEO of Facebook, said: “We support the ideas of transparency and industrial cooperation discussed in some of the current bilateral proposals, and I look forward to a meaningful dialogue on how we can update the law to address the challenges. that we face today. "
Facebook is the first company to support US legal reforms. On the other hand, Zuckerberg warns that the complete abolition of Section 230 would mean that Internet platforms are likely to "censor more content to avoid legal risks" and limit investment in new technologies.
Section 230 of the Decency Act 1996 gives technology platforms immunity from prosecution for user-generated content. The Senate is currently examining the possibility of rewriting this law.
Spanish unemployment data at an eight-year high
The number of unemployed in Spain rose by 355,000 in the third quarter, the highest quarterly increase since 2012. There are currently 3.72 million people unemployed. The unemployment rate rose to 16.26 from 15.33 per cent, where it was in the second quarter, although the unemployment rate will rise to 15.9 per cent.
The Spanish economy is heavily dependent on tourism, which accounts for about 12 per cent of employment in the country. As a result, the economy experienced the highest decline in continental Europe. Spain imposed one of the strictest restrictions in Europe in the second quarter.
Performance of the Apple (Tradingview)
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