On Thursday, the European stock market crashed after the publication of the German GDP report and disappointing macroeconomic data. Germany's DAX traded 2.4% lower, to 12.516, France's CAC 40 fell 1.15%, to 4.901, and Britain's FTSE declined 1.65%, to 6.031. Germany's GDP report reflected a 10.1% decline in the German economy, the sharpest drop in history. Indicators of quarterly losses of European companies also had a detrimental effect on the dynamics of the European market. French carmaker Renault SA fell 2.8%, posting a record net loss of 7.29 billion euros in the first half of this year. Its German rival Volkswagen AG plunged 5.3%, posting an operating loss of 800 million euros in the first half. Shares of the Italian oil company ENI SpA fell 3.5% after the company reported a loss in the second quarter and cut dividends. France's Total recorded an asset impairment of $8.1 billion in the second quarter, but retained dividends. Only pharmaceutical companies showed growth. In particular, AstraZeneca gained 3.1% after reporting a second quarter net profit growth and testing of a coronavirus vaccine.
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