Dollar Retreats As U.S. GDP Growth Matches Expectations The U.S. dollar erased its early gains against its major opponents in the European session on Thursday, after a data showed that the nation’s economic growth matched economist estimates in the fourth quarter of 2020.
Data from the Commerce Department showed that real gross domestic product jumped by 4.0 percent in the fourth quarter after skyrocketing by 33.4 percent in the third quarter. The continued GDP growth came in line with expectations.
Despite the rebound in the second half of the year, GDP for 2020 contracted by 3.5 percent following the 2.2 percent growth seen in 2019.
UK Car Production Falls To Lowest Since 1984: SMMT
LONDON (dpa-AFX) - UK car production declined to the lowest in 36 years in 2020 amid the coronavirus pandemic, the Society of Motor Manufacturers and Traders, or SMMT, reported Thursday.
Car production decreased 29.3 percent to 920,928 units in 2020. This was the lowest output since 1984.
Production for local market fell 30.4 percent and that for exports decreased 29.1 percent from the last year. The EU remained the UK s biggest export destination, taking a 53.5 percent share.
Shipments to the US, Japan and Australia logged double-digit declines, while exports to China, ended the year up 2.3 percent.
Car production was down 2.3 percent to 71,403 in December, with some firms affected by border closures and thus component supply issues.
European Stocks Close Slightly Higher After Volatile Session
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks finished slightly up on Thursday after a somewhat volatile session, with investors reacting to quarterly earnings announcements and updates on coronavirus cases and vaccines.
The pan European Stoxx 600 edged up 0.1%. Germany s DAC gained 0.33% and France s CAC 40 climbed 0.93%, while the U.K. s FTSE 100 ended lower by 0.63% and Switzerland s SMI slid 0.5%.
Among other markets in Europe, Belgium, Denmark, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Spain, Turkey and Ukraine closed higher.
Czech Republic, Finland and Sweden drifted lower, while Austria and Russia ended flat.
In the UK market, Fresnillo gained nearly 6.5%, rebounding from recent losses. IAG, Glencore, Anglo American, M&G, Kingfisher, Melrose, B&M, Evraz, JD Sports Fashion, Rolls-Roye Holdings, ICP and Antofagasta gained 1.75 to 5%.