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U.K. Economic Slump, Croatia’s Problems, Weak Dollar: Eco Day

Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

ABN Amro to Exit Corporate Finance Outside Europe in Revamp

ABN Amro Bank NV will stop providing corporate finance outside Europe and exit trade and commodity financing altogether as the Dutch bank tries to turn around an investment banking division hit hard by market chaos caused by the coronavirus crisis.

Commuters, wearing protective face masks, walk along a platform after arriving at London Waterloo railway station in London, U.K., on Aug. 3. Photographer: Jason Alden/Bloomberg

U.K. Has Worst Economic Slump in Europe With 20.4% Contraction

The U.K. economy suffered worse than any other major European nation during the coronavirus lockdowns, posting a 20.4% contraction in the second quarter that will raise more questions over the government’s handling of the pandemic.

An employee wearing a protective mask checks the temperature of customers outside an Apple Inc. store in Shanghai, China, on Monday, April 20, 2020. Chinese banks lowered borrowing costs and the government promised to sell another 1 trillion yuan ($141.3 billion) in bonds to pay for stimulus spending after the economy had its first contraction in decades due to the coronavirus outbreak.

Hon Hai Beats Profit Estimates After Pandemic Spurs Apple Demand

Key Apple Inc. partner Hon Hai Precision Industry Co. reported profit that beat estimates after the Covid-19 lockdown boosted demand for iPads and MacBooks assembled by the flagship unit of Foxconn Technology Group.

$Employees check latex gloves in the watertight test room at a Top Glove Corp. factory in Selangor, Malaysia, on Feb. 18.$

Eye-Popping Rally in Asian Glove-Maker Stocks Will Continue, Citi Says

The astonishing rally in Asian glove-maker stocks will extend further, as the coronavirus-led boom in demand shows no sign of abating, according to Citigroup Inc.

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