Global stock markets plunged again as investors signalled that the economic fallouts across the world of a severe coronavirus pandemic could be as bad as the global financial crisis.

Germany entered 2020 with a flatlining economy and manufacturers in distress, leaving it ill prepared for continued trade uncertainty and the new coronavirus threat.

Philips will complete its transformation to a health technology business with the sale of its domestic appliances division, which no longer fits with the company’s range of hospital equipment and personal health products.

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Slumping exports sent Germany’s economy into reverse in the second quarter, with prospects of an early recovery slim as its manufacturers struggle at the sharp end of a global slowdown amplified by tariff conflicts and the fallout from Brexit.

Germany’s unemployment rate edged up to 5% in July as the summer holidays weighed on hiring and worries increase about the strength of Europe’s biggest economy.

Global shares rose on the belief more central banks will be forced to cut interest rates to shelter the global economy from the trade wars, but crash-out Brexit fears weighed heavily on sterling.

Europe’s economic outlook has been thrown into fresh doubt after reports showed weakness across France and Germany.

Sterling fell against the euro and the dollar yesterday as a key survey suggested the UK’s services industries, which includes its giant finance industry, is coming close to stagnating because of the uncertainty of Brexit.

Britain’s economic growth slowed to a crawl at the end of 2018, according to new data, less than three months before Brexit.

Italian assets were pummeled again yesterday on mounting concern over the populist coalition’s fiscal plans, with the moves rippling across European debt markets.

Sterling swung between gains and losses yesterday, whipsawed by headlines surrounding the status of the UK’s eventual exit from the EU.

Sterling slid for a second day as the markets weighed up the potential Tory challengers to UK Prime Minister Theresa May’s leadership and warned of more “choppy” times ahead.

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Philips said it expects sales growth to accelerate over the remainder of the year after US orders jumped 9% in the second quarter.

Britain’s economy is likely to lose momentum in the second half of 2017, according to a closely watched survey that could disappoint some Bank of England officials who want to raise interest rates for the first time in a decade.

The pound plunged following a shock exit poll that indicated that the Conservatives have fallen short of an overall majority, resulting in a prospective hung parliament.

Sterling hit its highest level against the dollar in almost two weeks, before easing slightly, buoyed by investor expectations that the Conservative Party would be victorious in tomorrow’s general election and would probably win a majority of parliamentary seats.

British consumer spending increased at the slowest annual pace in more than three years in the first three months of 2017, in a further sign that one of the economy’s main engines is losing steam as Brexit preparations begin.

Economic sentiment in the eurozone surged to a post-crisis record in December and German industrial orders pointed to a busy final quarter for factories in Europe’s powerhouse with the government expecting the upswing to carry into 2017.

Output in Britain's manufacturing sector reached its highest level for more than two years as the industry continued to bounce back from a post-Brexit vote slump.

Economic sentiment in the 19 countries sharing the euro fell in August to its lowest level since March, a further indication that morale is weakening after Britain voted to leave the EU.

German growth slowed less than predicted in the second quarter while Italian output unexpectedly stagnated, signalling diverging fortunes for two of the region’s biggest economies as they brace for any fallout from Britain’s decision to leave the EU.

The Bank of England confirmed it would press on with a £60bn economy-boosting plan despite hitting an early stumbling block.

The pound climbed from a one-week low as a report showed the UK unemployment rate fell below 5% for the first time since 2005.

China’s economy expanded slightly faster than expected in the second quarter, new data shows, but private investment growth shrank to a record low, suggesting future weakness which could pressure the country’s government to roll out more support measures.

Sterling rose against the euro yesterday after the path was cleared for UK home secretary Theresa May to be appointed prime minister, as S&P Global Ratings sounded its concerns over the “the vulnerability” of the British housing market.

Investment bank UBS has told clients to brace for possible trading hiccups while money transfer firms are also suspending services amid fears of dramatic currency swings caused by the Brexit vote.

The ECB is asking the larger banks it oversees to analyse the risks they would face if the UK left the EU.

China’s national debt will continue climbing for another four years, underscoring the risks facing policymakers as they strive to prevent a deeper slowdown without triggering a credit blowout.

The eurozone economy notched up modest growth in the final three months of last year, showing the bloc has little muscle to shrug off the globe’s mounting economic problems.

Sterling fell to its lowest level against the dollar since 2009 but was little changed against the euro at almost 76.5 pence after Bank of England governor Mark Carney yesterday signalled a boost to UK interest rates is still some way off.

Confidence among UK services firms slid to a three-year low last month as the risk of Britain exiting the European Union weighed on executives’ minds.

Dutch co-operative bank Rabobank plans to lay off nearly a fifth of its workforce to boost profits and prepare for tougher European banking guidelines.

Business activity in the eurozone picked up at its fastest pace since mid-2011 this month, and far quicker than expected, as slowing growth in France following the November 13 attacks was offset by a buoyant Germany.

Eurozone industrial production declined in line with expectations in August, as the energy sector reversed gains made in July, while only durable consumer goods output showed robust expansion.

Most eurozone bond yields fell yesterday, including the cost of borrowing for the Irish Government, after ECB policy makers hinted at their readiness to modify or expand their unprecedented stimulus programme should market turbulence warrant further action.

Confidence in the eurozone’s economy edged up to a new four-year high in August, as rising domestic demand marginally outweighed a worsening view of export prospects and the mood brightened, particularly in France and Spain.

A bigger-than-expected drop in eurozone industrial output in June suggests that gross domestic product growth data, due out tomorrow, might also disappoint.

German industrial orders unexpectedly dropped in February, partly because companies got fewer major contracts, after bookings already plunged in January, suggesting manufacturers had a subdued start to 2015 in Europe’s largest economy.