Europe Plunges Into Recession as Economy Suffers Record Contraction

FRANKFURT—Stringent lockdowns to prevent the spread of Covid-19 weighed closely on Europe’s financial system in the second quarter, leading to a document contraction extra severe than experienced by the U.S., but analysts mentioned the continent’s achievements so much in avoiding a resurgence of the disorder coupled with intense governing administration stimulus ought to support guidance a nascent restoration.

The eurozone’s gross domestic item fell 40.three% on an once-a-year basis, much exceeding the 32.nine% contraction in the U.S. financial system around the same period, in accordance to…