Half Of Europe’s Small Businesses Face Bankruptcy As CCP Virus Cases Spike
European equities slumped to near one-month lows on Thursday, as soaring COVID-19 cases across the continent weighed on sentiment. In recent months, virus cases have spiked across Europe, with Spain becoming the first country on the continent to surpass the one million infection mark. At the same time, Italy has just set a record increase in daily cases.
The surge in European coronavirus cases has shifted sentiment lower for businesses, with downside risks emerging for the continent’s economy in the fourth quarter.
Bloomberg, citing a new McKinsey & Co. survey conducted in August, describes a particularly gloomy outlook for Europe’s small and medium-sized businesses, warns that at least half of them could enter into bankruptcy proceedings in the next year if revenues continue to stagnate.