Bloomberg German unemployment surged in June as one of country’s leading economic research institutes warned of a slower-than-expected economic recovery from the coronavirus pandemic. Another sharp gain last month has taken the number of job losses in the second quarter to 678,000 and the total to just below 3 million, a threshold not broken since 2011. Yet more redundancies were ...

Bloomberg Hedge funds that bought credit insurance on Wirecard AG debt are among those in line for a windfall of as much as $212 million after the disgraced German payments company filed for insolvency last week. A committee of traders ruled that Wirecard has gone through a so-called bankruptcy credit event, triggering payouts to holders of credit-default swaps. These contracts ...

Bloomberg Factories across the euro area recorded a stronger performance than initially reported in June, with consumer-goods producers growing again. But despite countries easing restrictions and life slowly returning to normal, output continued to contract and demand — especially among exporters — remained weak. In a sign that the pandemic has been inflicting lasting damage on the economy, all of ...