The Federal Reserve reaffirmed its support for the US economy, but boss Jerome Powell said fresh government help was needed to help it through the virus crisisMoreUS and European equities sank Thursday on mounting corporate and economic evidence of the coronavirus-induced downturn, crystallised by the worst quarterly drop in US growth since records began after World War II.The slide came on the heels of a gloomy Federal Reserve warning over a US spike in COVID-19 infections, adding to fears of more job losses amid a pandemic that continues to pound the global economy.Major Asian trading hubs had managed to limit losses before the US Commerce Department revealed that the world's biggest economy contracted by one-third in the second quarter -- the worst decline on record.The Dow Jones Industrial Average had lost 1.1 percent in morning exchanges, while European indices nosedived.In Frankfurt, the benchmark DAX index closed 3.4 percent lower on data showing that Germany's powerful economy shrank by a record 10.1 percent in the second quarter.Elsewhere, London's FTSE 100 lost 2.3 percent and Paris fell by more than two percent on an avalanche of gloomy corporate earnings tied to the impact of the coronavirus."The record fall with (US) second quarter GDP puts an exclamation mark with the coronavirus recession," said Edward Moya, senior market analyst at OANDA."Germany,
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