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Rishi Sunak says GDP may fall 30 per cent due to COVID-19

Britain's gross domestic product (GDP) could fall by up to 30 per cent between April and June, finance minister Rishi Sunak told his colleagues as members of the cabinet call for easing lockdown restrictions amid the COVID-19 outbreak, reports said.

Sunak discussed the possibility of a 25 per cent to 30 per cent fall in GDP in the second quarter.


Reports revealed that ten ministers were pressing for the lockdown to be eased in May.

The report, however, did not identify those ministers.

"It's important that we don't end up doing more damage with the lockdown. We're looking at another three weeks of lockdown and then we can start to ease it," a minister said.

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Asian stocks lead global rally as gold and silver hit record highs

The broadest Asia-Pacific index outside Japan rose 0.4 per cent

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Asian stocks lead global rally as gold and silver hit record highs

Highlights

  • Asia-Pacific shares rise 26 per cent for year, marking best performance since 2017.
  • Gold surges 72 per cent in 2025 to reach $4,525.86 per ounce, while silver jumps 150 per cent to record $72.27 in best year ever.
  • US economy expands faster than expected in third quarter, pushing S&P 500 to closing record.

Asian stock markets led a global rally on Wednesday as shares held near record levels, while precious metals extended their bullish momentum to unprecedented highs as 2025 draws to a close.

The broadest Asia-Pacific index outside Japan rose 0.4 per cent, capping a 26 per cent gain for the year, its strongest performance since 2017.

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