In many ways, stockmarkets have been extraordinary in 2020

Basic information
Date of placement
10
0
0

How this year’s crash differs from bear markets of the past

Finance and economics | The Economist

Editor’s note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For our coronavirus tracker and more coverage, see our hub

WHEN A BEAR growls, it is natural to be frightened. Ditto in finance, where bear markets can mean rapid losses of wealth. The coronavirus pandemic led to the fastest equity bear market in history: the S&P 500 index, America’s main benchmark, took just 16 days in February to fall by 20%, the standard definition.

The bear also seems to have been an unusually short-lived member of its species. Although economic data have continued to deteriorate, share prices have staged a remarkable recovery. April was the S&P 500’s best month since January 1987. Having bottomed at 2,237 on March 23rd, it rallied by 27% by May 1st (see chart). Technically, that has put shares back into a bull market, even though they have yet to regain all their pre-pandemic losses.

One reason for this mismatch between the markets and the economy is that official attitudes to financial downturns have changed a lot since Andrew Mellon, America’s treasury secretary under President Herbert Hoover, argued after the crash of 1929 that downturns would “purge the rottenness out of the system”. Now central banks and governments respond vigorously to economic and financial trouble, and taxpayers may bear more of the burden of the crisis than investors. The swift partial recovery is just one way in which the bear market of 2020 has been an odd specimen.

The grizzly facts
It is far from clear how the term “bear market” originated. Daniel Defoe used the term “bearskin jobber” in the early 18th century. This may in turn be linked to a saying about how it was dangerous to sell a bearskin before catching the bear. Some speculators would agree to sell shares at the current price (but at a future date) even though they did not own them. To do this, they would borrow the shares, a practice known as “short-selling”, hoping to repay the loan with shares bought more cheaply. These bears thus wanted prices to fall. More optimistic investors became known as bulls. Some suggest this is because bulls strike up with their horns while bears swipe down with their paws.

The traditional template for a market cycle, outlined by Charles Kindleberger and Hyman Minsky, two economic historians, goes through five stages: displacement, boom, euphoria, crisis and revulsion. The “displacement” takes the form of some new, positive economic development—for example, a new technology, such as the internet—justifying greater prosperity.

Sure enough, a boom then occurs. Profits rise and investors steadily become more confident. Companies borrow to expand and investors take more speculative positions by, say, buying shares on margin (putting up only a small amount of the purchase price, with the rest to be paid later). In the boom’s early stages such strategies are highly profitable, and this encourages others to follow suit.

Enter euphoria. Property is often a particular focus of speculation: the peaks of bull markets are associated with the construction of skyscrapers. At the peak, people who do not normally speculate are drawn in: in the late 1990s, investors became “day traders” in technology stocks; in the early 2000s, more people became homeowners to profit from rising property prices. Because asset prices look high on conventional measures, optimists make up new ones to justify them (eg, price-per-click for internet companies). Sceptics are dismissed as dinosaurs who just “don’t get it”.

Eventually, the boom leads to inflation, as companies compete for scarce raw materials and workers. Central banks respond by pushing up interest rates. At first, this makes little difference. But eventually something happens to dent confidence. It can be hard to pinpoint what: it may simply be that a few investors decide to cash in and take their profits. But once prices stop rising, the machine starts going into reverse.

As asset prices fall, those who have bought on margin, or with borrowed money, are forced to sell. Banks become reluctant to lend. Nervous about the value of collateral, they ask some borrowers to repay. Novice buyers retreat from the market as the prospect of juicy gains becomes uncertain. So it is difficult for forced sellers to find new buyers. The fall accelerates.

Often a scandal is uncovered. Booms are an ideal opportunity for what J.K. Galbraith, a Canadian-American economist, called the “bezzle”: fraudulent schemes that allow insiders to bilk the public. Or the problem may simply be that executives at a company are revealed to have taken far more risks than was prudent. The Depression brought the collapse of the utilities empire built by Samuel Insull; another utility group, Enron, imploded during the bear market of 2000-02.

Sore heads
Some parts of the template do fit the conditions of 2020. The bear market followed one of history’s longest bull runs, which began back in March 2009. The displacement that started the boom was central banks’ decisions to cut interest rates to new lows and to use quantitative easing to force down bond yields to support economic growth. Ever since, one of the most common arguments for buying equities was that the yields on government bonds and cash were so low.

As in previous bull markets, equity valuations rose substantially. Robert Shiller, a Nobel prize-winning economist, compiles a valuation measure which averages profits over ten years, called the cyclically adjusted price-earnings ratio (CAPE). At the start of 2020 the CAPE for the American market was 31. That compared with a historical average of 17, and peaks of 44 at the end of 1999 (during the dotcom boom) and 33 in August 1929.

When shares trade at a high multiple of past profits, the implication is that investors expect future profits to grow rapidly. But even before the pandemic, the trend was not encouraging. According to the Bureau of Economic Analysis, American corporate profits were flat in 2019. Furthermore, the world economy slowed in the face of the Sino-American trade war. Global growth was just 2.4% last year, the weakest since the financial crisis of 2007-09. Commodity prices, which usually surge at the end of a boom, drifted down after May 2018.

Another sign of impending trouble was in the bond market. Usually, the cost of long-term borrowing is higher than that of short-term finance; lenders demand more for locking up their money. But sometimes short rates are higher—a state known as an inverted yield curve, which often occurs before a recession. Parts of the yield curve inverted in March 2019 and the phenomenon has reappeared at various times since, most recently in January 2020. So share prices might have fallen even without the coronavirus.

Polar opposites
But in other respects, the coronavirus crash does not fit the template neatly. There was no inflationary surge at the end of the boom. The personal consumption expenditure index, the inflation measure targeted by the Federal Reserve, rose by just 1.8% in the year to January, just before the stockmarket declined. The Fed was cutting interest rates, not increasing them, even before the pandemic started.

Another difference is the scale of the authorities’ response. In America, Congress has approved $3trn of tax cuts and spending increases, while the Fed has cut interest rates to nearly zero and expanded its asset-buying programme, even agreeing to buy riskier high-yield corporate bonds. In Britain, the government is guaranteeing loans to small businesses and paying 80% of the wages of furloughed workers. These measures have buoyed market sentiment, as has evidence that the number of cases and deaths from the coronavirus may have peaked. As well as a rally in equities, the high-yield bond market has picked up (which means that borrowing costs have fallen).

Of course, the enormous support given by the authorities has been designed to offset the economic damage caused by their attempts to contain the disease. Around 30m American workers have signed up for unemployment benefits in six weeks; the previous record for a six-week stretch was just under 4m, in 1982. The European Union’s GDP fell by 3.5% in the first quarter of the year, which included only a few weeks of lockdown.

These extremes make valuations hard for investors to assess. It is as if someone tuned on a scalding hot shower and then reacted by emptying a bucket of ice over themselves. And there are few historical parallels. The outbreak of the first world war was also a genuine shock, but the authorities quickly closed stock exchanges, so it is not a useful basis for comparison. Furthermore, wars usually involve a massive increase of industrial activity, to produce armaments, rather than the current lockdown.

Emerging from hibernation
Usually, bear markets tend to be drawn out as falling asset prices interact with, and exacerbate, economic downturns. The classic example was the Depression, which was linked both to widespread banking failures and the stockmarket crash that began in 1929. The collapse of property prices and the banking sector in 2007 and 2008 led to a recession across the West.

But the “revulsion” stage of the bear-market template may be yet to occur. The authorities have stopped the rot on Wall Street, but Main Street is still suffering. Second-quarter figures may show some economies shrinking at an astonishing rate, of 20% or more. The IMF, which expects global GDP to decline by 3% this year, says that “the magnitude and speed of collapse in activity...is unlike anything experienced in our lifetimes.”

The impact on companies will inevitably be severe. S&P, a rating agency, estimates that the default rate on the riskiest European bonds will jump from 2.2% to 8% this year. Firms are slashing dividends. Royal Dutch Shell has cut its payout for the first time since the second world war. Robert Buckland of Citigroup estimates that European profits and dividends will fall by half this year. In 2019 American companies spent $729bn on buying back their own shares, an important source of support for the market. Many have suspended buybacks, including the eight banks deemed “globally systemically important” by the Basel Committee on Banking Supervision.

So although the origins of the bear market may be unusual, and the support from central banks and governments have been substantial, the same feedback process seen in other downturns could yet occur. Bad debts may rise, and investors may lose their enthusiasm for risky financial assets for an extended period.

In the wild, bears are likely to run away when they hear a lot of noise. So perhaps the authorities have done enough to scare this one off. But with most countries still in lockdown, we are unlikely to be out of the woods yet.

Reuse this contentThe Trust Project

(0)
0.0
Dislike 0
ОТН 0
Like 0

News list


15:50 Home prices in NL to increase 4% this year: ABN Amro
15:43 ‘Artefact detectives’ in Iraq aim to end the theft of their history
15:39 Archaeologists & filmmakers dig up the past of UAE’s Shamash temple
15:30 Moderation
15:05 [Ticker] Sweden halts Iran Air flights after crash
15:01 Middle East crisis: EU's delicate balancing act between Washington and Tehran
15:00 Dutch soldiers in Iraq safe, together, Defense Min. says
14:59 Outrage over reports EU-funding linked to forced labour in Eritrea
14:45 Meeting between the College of Commissioners and the Members of the Parliamentary Groups
14:33 [Ticker] Spanish court: EP must end Catalan MEP immunity
14:10 Boy, 10, randomly assaulted by woman on Haarlem street
14:01 Dutch cabinet now in favor of new fireworks limits and regulations
14:00 Girls more likely to be harassed, stalked online
13:51 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 2/3
13:49 [Ticker] Orban to offer free IVF in anti-immigrant move
13:27 Hate speech has 'no place' in Austria, says Kurz, after Bosnian-born minister receives abuse
13:20 Dutch car rolls in Belgium; deceased victims discovered hours later
13:00 Trump proposes 'NATOME': NATO expanded to MidEast
12:35 Lack of career prospects leaves care workers to quit, says report
12:35 Singer songwriter Jeangu Macrooy is Dutch Eurovision entry- AD
12:35 Defrosted kingfisher rejoins museum collection of dead animals
12:35 Saba again present at Holiday Fair - Saba News
12:35 Politicians should take responsibility for their own laws, says legal chief
12:35 ChristenUnie calls for firework clubs, backs ban on consumer sales
12:35 Good weather will bring clear views of partial lunar eclipse
12:35 'Explosive' growth in Amsterdam hotels despite stricter limits
12:35 More violent incidents at New Year, but fewer people are arrested
12:30 Number of hotels in Amsterdam region skyrocketing: report
12:05 [Ticker] Von der Leyen: 'Influential' EU means talk and trade
12:00 Pope Francis: "US-Iran tensions threaten rebuilding of Iraq"
11:40 More than 9,300 incidents over New Year's: police
11:30 Friends of plane crash victims mourn loss
11:21 EC Midday press briefing of 10/01/2020
11:20 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 1/3
11:18 Croatian Presidency of EU Council: press conference opening remarks by President von der Leyen
11:15 Croatian Presidency of EU Council: opening remarks by Croatian Prime Minister and President of EC
11:00 DUTCH RAILROAD CROSSING - Geldermalsen - Voetakkerweg
11:00 DUTCH RAILROAD CROSSING - Prinsenbeek - Spoorstraat
10:50 Girl, 10, dies after falling from asylum center's window
10:43 Compilatie 24H ‘Ontdek je stad’ 2019
10:32 Ontdek Amerfoort #Citytrip
10:26 UK accused of 'behaving like cowboys' over EU database copying
10:26 Men in west London have highest male life expectancy in EU - Life expectancy
10:24 Ursula Von Der Leyen and Croatian PM Andrej Plenkovic talk to the press | LIVE
10:00 Car with possible explosives found in Gelderland town; link with ATM bombing investigated
09:40 Viktor Orbán threatens new Europe grouping to rival 'weaker' EPP
09:39 Stockpiling for the New Year
09:37 European ministers meet to salvage Iran nuclear deal
09:35 President von der Leyen meets with Andrej Plenkovic, Croatian Prime Minister
09:30 Dutch Listening Practice - Talking About a School Trip in the Netherlands
09:28 [Ticker] Johnson suggests Iran crash was 'unintentional' missile
09:22 In Myanmar Armys Corner, Aung San Suu Kyi Will Defend It in Rohingya Genocide Case
09:16 Trudeau: Canadians deserve answers on plane crash
09:10 Man, 68, arrested for taping jerry can to Leeuwarden train
09:09 Iran denies that it brought down Ukrainian plane with a missile
08:49 Ask Our Astronaut | What's next in space exploration?
08:18 8 teams who saw their seasons ruined by international breaks
08:17 Judiciary Council calls politicians to stop blaming judges for unpleasant rulings
07:45 Iranian missile caused crash of Ukrainian Boeing 737: Officials
07:39 House of Commons passes Brexit bill for UK departure from EU on January 31
07:37 Gay, bisexual young people over twice as likely to be harassed, stalked online
07:01 Canadian PM called PM Rutte about MH17 after Tehran plane crash
06:37 Only let specialized clubs light fireworks, coalition party says
06:27 [Ticker] Swiss afraid of EU wage dumping
06:25 [Ticker] Orban to start new EU movement if kicked out of EPP
06:24 [Ticker] EU blasts Israeli settlements on 'occupied' land
06:15 Croatian PM Optimistic About EU Talks For North Macedonia, Albania
06:10 ABN Amro names PwC's former Dutch chairman as new CEO
06:07 South Mississippi Strong- Mag Holland is an angel devoted to helping others
06:04 MEPs slam UK for violating EU police database
06:03 EU regions: don’t touch cohesion funds for Green Deal
06:02 [Opinion] Europe, Scotland and Brexit - what next?
06:02 [Ticker] Brexit back on EU presidency agenda next week
06:01 [Ticker] President of European Court of Justice lambasts Poland
06:01 [Ticker] Athens asks for US help in east Mediterranean
06:01 [Ticker] Ukraine investigators want to search Iran plane crash site
04:32 How polluted is the air where you live?
04:14 Poisonous caterpillar to strike earlier than usual this year

11:18 Croatian Presidency of EU Council: press conference opening remarks by President von der Leyen
10:50 Girl, 10, dies after falling from asylum center's window
10:43 Compilatie 24H ‘Ontdek je stad’ 2019
09:35 President von der Leyen meets with Andrej Plenkovic, Croatian Prime Minister
09:28 [Ticker] Johnson suggests Iran crash was 'unintentional' missile
07:45 Iranian missile caused crash of Ukrainian Boeing 737: Officials
07:37 Gay, bisexual young people over twice as likely to be harassed, stalked online
06:24 [Ticker] EU blasts Israeli settlements on 'occupied' land
04:14 Poisonous caterpillar to strike earlier than usual this year
14:10 Boy, 10, randomly assaulted by woman on Haarlem street
13:51 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 2/3
13:20 Dutch car rolls in Belgium; deceased victims discovered hours later
11:40 More than 9,300 incidents over New Year's: police
11:20 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 1/3
10:32 Ontdek Amerfoort #Citytrip
09:40 Viktor Orbán threatens new Europe grouping to rival 'weaker' EPP
09:16 Trudeau: Canadians deserve answers on plane crash
09:10 Man, 68, arrested for taping jerry can to Leeuwarden train
09:09 Iran denies that it brought down Ukrainian plane with a missile
07:01 Canadian PM called PM Rutte about MH17 after Tehran plane crash
06:37 Only let specialized clubs light fireworks, coalition party says
06:15 Croatian PM Optimistic About EU Talks For North Macedonia, Albania
06:01 [Ticker] President of European Court of Justice lambasts Poland
06:01 [Ticker] Ukraine investigators want to search Iran plane crash site
15:50 Home prices in NL to increase 4% this year: ABN Amro
15:43 ‘Artefact detectives’ in Iraq aim to end the theft of their history
15:39 Archaeologists & filmmakers dig up the past of UAE’s Shamash temple
15:30 Moderation
15:05 [Ticker] Sweden halts Iran Air flights after crash
15:01 Middle East crisis: EU's delicate balancing act between Washington and Tehran
15:00 Dutch soldiers in Iraq safe, together, Defense Min. says
14:59 Outrage over reports EU-funding linked to forced labour in Eritrea
14:45 Meeting between the College of Commissioners and the Members of the Parliamentary Groups
14:33 [Ticker] Spanish court: EP must end Catalan MEP immunity
14:01 Dutch cabinet now in favor of new fireworks limits and regulations
14:00 Girls more likely to be harassed, stalked online
13:49 [Ticker] Orban to offer free IVF in anti-immigrant move
13:27 Hate speech has 'no place' in Austria, says Kurz, after Bosnian-born minister receives abuse
13:00 Trump proposes 'NATOME': NATO expanded to MidEast
12:35 Lack of career prospects leaves care workers to quit, says report
12:35 Singer songwriter Jeangu Macrooy is Dutch Eurovision entry- AD
12:35 Defrosted kingfisher rejoins museum collection of dead animals
12:35 Saba again present at Holiday Fair - Saba News
12:35 Politicians should take responsibility for their own laws, says legal chief
12:35 ChristenUnie calls for firework clubs, backs ban on consumer sales
12:35 Good weather will bring clear views of partial lunar eclipse
12:35 'Explosive' growth in Amsterdam hotels despite stricter limits
12:35 More violent incidents at New Year, but fewer people are arrested
12:30 Number of hotels in Amsterdam region skyrocketing: report
12:05 [Ticker] Von der Leyen: 'Influential' EU means talk and trade
12:00 Pope Francis: "US-Iran tensions threaten rebuilding of Iraq"
11:30 Friends of plane crash victims mourn loss
11:21 EC Midday press briefing of 10/01/2020
11:15 Croatian Presidency of EU Council: opening remarks by Croatian Prime Minister and President of EC
11:00 DUTCH RAILROAD CROSSING - Geldermalsen - Voetakkerweg
11:00 DUTCH RAILROAD CROSSING - Prinsenbeek - Spoorstraat
10:26 UK accused of 'behaving like cowboys' over EU database copying
10:26 Men in west London have highest male life expectancy in EU - Life expectancy
10:24 Ursula Von Der Leyen and Croatian PM Andrej Plenkovic talk to the press | LIVE
10:00 Car with possible explosives found in Gelderland town; link with ATM bombing investigated
09:39 Stockpiling for the New Year
09:37 European ministers meet to salvage Iran nuclear deal
09:30 Dutch Listening Practice - Talking About a School Trip in the Netherlands
09:22 In Myanmar Armys Corner, Aung San Suu Kyi Will Defend It in Rohingya Genocide Case
08:49 Ask Our Astronaut | What's next in space exploration?
08:18 8 teams who saw their seasons ruined by international breaks
08:17 Judiciary Council calls politicians to stop blaming judges for unpleasant rulings
07:39 House of Commons passes Brexit bill for UK departure from EU on January 31
06:27 [Ticker] Swiss afraid of EU wage dumping
06:25 [Ticker] Orban to start new EU movement if kicked out of EPP
06:10 ABN Amro names PwC's former Dutch chairman as new CEO
06:07 South Mississippi Strong- Mag Holland is an angel devoted to helping others
06:04 MEPs slam UK for violating EU police database
06:03 EU regions: don’t touch cohesion funds for Green Deal
06:02 [Opinion] Europe, Scotland and Brexit - what next?
06:02 [Ticker] Brexit back on EU presidency agenda next week
06:01 [Ticker] Athens asks for US help in east Mediterranean
04:32 How polluted is the air where you live?

15:50 Home prices in NL to increase 4% this year: ABN Amro
15:43 ‘Artefact detectives’ in Iraq aim to end the theft of their history
15:39 Archaeologists & filmmakers dig up the past of UAE’s Shamash temple
15:30 Moderation
15:05 [Ticker] Sweden halts Iran Air flights after crash
15:01 Middle East crisis: EU's delicate balancing act between Washington and Tehran
15:00 Dutch soldiers in Iraq safe, together, Defense Min. says
14:59 Outrage over reports EU-funding linked to forced labour in Eritrea
14:45 Meeting between the College of Commissioners and the Members of the Parliamentary Groups
14:33 [Ticker] Spanish court: EP must end Catalan MEP immunity
14:10 Boy, 10, randomly assaulted by woman on Haarlem street
14:01 Dutch cabinet now in favor of new fireworks limits and regulations
14:00 Girls more likely to be harassed, stalked online
13:51 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 2/3
13:49 [Ticker] Orban to offer free IVF in anti-immigrant move
13:27 Hate speech has 'no place' in Austria, says Kurz, after Bosnian-born minister receives abuse
13:20 Dutch car rolls in Belgium; deceased victims discovered hours later
13:00 Trump proposes 'NATOME': NATO expanded to MidEast
12:35 Lack of career prospects leaves care workers to quit, says report
12:35 Singer songwriter Jeangu Macrooy is Dutch Eurovision entry- AD
12:35 Defrosted kingfisher rejoins museum collection of dead animals
12:35 Saba again present at Holiday Fair - Saba News
12:35 Politicians should take responsibility for their own laws, says legal chief
12:35 ChristenUnie calls for firework clubs, backs ban on consumer sales
12:35 Good weather will bring clear views of partial lunar eclipse
12:35 'Explosive' growth in Amsterdam hotels despite stricter limits
12:35 More violent incidents at New Year, but fewer people are arrested
12:30 Number of hotels in Amsterdam region skyrocketing: report
12:05 [Ticker] Von der Leyen: 'Influential' EU means talk and trade
12:00 Pope Francis: "US-Iran tensions threaten rebuilding of Iraq"
11:40 More than 9,300 incidents over New Year's: police
11:30 Friends of plane crash victims mourn loss
11:21 EC Midday press briefing of 10/01/2020
11:20 2nd EU Clean Air Forum (Bratislava, 28-29 November 2019) - Part 1/3
11:18 Croatian Presidency of EU Council: press conference opening remarks by President von der Leyen
11:15 Croatian Presidency of EU Council: opening remarks by Croatian Prime Minister and President of EC
11:00 DUTCH RAILROAD CROSSING - Geldermalsen - Voetakkerweg
11:00 DUTCH RAILROAD CROSSING - Prinsenbeek - Spoorstraat
10:50 Girl, 10, dies after falling from asylum center's window
10:43 Compilatie 24H ‘Ontdek je stad’ 2019
10:32 Ontdek Amerfoort #Citytrip
10:26 UK accused of 'behaving like cowboys' over EU database copying
10:26 Men in west London have highest male life expectancy in EU - Life expectancy
10:24 Ursula Von Der Leyen and Croatian PM Andrej Plenkovic talk to the press | LIVE
10:00 Car with possible explosives found in Gelderland town; link with ATM bombing investigated
09:40 Viktor Orbán threatens new Europe grouping to rival 'weaker' EPP
09:39 Stockpiling for the New Year
09:37 European ministers meet to salvage Iran nuclear deal
09:35 President von der Leyen meets with Andrej Plenkovic, Croatian Prime Minister
09:30 Dutch Listening Practice - Talking About a School Trip in the Netherlands
09:28 [Ticker] Johnson suggests Iran crash was 'unintentional' missile
09:22 In Myanmar Armys Corner, Aung San Suu Kyi Will Defend It in Rohingya Genocide Case
09:16 Trudeau: Canadians deserve answers on plane crash
09:10 Man, 68, arrested for taping jerry can to Leeuwarden train
09:09 Iran denies that it brought down Ukrainian plane with a missile
08:49 Ask Our Astronaut | What's next in space exploration?
08:18 8 teams who saw their seasons ruined by international breaks
08:17 Judiciary Council calls politicians to stop blaming judges for unpleasant rulings
07:45 Iranian missile caused crash of Ukrainian Boeing 737: Officials
07:39 House of Commons passes Brexit bill for UK departure from EU on January 31
07:37 Gay, bisexual young people over twice as likely to be harassed, stalked online
07:01 Canadian PM called PM Rutte about MH17 after Tehran plane crash
06:37 Only let specialized clubs light fireworks, coalition party says
06:27 [Ticker] Swiss afraid of EU wage dumping
06:25 [Ticker] Orban to start new EU movement if kicked out of EPP
06:24 [Ticker] EU blasts Israeli settlements on 'occupied' land
06:15 Croatian PM Optimistic About EU Talks For North Macedonia, Albania
06:10 ABN Amro names PwC's former Dutch chairman as new CEO
06:07 South Mississippi Strong- Mag Holland is an angel devoted to helping others
06:04 MEPs slam UK for violating EU police database
06:03 EU regions: don’t touch cohesion funds for Green Deal
06:02 [Opinion] Europe, Scotland and Brexit - what next?
06:02 [Ticker] Brexit back on EU presidency agenda next week
06:01 [Ticker] President of European Court of Justice lambasts Poland
06:01 [Ticker] Athens asks for US help in east Mediterranean
06:01 [Ticker] Ukraine investigators want to search Iran plane crash site
04:32 How polluted is the air where you live?
04:14 Poisonous caterpillar to strike earlier than usual this year
I agree and close
x Cookies text