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Europe sees surge in COVID-19 cases, restrictions tighten

Europe is seeing a surge in COVID-19 cases, causing restrictions to tighten. Yahoo Finance's Kumutha Ramanathan shares the details.

Video Transcript

JULIE HYMAN: Let's go to Europe now. Our Kumutha Ramanathan is joining us to talk about what's going on in the UK as well as on the continent.

KUMUTHA RAMANATHAN: Thank you, Julie. Yes, the news out today is that in fact, the numbers have gone up so high that in London specifically, the government wants to tighten restrictions. They've moved now to a level two, which is basically a high alert status in the three alert system. People will be able to only mix within their household, not other households. The restrictions not only apply to homes, but also to restaurants and pubs, pubs being the heartbeat of the UK economy. So as I'm sure you can imagine, this is news that has not been received well, but London's mayor, Sadiq Khan, wanted to defend the decision that had to be made. He said, and I quote, "It's better to act earlier than to act too late, which would cost more lives in the long run."

But of course, the fallout has been swift, starting with some of the trade bodies that reached out to us. One of them, most importantly, the trade UK Hospitality, they represent a lot of restaurants, as well as, you know, social gathering spaces in this city. They say that this is catastrophic for their industry. According to the London Chamber of Commerce, they say that more financial support specifically needs to be put in place in order to help this sector be able to survive the next few months, potentially into next year as well. On the back of the news, as I'm sure you can imagine, the pound had fallen against the euro as much as 0.4% and then the dollar as much as 0.9%.

Now, this is spreading across the continent. In Italy, we've had reported cases up over 7,000, partly due to higher testing levels, than we saw in March, but still a higher number, so something to keep out for watch for rather. And then in France, Emmanuel Macron has announced that the country's largest cities, including Paris, are going to also be facing a 9 PM curfew. That starts on Saturday, so lots of news coming out of Europe. Tough times ahead, but these are definitely restrictions we all know need to be made.

JULIE HYMAN: Yes, indeed, if we want to try to stem the further spread. Thank you so much, Kumutha, appreciate it.