Reuters reports that Goldman Sachs sharply cut Europe's fourth quarter economic forecasts as a surge in COVID-19 cases led to major countries announcing partial nationwide lockdowns for November.

Goldman Sachs said it expects the euro area's real GDP to shrink 2.3% in the fourth quarter, a sharp reversal from its earlier projection of 2.2% growth.

Similarly, it cut UK GDP growth forecasts to minus 2.4% from a 3.6% expansion it had earlier expected.