German business morale hits record low; UK retail sales tumble - business live

Rolling coverage of the latest economic and financial news, as the Covid-19 lockdown hits spending in UK shops and confidence among German firms

• Latest: German business confidence hits record low
• UK retail sales slumped 5.1% last month
• Clothing sales crumbl, but alcohol sales surge
• Markets fall after Gilead drugs trial blow
• Coronavirus - latest updates
• See all our coronavirus coverage

2.58pm BST

Alarmingly, the slump in US durable goods orders last month is worse than during the 2008-09 crisis.

Orders for durable goods sank 14.4% in March as the coronavirus swept the country. The steep drop was the second biggest since the government began keeping track in the early 1990s. Orders never even fell that much during the 2007-2009 Great Recession. https://t.co/S4dYeeV3wU pic.twitter.com/iQSwiU3wVc

2.47pm BST

Back in the UK, the competition watchdog has warned it will set out measures to tackle concerns about refunds and cancellations in the travel industry after a surge in complaints.

The Competition and Markets Authority said four in five complaints to its coronavirus taskforce related to refunds and cancellations.

Related: All big UK airlines and travel firms denying refunds, Which? finds