FTSE 100 hits seven-week high despite slump in UK retail sales and US confidence - as it happened
Rolling coverage of the latest economic and financial news, as UK retailers report cashflow problems and layoffs amid the pandemic
- Latest: US consumer morale lowest since 2014
- April was worst month for retailers since 2009
- UBS sees deeper eurozone recession
- US crude oil has fallen to $11 per barrel
- Coronavirus - latest updates
- See all our coronavirus coverage
5.15pm BST
Time for a recap.
European stock markets have hit their highest levels in seven weeks, despite another torrent of bad economic data.
The @Conferenceboard consumer confidence index fell 31.9pts in April (sharpest decline since 1973) to lowest since 2014:
- present situation fell a record 90.3pt to 76.4: lowest since GFC
- expectations *improved* 7pt to 93.8 on hope of "re-opening" but income outlook worse pic.twitter.com/QU1585nWND
Related: UK retail suffering from collapse in consumer spending, says CBI
Related: BP plunges into first-quarter loss after oil price collapse
Related: HSBC could have to put aside 8.8bn to cover bad debts in coronavirus crisis
5.01pm BST
Earlier today, UK's financial watchdog fired a warning shot at Britain's banks not to pressure corporate clients to give them work in return for financial assistance in the crisis.
The FCA suspects that some banks have been demanding to take part in lucrative jobs such as share sales, in return for agreeing to emergency loans. Pretty unprofessional if so!
Related: FCA warns banks not to put pressure on clients during Covid-19 crisis
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