US inflation gauge highest since 1992; European markets hit record; France in recession – as it happened

Rolling coverage of the latest economic and financial news

• Latest: US core PCE hits highest since 1992
• Core PCE inflation up 3.1% year-on-year
• Broader PCE prices index highest since 2008

Earlier:

• France in recession after GDP downgrade
• Eurozone economic confidence rose in May
• European stock markets hit new high this morning
• Biden expected to propose $6tn US budget for 2022

6.03pm BST

And on that note, it's time to wrap up.

A key measure of US inflation has hit its highest level since 1992, the final year of George H. W. Bush's presidency. The closely watched core personal consumption expenditures (PCE) index increased by 3.1% in April, year-on-year, showing that inflationary pressures are building.

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Somebody is selling because 688M shares traded yesterday so retail is selling to retail at ever-higher prices," says @RichLightShed on $AMC. Ultimately this company doesn't make money....there's a good chance this company goes bankrupt." pic.twitter.com/pZRn7tSL3N

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5.55pm BST

AMC's surge seems to have petered out, with the stock now down 2% today....

AMC continuing with the extraordinary volatility. Lets see just how diamond those hands are going into the final hours of the trading week before a long holiday weekend. I suspect there are more looking for short-term profit than true believers... pic.twitter.com/3hlsH5ESUn