Global shares fall as optimism fades on coronavirus lockdown easing – as it happened

• European shares reverse earlier gains and oil prices fall, amid fears of a second Covid-19 wave in some countries; Wall Street also heads lower
• Airline stocks easyJet and IAG tumble on prospect of 14-day quarantine
• IAG to review plans to restart flights in July
• Heathrow calls for government plan to restart flights
• TfL to cut passenger numbers by 85%

3.15pm BST

After initial gains, European stock markets headed lower today amid fears over a second wave of coronavirus infections in some countries that have relaxed their lockdowns, such as South Korea, China, Germany and Lebanon.

In London, airline and energy stocks have been worst hit, with easyJet the biggest faller, after the UK government announced a new measure to quarantine passengers arriving from abroad by air.

2.56pm BST

The Bank of England's chief economist Andy Haldane said there is a risk that the coronavirus pandemic will cause a long-term hit to spending by businesses struggling with higher debts, and households worried about their job security.

He said on a Royal Economic Society webcast:

All crises leave scars and this crisis assuredly will be no exception.

Apparently Spotify downloads of the REM song It's the end of the world as we know it" peaked two weeks after the lockdown began and have been declining since. So perhaps, perhaps, we are seeing some stabilisation.