Bank of England's Haldane sees V-shaped recovery, but fears 1980s-level jobless surge - business live

Rolling coverage of the latest economic and financial news, as BoE chief economist says Covid-19 recovery is underway

• Latest: Haldane sees V-shaped recovery...
• ... but warns of 1980s-style youth jobless surge
• 9.3m workers now furloughed

Earlier:

• China's PMIs show recovery underway
• World markets have surged 18% this quarter
• Coronavirus - latest updates
• See all our coronavirus coverage

2.06pm BST

The Canadian economy has suffered its biggest ever monthly contraction.

Canadian GDP shrank by 11.6% in April alone, the most on record, as the Covid-19 lockdown had an all-too predictable impact on the economy.

CM on Cdn GDP: "We're disappointed in Statistics Canada's flash estimate for May which projects only a 3% rebound" pic.twitter.com/ZLUtOlflhE

1.51pm BST

Andy Haldane's claim that the UK economy is recovering faster than expected hasn't cheered the City much.

The FTSE 100 index of blue-chip shares has sunk by nearly 1%, or 55 points, back down to 6169 - wiping out much of Monday's rally.

S&P futures sliding back towards session lows, down 0.4% with just under an hour until the cash open