The FTSE 100 has endured its worst one-day loss for a month as the effects of coronavirus lockdowns on the global economy become clearer
Markets in France and Germany were more than 2% lower as wider sentiment was spooked by worse than expected figures showing a 3.8% contraction in eurozone economic growth during the first quarter of the year - figures covering only two weeks of lockdown conditions.
There was also, analysts said, a sense of disappointment after the European Central Bank failed to expand the scope of its asset purchase programme while keeping core interest rates at record lows.That was despite its new president, Christine Lagarde, warning that an"unprecedented" slump was looming.
A day after it was revealed that the US economy shrank by 4.8% between January and March, new figures showed total US claims for unemployment benefits had risen above 30 million.Some risk-off selling in New York failed to prevent the S&P 500 recording its best month for 33 years. In London, market analysts pointed to weak corporate earnings dragging the FTSE lower more widely on Thursday.Banking Group, which lost 7% on Wednesday as first quarter profits were wiped out by provisions for bad loans.He wrote in a note to clients:"Shell's decision is devastating to investors across the country as so many people own its shares directly or through their pension.
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