UK economy grew 1.8% in May as recovery from Covid-19 slump begins – business live

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Rolling coverage of the latest economic and financial news, including the first estimate of UK GDP in May

7.12am BST

Good morning. Britain’s economy has returned to growth for the first time since the Covid-19 pandemic forced the country to lock down.

But it’s still a quarter smaller than before the crisis began.
UK GDP rose by 1.8% in May, according to data just released by the latest estimate from the Office for National Statistics. That follows the record slump of 20.3% in April, and a 6.9% decline in March.

“Manufacturing and house building showed signs of recovery as some businesses saw staff return to work. Despite this, the economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck.

In the important services sector, we saw some pickup in retail, which saw record online sales. However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines.”

European Opening Calls:#FTSE 6100 -1.23%#DAX 12575 -1.76%#CAC 4972 -1.68%#AEX 571 -1.38%#MIB 19706 -1.49%#IBEX 7336 -1.23%#OMX 1719 -1.34%#STOXX 3293 -1.70%#IGOpeningCall

Quite an intra-session reversal for #US #stocks
After significant early gains, the #Dow ended flat while the S&P and #NASDAQ closed 0.9-2.1% lower.
These reversals pale in comparison to @Tesla‘s: 20 percentage point turnaround as the early 16% surge gave way to a 3% decline#tsla pic.twitter.com/sCXyU7pKCT

Tesla in half a day’s trading lost $50bn in market cap, having been sharply up recently. To put that in context, just the *change* in market value = roughly total market cap of PSA (Peugeot), FCA (Fiat), Nissan and Renault combined.

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