UK retailers suffer 'historic slide' in sales amid Covid-19 lockdown – business live

Rolling coverage of the latest economic and financial news, as UK retailers report cashflow problems and layoffs amid the pandemicLatest: April was worst month for retailers since 2009UBS sees deeper eurozone recessionBP underlying profits slide by two-thirdsUS crude oil has fallen to $11 per barrelCoronavirus – latest updatesSee all our coronavirus coverage 2.43pm BST Wall Street has hit a near seven-week high at the start of trading, matching the move in London today.The Dow Jones industrial average has risen by 314 points, or 1.3%, to 24,448, its highest level since Wednesday 11th March (during the worst week of the 2020 crash).U.S. markets open higher https://t.co/SHmYx47Ki7 pic.twitter.com/HMZaPwRzVS 2.42pm BST America’s trade deficit has widened, partly due to a collapse in sales of new cars and industrial equipment to overseas customers.The Commerce Department has reported that the gap between the goods bought and sold by the US expanded by 7.2% last month to $64.2bn. Although Americans did buy less from abroad, that was more than countered by a drop in exports.In March, goods imports dropped 2.4% to $191.9 billion after decreasing 2.5% in February.There were sharp decreases in imports of consumer goods and motor vehicles and parts. Imports of food, industrial supplies and capital goods rose last month. Continue reading…
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