London stocks hammered as GDP shrinks, retail sales plunge

UK stock markets fell on Wednesday as data showed a nationwide shutdown crushed retail sales in April, while the economy shrank by a record 5.8% in March in further evidence of the business damage caused by the novel coronavirus outbreak. The retail index tumbled 1.2% after surveys showed British retail spending plunged by nearly a fifth and a broader measure of consumer spending fell by more than a third in April.

The blue-chip FTSE 100 was down 1%, snapping a five-day winning streak and wiping out most of the gains it made this month on hopes that an easing in restrictions would revive business activity. The mid-cap FTSE 250 also shed 1%, with travel stocks plummeting again after a warning from European travel company TUI about thousands of job cuts to ride out a virtual halt in global travel.

Oil and gas producer Premier Oil slumped 6.2% after saying it expects to be free cash flow neutral this year following a crash in oil prices.