Markets resume slide amid Covid-19 fears; Chinese factory profits slump – as it happened

Rolling coverage of the latest economic and financial news, as China’s manufacturing sector and UK car makers are hit by the coronavirusFTSE 100 down 5.25% but still strongest week since Brexit vote aftermathRecord slump in Chinese factory profitsMike Ashley: sorry for Covid-19 mistakesCoronavirus – latest updatesSee all our coronavirus coverage 5.41pm GMT The positive run on European stock markets had to end at some point. Sure enough, after three days of strong gains, major indices were in retreat on Friday as more companies gave warning about their exposure to the crisis.Here are some of the important developments: Related: UK coronavirus live: rate of infection doubling every three to four days, says Gove Related: Coronavirus US live: House passes $2tn economic stimulus package Related: Coronavirus live news: record rise in Italy death toll takes total to 9,134, as France extends lockdown by two weeks 5.21pm GMT Some more details of employees in the media business who are being furloughed.The publisher of The Week, Dennis Publishing, will put 130 on leave.New: Dennis Publishing, owner of more than 50 brands including The Week and Men’s Fitness, is putting 130 staff on furlough until 1 June. Commercial and sales teams, central operations and the buyacar business to take the biggest hit. Continue reading…

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