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London stocks hammered as GDP shrinks, retail sales plunge

Published 05/13/2020, 03:13 PM
Updated 05/13/2020, 03:20 PM
© Reuters.
UK100
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TUI1n
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FTMC
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FTNMX405010
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100, FTSE 250 down 1%

May 13 (Reuters) - 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 .FTNMX5370 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 .FTSE 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 .FTMC also shed 1%, with travel
stocks .FTNMX5750 plummeting again after a warning from
European travel company TUI TUIGn.DE about thousands of job
cuts to ride out a virtual halt in global travel. Oil and gas producer Premier Oil PMO.L slumped 6.2% after
saying it expects to be free cash flow neutral this year
following a crash in oil prices.

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