Rolling coverage of the latest economic and financial news, as China’s economic activity surprisingly returns to growth
- Latest: European markets have jumped this morning
- 11am BST: FTSE 100 up 88 points or 1.6%
- Introduction: Chinese PMIs show economy strengthening
- Composite PMI surged to 53, from 28.9
- Coronavirus – latest updates
- See all our coronavirus coverage
12.21pm BST
Lloyds has backed down amid fierce criticism of UK banks taking personal guarantees from SME bosses in return for loans during the Covid-19 crisis:
It says:
“We understand the challenges facing our customers at the moment and can confirm that, for the period of the Government CBILS scheme, for businesses that need support due to the Coronavirus outbreak, we will not seek personal guarantees for any new financing that we approve.
This applies to both our normal banking lending and customers who are eligible for the CBILS scheme.”
12.12pm BST
The early rally has rather tailed off, as investors break for lunch (“Where do you fancy today, darling? “How about the kitchen?”).
The FTSE 100 is still up, but only 33 points or 0.6% at 5598.