Economic

Germany's economy contracted in the first quarter at its sharpest rate since 2009 with worse expected by mid-year, as coronavirus lockdowns ravage business activity. But Europe's largest economy is weathering the fallout from the pandemic better than other EU states where outbreaks have been more disruptive.

Japan's economy slipped into recession for the first time in four-and-a-half years, putting the nation on course for its deepest post-war slump as the coronavirus crisis ravages businesses and consumers.

The depth and breadth of the damage inflicted on the United States economy by coronavirus lockdown measures came into sharp, painful focus on Friday with government figures showing a record 20.5 million Americans lost their jobs in April. 

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by continuing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.