Eurozone GDP slumps by record 12.1% amid coronavirus pandemic chaos- business live

Eurozone GDP slumps by record 12.1% amid coronavirus pandemic chaos- business live

8.26am EDT

08:26

Checking in on the FTSE 100, it feels like a very sleepy day on the London Stock Exchange: the main index has sagged by 0.22%.

British Airways owner IAG is the biggest faller, down by 7.4%, after announcing £2.5bn in fundraising plans. BT shares have lost 4.4%.

Germany's Dax has gained 1% while France's Cac 40 has lost risen by 2%.

8.06am EDT

08:06

Another big loss for an oil supermajor, ExxonMobil, if not quite on the scale of Shell's $18bn stonker from yesterday.

Exxon on Friday said it had lost $1.1bn (£840m) in the second quarter, compared to $3.1bn in 2019.

It cut $2bn of previously planned spending as it adjusted to lower oil prices and slumping demand as economies around the world locked down.

However, the headlien Exxon figures were helped by a non-cash gain from inventory valuation adjustment, due to rising commodity prices over the quarter, of $1.9bn.

7.52am EDT

07:52

Jaguar Land Rover loses £413m after £1.1bn shutdown costs

A Jaguar Land Rover Defender at a demo before coronavirus. Photograph: Wolfgang Rattay/Reuters

Jaguar Land Rover, Britain's largest carmaker by volume, lost £413m between April and June as the pandemic caused a slump in sales and cost it £1.1bn in plant shutdowns.

The company's retail sales of 74,067 vehicles