£40bn wiped off FTSE 100 as GDP figures spark recession fears – live updates

Good morning. 

There a more worrying signs that the UK could be headed for a recession after the economy shrank in March.

GDP fell 0.1pc after February’s growth was revised down to zero, according to the ONS.

The figures, which come even before April’s massive surge in energy bills, highlight the risk of an economic downturn as rising prices continue to batter households.

The services sector was the biggest drag on the economy, with consumer-facing sectors such as retail suffering a slide in sales.

5 things to start your day 

1) Germany gas supply drops as Ukraine shuts off pipes from Russia  Olaf Scholz forced to import extra fuel from Norway and Netherlands

2) Passengers will bear the brunt of Heathrow’s rising landing fees  Heathrow accuses airlines of trying to ‘protect their own profits’ 

3) Millions of electricity customers launch class action lawsuit against cable ‘cartel’  Cable companies Nexans, NKT and Prysmian face accusations of overcharging British households

 4) Tesco to open offices in its supermarkets  Grocer seeks to cash in on rise of homeworking

5) Disney beats Netflix as streaming service adds new subscribers  Disney+ adds customers despite Wall Street concerns over cost-of-living crisis

What happened overnight 

Hong Kong stocks opened lower on Thursday after overnight drops on Wall Street.

The Hang Seng Index tumbled 1.35pc, or 267.68 points, to 19,566.89.

Mainland China’s Shanghai Composite Index fell 0.45 percent, or 13.90 points, to 3,044.80, while the Shenzhen Composite Index plummeted 0.64 percent, or 12.33 points, to 1,906.18.

Tokyo also stocks fell in early trade on Thursday as investors fret over inflation.

The benchmark Nikkei 225 index fell 1.34 percent, or 350.51 points, to 25,863.13 in early trade, while the broader Topix index gave up 0.79 percent, or 14.59 points, to 1,836.56.

Coming up today

• Corporate: BT, 3i (full-year results); Grainger (interims); Balfour Beatty, Coca-Cola HBC, Convatec Group, RHI Magnesita, Superdry (trading statement)
• Economics: GDP (UK), manufacturing production (UK), industrial production (UK), producer price index (US), jobless claims (US)