China’s industrial deflation worsens as producer prices fall 3 per cent in April. It’s the largest slump in four years. New reports of Coronavirus clusters in Seoul and China weigh on Asian markets but on Wall Street the Nasdaq bucks the trend, posting a sixth consecutive day of gains for the first time since December. German steel giant ThyssenKrupp sees it net loss widen to nearly €1bn in the second quarter, as all parts of the business, from the elevator unit to the car parts division, see earnings decline. In further autos news, Toyota says it will post an 80 per cent drop in full-year operating profit in the wake of the pandemic – the car giant’s poorest result in almost a decade. Tesla founder Elon Musk is defying Californian lockdown orders by reopening his flagship Alameda County plant. He has dared authorities to arrest him over the move. As the UK economy begins to reopen, with manufacturing and construction sector workers being urged to return, opposition parties slam Prime Minister Boris Johnson over confusing public messages.  

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