The coronavirus crisis is propelling Eurozone government debt towards 100 per cent of gross domestic product, three major US banks reported a total $12.8bn of charges in the first quarter for loan losses and warned there could be more to come, and data from all corners of the US economy published on Wednesday suggest the hit from coronavirus lockdowns has been deeper than feared. Plus, the FT’s Hudson Lockett explains why China’s central bank cut one of its most important lending rates to a record low.

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