BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks fell sharply on Friday after the experimental coronavirus treatment remdesivir reportedly failed in its first randomized clinical trial. Weak retail sales data also spooked markets.
U.K. retail sales declined at the fastest pace since the series began as many stores ceased trading following the official guidance during the coronavirus pandemic, data from the Office for National Statistics showed.
Retail sales volume, including automotive fuel, declined 5.1 percent month-on-month in March, following a 0.3 percent drop in February. Economists had forecast a 4.9 percent decrease. This was the biggest fall on record. Clothing stores logged the sharpest fall.
Separately, the GfK's consumer confidence index fell to -34 from -9 in March., matching the flash estimate published on April 6.
The benchmark FTSE 100 was down 55 points, or 0.95 percent, at 5,771 after climbing 1 percent the previous day.
Persimmon shares fell 1 percent. In its Covid-19 update, the housebuilder said it plans for a phased restart to work on site with effect from April 27.
Retailer Burberry Group lost 2.8 percent. The company said its senior leaders will take a voluntary 20 percent pay cut from April through June.
IG Group Holdings rose 0.7 percent. The Group said it has continued to see high levels of client trading activity and further increases in the number of active clients.
FirstGroup, a provider of transport services, rallied 3 percent after announcing further cost control measures amid Covid-19 pandemic.
Publishing and education company Pearson declined 3 percent after reporting a 5 percent fall in revenue for the first quarter.
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