Japanese officials are under pressure to take action after the economy shrunk at a record pace overnight. Policymakers are scrambling to prevent a deeper recession as the COVID-19 crisis batters economies across the globe.

The third straight quarter of declines knocked the size of real gross domestic product (GDP) to decade-low levels.

While the economy is emerging from the state of depression after lockdowns were lifted in late May, many analysts expect any rebound in the current quarter to be modest as a renewed rise in infections keep consumers’ purse-strings tight.

“The big decline can be explained by the decrease in consumption and exports,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“I expect growth to turn positive in the July-September quarter. But globally, the rebound is sluggish everywhere except for China.”

5pm update: FTSE closes on a three-day high

London’s FTSE 100 index ended higher for the first time in three sessions on Monday as more stimulus in China powered mining stocks, while investors eyed a slate of economic data due later in the week to gauge the pace of a post-pandemic rebound.

The commodity-heavy FTSE 100 was up 0.8 percent, with miners Rio Tinto Plc, BHP Group Plc and Anglo American Plc adding between 1.7 percent and 2.4 percent.

Fresh liquidity from China’s central bank helped investors brush past a delay in a weekend meeting of US and Chinese officials to review their Phase-1 trade pact.

The FTSE 100 has bounced back 24 percent from a coronavirus-driven crash in March as data signalled a nascent rebound in key sectors such as housing, but a recent surge in COVID-19 infections has made investors cautious about betting on risky assets in the absence of a vaccine.

1.40pm update: US stocks set for surge when markets open

While the FTSE has had a slow morning, US stocks are expected to rally to close to an all time high when the markets open later today.

Wall Street’s S&P 500 has been tipped by Futures markets to rise by 0.4 percent.

12.00pm update: FTSE up after morning uncertainty

The FTSE has shrugged off the morning’s uncertainty with a lunchtime surge.

After opening at 6,090 before dropping as low as 6,074, the index has since stabalised and risen.

The FTSE now sits at 6,130.

10.50am update: FTSE’s sluggish start continues

FTSE is struggling to get going this morning, with a number of small surges immediately cancelled out by dips in the market.

After closing at 6,090 yesterday, the index rose to 6,104 on open before dipping back down to 6,093.

Another series of peaks and troughs has left FTSE at 6,101.

This marks a rise of 11 on the day, a 0.19% increase.

9.45am update: England’s last commercial coal mine closes today

The Bradley Mine in County Durham will extract its last production of coal later today after plans to expand the site fell through.

The open-cast pit operated by the Banks Group is responsible for producing 150,000 tonnes of coal every year, however permission to extend its operation until 2021 was rejected earlier this summer.

The move falls in line with the Government’s commitment to produce coal-free electricity by 2025 but is set to make the UK reliant on foreign imports in the short term.