ECB cuts eurozone interest rate to new record low of 0.5%

The European Central Bank (ECB) has cut its benchmark interest rate to a new record low amid ongoing worries about the eurozone's economic health.

The widely-expected cut to 0.50% from 0.75% is the first in 10 months.

Worries about eurozone economies were underlined on Thursday with data showing manufacturing activity across the 17-nation bloc shrank in April.

In Germany, the eurozone's biggest economy, manufacturing contracted for the second month running.