Local elections, eurozone worries, and house price fluctuations - here's your need-to-know business news roundup.
The coalition has suffered heavy losses in a string of local election defeats.
With counting continuing the Conservatives have lost 279 seats, while the Liberal Democrats have lost 129. [BBC]
The eurozone service sector shrank in April at a faster rate than expected.
Commentators suggest that the economic situation in Europe has become more severe in recent weeks. [Guardian]
House prices in the UK have returned to 2004 levels according to Halifax.
The average home is now worth £159,883, despite a 2.4 per cent fall in April. [ThisIsMoney]