Janet Yellen will be nominated as the first female Federal Reserve chairman later today, in a ceremony attended by Barack Obama and current chair Ben Bernanke.

Cazenove's Marcus Brookes and Robin McDonald have bought back into commodities for the first time since the financial crisis, snapping up funds which have sold off sharply on the back of tumbling commodity prices.

The US government shutdown combined with growing concern over the country's debt ceiling have led to renewed fears US equity markets could sell off heavily if the impasse continues.

Multi-asset managers are raising cash levels and adding to government bonds as fears over the US economy spook investors.

Old Mutual Wealth has promoted Peter Mann to vice chairman, with Steven Levin taking over the day-to-day running of UK distribution.

Schroders' Rob Hall has rejoined Russell Investments after two and a half years away from the firm.

Sterling rose to its highest level in nine months against the US dollar as the US government slipped into a partial shutdown.

UK equity manager Nick Train said his holdings in fund managers will remain "extraordinarily profitable", despite a squeeze on headline fund pricing from distributors.

Hargreaves Lansdown said the move to super clean share classes will not automatically lead to a ‘new normal' annual fund charge of 65bps, claiming it has already negotiated greater discounts with some groups.

J.P. Morgan Asset Management has hired BBC News' economics editor Stephanie Flanders as its chief market strategist for the UK and Europe.