Updated: Global stock markets fell sharply on Tuesday as investor panic spreads following a third explosion at Japan's Fukushima nuclear power plant.

Updated: Major European indices suffered triple-digit losses on Tuesday after a third explosion at Japan's Fukushima nuclear power plant raised fresh radiation fears and sparked a 1,000-point plunge on the Nikkei 225.

Updated 9:45am: The FTSE suffered triple-digit losses in Tuesday trade after a third explosion rocked Japan's Fukushima nuclear power plant, raising fresh radiation fears and sparking a 1,000-point plunge on the country's Nikkei index.

Japan's Topix index posted its worst two-day results since the crash of 1987, as shares continued to sink.

Asset manager Syndicate is to focus "exclusively" on wealth management and has sought shareholder approval to operate under the lead brand of its financial planning offshoot Ashcourt Rowan.

Some of the biggest names in financial services, including Cazenove CEO Andrew Ross and Peter Hargreaves, are calling for a "full and independent" inquiry into the collapse of Keydata to ensure similar failures are avoided in the future.

The distribution unit of wealth manager St James's Place (SJP) turned a huge loss in 2009 into a significant profit last year after new business increased by a third.

European and Asian markets were sharply lower on Tuesday as sentiment was hit by escalating tensions in Libya and an earthquake in New Zealand's second-largest city which has killed at least 65 people.

UK Chancellor George Osborne's austerity plan has received the backing of the US Treasury Secretary.

A series of quarter-point interest rate hikes will begin in May, according to analysts examining Bank of England governor Mervyn King's latest obligatory letter to the Chancellor.