Italian and Spanish government debt have both been downgraded by the Fitch credit rating agency.

US Federal Reserve chairman Ben Bernanke has told Congress the US economy is "close to faltering" and more action may be needed.

VIDEO: ANTHONY BOLTON

UK business managers are preparing for a double-dip recession and also warn the private sector will fail to replace jobs lost to public sector cutbacks.

Speculation is mounting the Bank of England may be close to cutting base rates to 0.25% and pumping at least £50bn more into the economy through quantitative easing.

Lord Adair Turner, the head of the FSA, last night launched an outspoken attack on the banks, claiming their ability to create credit and money is ‘potentially dangerous'.

SENATE AUTUMN CONFERENCE

European officials are reportedly working on a grand plan to save the eurozone involving a major bank recapitalisation, giving the bailout fund several trillion euros of firepower, and a possible Greek default.

Oswald Gruebel, the chief executive of Swiss bank UBS, has resigned over an alleged £1.5bn ($2.3bn) rogue trading loss.

This year's Investment Week Senate Autumn Investment Conference may have been held at an historic mansion house estate (Luton Hoo) but the thoughts of our delegates and fund managers were very firmly on the future.