UK public sector borrowing fell to £3.8bn in July, down from £6.1bn in July 2009, suggesting the nation's finances are starting to recover.

Skandia has handed three fixed interest mandates within its multi-manager funds from Threadneedle to Nordea.

Threadneedle has handed three European equity funds to other managers following the departure of portfolio manager Rob Jones.

Eurozone annual inflation hit a 20-month high in July at 1.7%, figures from Eurostat show.

China is expected to overtake Japan as the world's second largest economy as GDP growth in Japan slowed to 0.1% in the second quarter.

The Bank of England has revised down its forecast for UK economic growth and expects inflation to remain above the 2% target until the end of next year.

The employment rate in the UK rose 0.3% or 184,000 between the first and second quarters of this year, the largest quarterly increase since 1989.

Bob Dudley, the new chief executive of BP, has promised to put the embattled oil major "on the road to recovery".

Mitchell Harris has become the sole interim head of BNY Mellon's asset management business following the departure of Jon Little, formerly a co-head of the business.

BP has recorded a $17bn (£11bn) loss over the second quarter, one of the largest corporate losses in British history.