Aberdeen has halved the number of stocks in the £52m European Frontiers fund in the year since it bought the vehicle from Credit Suisse.

Oliver Kelton has taken over as manager of the Waverton European fund as former manager Katrina Norris focuses on other parts of the business.

Growing negative sentiment surrounding oil giant BP has led to one of its bonds being the most shorted of any US investment grade corporate issue.

Harriet Harman, deputy leader of the Labour Party, has blasted the coalition Government's emergency Budget as "reckless" and says it will "pull the rug from the UK economy."

Economists are broadly positive on the plans announced in the emergency Budget and are scrambling to revise their own growth forecasts in light of the austerity measures.