Scottish ministers could soon have the power to issue their own bonds, chief secretary to the UK Treasury, Danny Alexander, is set to tell the Glasgow Chamber of Commerce today.

World markets including the FTSE fell in early trading as weak economic data and Moody's downgrade of 15 banks unnerved investors.

Shares on the major US stock markets shed more than 2% overnight as weak manufacturing data from the US, Europe and China fuelled fears of a global slowdown.

Credit rating agency Moody's has downgraded 15 financial institutions overnight, including major UK and US banks.

Martin Gilbert, the chief executive of Aberdeen Asset Management, has sold almost one-sixth of his stake in the firm.

Scottish Widows Investment Partnership's head of wholesale distribution Kevin Addison has left the firm.

Wall Street opened higher this afternoon as investors anticipated central bank stimulus measures would be forthcoming when the Federal Reserve's policy meeting concludes on Wednesday.

The UK's inflation rate posted another surprise drop in May, falling to 2.8%, as the lack of activity in the UK continues to bring prices down sharply.

Yesterday's relief rally prompted by the Greek election on Sunday failed to translate to Asian markets overnight, as concerns over Spain's economy dominated trading.

Niall Gallagher, European equities manager at GAM, has found value in unloved peripheral European equities overlooked by risk-averse investors.