Moody's Investors Service last night said if there is no progress in the US on increasing the country's statutory debt limit, it expects to place that government's rating under review for possible downgrade in the next few weeks.

Moody's said it has put Citigroup, Bank of America, and Wells Fargo on review for possible credit ratings downgrades as the US government cuts support for future bailouts.

US-based coupon website Groupon has filed to go public so it can raise up to $750m, in the latest high-profile technology company IPO to fire up fears about a bubble in the sector.

Goldman Sachs has received a subpoena from New York prosecutors seeking information on the investment bank's role leading into the global financial crisis, according to reports.

Sterling tumbled a cent against the dollar earlier today on surprise news Britain's manufacturing sector grew at its slowest rate for two years in May, sparking fresh fears about the economic recovery.

Inflation rose to its highest level since September 2008 last month, reversing the previous month's retreat and breaking sterling's five-day decline against the dollar.

George Soros, who called gold "the ultimate bubble", dumped almost his entire $800m stake in bullion in the first quarter.

Warnings from the White House, an RBS share sale, fake mortgages and PPI winners - our round-up of today's national newspapers.

Sterling jumped across the board after the Bank of England's latest report said inflation is likely to remain above target for longer, fuelling expectations the MPC will act sooner to tackle price rises.

Bailed-out Lloyds Banking Group has made a £3.2bn provision for the cost of mis-selling payment protection insurance (PPI), driving the bank to a loss in Q1.