Europe

HMRC is facing accusations it cannot cope with the new 50p rate of income tax.

OBSR has handed its Rising Talent award to Jupiter's Cédric de Fonclare, manager of the European Special Situations fund.

Schroders has promoted Rory Bateman to the role of head of European equities, replacing Gary Clarke who left for J.P. Morgan earlier this year.

COMMENT

In the US, trading volumes fell ahead of key job market data to be released later today.

A European-wide Systemic Risk Board and three separate agencies will be set up to monitor securities, banks and insurance companies, but Britain has been assured the deal will not weaken its sovereignty.

ON EUROPE

Sarasin's Mark Whitehead has increased his fund's long equity exposure from 40% to 60% since July, attracted by low valuations and a strong Q2 reporting season.

LV= Asset Management is launching a hedged share class for its European ex-UK Growth fund, to minimise currency risk for investors.

The FTSE 100 moved slightly lower in afternoon trading as double-dip fears persisted on the back of negative housing market data.