Economics

The UK's challenge to overthrow banking bonus cap plans has been rejected by the EU Court of Justice.

Shares in Royal Mail fell by more than 8% after the company reported a fall in profits amid rising fears over competition from online retailers.

Minutes released by the Bank of England's Monetary Policy Committee this morning revealed a more hawkish stance than investors expected, helping to lift the flagging UK currency.

Royal Mail suffered a 21% profit fall in the half year ending 28 September 2014, but beat analysts' expectations of a 30% drop.

Cazenove Capital Management's CIO Richard Jeffrey said the Bank of England should have raised interest raised this year instead of waiting for perfect economic conditions.

UK CPI inflation rose to at an annual rate of 1.3% in October, according to ONS figures released today.

Japan has dropped back into a recession, after GDP shrank for a second successive quarter.

Chinese data for October came in weaker than expected on Thursday, dragging down the mainland index, but Hong Kong shares have remained strong.

L&G's asset allocation team predicts the most likely date for an interest rate rise will be May 2015, despite a clash with next year's general election.

Japan's Nikkei index closed at a seven-year peak this morning, following a significant purchase of ETFs by the Bank of Japan after Monday's trading ended.