Economics

The rally across much of Europe has passed Spain by so far this year, with the country's chief index lower than at the start of 2013.

The UK is two years behind the US in terms of economic recovery, a leading fund manager has warned.

UK shares are enjoying a positive session despite the latest growth wobble in China, after the country's finance minister revealed the economy is going to undershoot the 2013 growth target of 7.5%.

Investors backing the US dollar were caught out last night after Ben Bernanke, chairman of the Federal Reserve, said stimulus measures are likely to remain in place in the US for some time.

Members of parliament are set to receive a pay rise of more than £6,000 from 2015, though other allowances will be scaled back, the MPs expenses watchdog is set to recommend on Thursday.

Credit ratings agency Moody's has upgraded its outlook for British banks from negative to stable, saying they are strong enough to withstand another financial crisis.

Asian markets regained ground on Wednesday following falls as weaker than expected Chinese trade data sparked worries the country's growth may slow further in Q2.

The Treasury has taken control of LIBOR away from the British Bankers' Association and handed it to New York Stock Exchange following the rate rigging scandal.

The International Monetary Fund has upgraded its 2013 growth forecast for the UK to 0.9%, just three months after cutting estimates.

The US market has risen in early trading as investors' positive mood continues following the US jobs report released late last week.