Economics

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.

The FTSE 100 is in the black this morning, buoyed by shares including Royal Bank of Scotland which helped the index shrug-off weak Asian markets overnight.

Chinese shares have started the week sharply in the red, with markets off substantially amid ongoing fears about the impact of the US cutting back its stimulus programme.

The pound has fallen further against the dollar in early trading, deepening a slump that began yesterday after the Bank of England reassured investors about the future path of the base rate.

M&G's Stefan Isaacs has pointed to the "surprisingly dovish" statement from ECB president Mario Draghi as a sign the bank may introduce fiscal stimulus sooner than the market expects.

Asian equity markets have followed their European counterparts higher in overnight trading, but investor attention is now firmly focused on the US once again.

The FTSE 100 bounced back this afternoon after a sell-off yesterday, with leading shares recovering from falls amid fresh hopes for a resolution to the crisis in Portugal.