Economics

Bondholders who lost money in the Icelandic banking crash are poised for a legal battle with UK councils to renew their right to claim back £5bn they lost, the Telegraph has reported.

AXA Investment Managers has expanded its suite of bond funds with the addition of the Europe Short Duration High Yield fund.

UK shares were muted at the open, failing to take advantage of yesterday's 3% rise in the S&P 500.

Veteran investor Jim Rogers has criticised the Swiss central bank's move to cap the franc and suggested the Chinese renminbi could be the next safe haven currency.

Major US indices are trading 1.5% higher as shares follow UK and European markets upwards.

UK output softened in the three months to August, and if the economy weakens further it will pave the way for more QE, according to the National Institute of Economic and Social Research (NIESR).

PREPARING FOR GREECE TO EXIT THE EURO

The FTSE 100 was up sharply mid-morning after a strong session in Asia saw markets claw back much of the losses seen in recent days.

George Osborne has admitted he has had to revise down already weak growth forecasts for the UK, prompting fresh double-dip fears, but insists he is sticking to his austerity plans.

Capital Economics' Roger Bootle is among 20 of the UK's leading economists urging the coalition to drop the 50p tax rate, calling the top levy a "self-defeating" way for the Treasury to raise money because it risks driving away the nation's wealth creators....