Markets

The US Federal Reserve has maintained the gradual tapering of its QE programme after a meeting which suggests some members are pushing harder for a more hawkish monetary policy.

Lloyds Banking Group has set aside a further £600m for the mis-selling of payment protection insurance but its interim results show an improvement in underlying profit.

Argentina has defaulted on its debt for the second time in 13 years after failing to reach an agreement with a group of bondholders.

Multi-asset and equity products have driven net intermediary inflows of £3.8bn for Schroders in the first half of 2014, prompting a 50% hike in the group's interim dividend.

Since the financial crisis in 2008, the FTSE All-Share has been on a steady upward trajectory.

Bond fund investors should beware a crowded market where there is a growing risk of being caught out by a sharp sell-off in fixed income, analysts at RBS have warned.

EUROPE

UK profit warnings have hit a three-year high after more than 100 warnings were issued in the first half of 2014, according to a new report.

The UK economy expanded by 0.8% in the second quarter,above its pre-crisis peak, official statistics revealed today.

Royal Bank of Scotland shares rocketed this morning after the bank said it expects a big jump in profits in H1.