Markets

Markets across Asia have fallen on news the US government may be headed for its first shutdown of services in almost 20 years.

What a difference a year makes. Last autumn, you may recall, we were all holding our heads in our hands, lamenting the sorry state of the UK economy.

Now the world economy is recovering, market attention has moved on from competing strategies to deal with the debt crisis.

GLG veteran John White has handed over his funds with immediate effect as he takes a more senior role at parent company Man Group, Investment Week can reveal.

A consortium involving Schroders and Threadneedle has failed in its bid to buy 314 bank branches from RBS after the bank agreed a sale with another bidder.

The FTSE 100 index was in the red just after midday, dragged down by mining stocks which sold-off as oil and metals prices weakened.

Bank of England Governor Mark Carney has said the UK economy is recovering and does not need a further expansion of the quantitative easing programme.

The Royal Mail is to float next month, with the company valued at up to £3.3bn, the government has said.

J.P. Morgan Asset Management has hired BBC News' economics editor Stephanie Flanders as its chief market strategist for the UK and Europe.

The final estimate of UK second quarter GDP has seen growth left unrevised at 0.7%, with the annual rate of growth being revised downwards.