Markets

BP shares fell almost 4% in morning trading as the cost of litigation following the US Gulf oil spill led to sharp losses for the group in Q2.

The FTSE 100 has added 1.2% to move back towards 5,700 as global markets anticipate concrete policy action to protect the euro later this week.

Spain has sunk further into recession, after official data showed its stricken economy shrank by 0.4% in the second quarter of this year.

The European Central Bank (ECB) could face extended losses as it prepares a last-ditch attempt to prevent a Greek exit from the eurozone.

Stephen Hester, chief executive of the Royal Bank of Scotland, has admitted his bank will face a significant fine over the rate-rigging scandal which has thrown Barclays into the spotlight in recent weeks.

Developed nations are stuck in a "never-ending cycle of recession" which will lead to a huge growth crisis in the summer of next year, Ignis' chief economist Stuart Thomson has warned.

Economists have warned the UK could suffer a triple-dip recession next year after the recovery effects of the Olympics wear off.

The British economy's "capacity to absorb shocks" will help it to recover from recession and ensure it keeps its AAA credit rating, Standard & Poor's (S&P) said.

Facebook shares have fallen 15% after the company reported a drastic slowdown in revenue growth and failed to reassure investors on its ability to boost advertising growth.

The US economy has beaten forecasts from analysts after it expanded by 1.5% in Q2.