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The US economy expanded at a much greater rate than expected, according to latest figures released this afternoon, helping push benchmark US treasury yields back up to 2.82%.

J.P. Morgan could be hit with a fine of more than $6bn from US authorities as they pursue the bank over sales of securities to government-backed mortgage companies.

Gold has climbed above the $1,400 mark for the first time since June, re-entering a bull market as disappointing US data and worries over Syria push investors into safe havens.

US TECHNOLOGY

HEDGE FUNDS

The US is on course to hit its debt ceiling by mid-October unless the government intervenes, according to Treasury Secretary Jack Lew.

Guy Monson, CIO of Sarasin & Partners, has outlined a number of key risks which could impact rising global equity markets as we head into 2014, amid the well-flagged move by the US central bank to wind down QE.

The increasing likelihood of former US treasury secretary Larry Summers becoming Fed chairman next year has prompted a further spike in bond yields, analysts suggest.

The continued rise in US treasury yields has raised concerns the broader economic recovery may be under threat if the sell-off continues.