News

The Chancellor George Osborne has pledged to stop cash from British taxpayers being used to fund the eurozone bailout.

The Dow Jones and S&P 500 surged yesterday as market sentiment was lifted by US growth almost doubling in Q3.

Chinese authorities are on the brink of contributing to the eurozone's bailout fund, but key conditions have to be met first,according to reports.

The VIX, or volatility index, sunk 15% to its lowest level in three months yesterday as European leaders announced plans to alleviate the debt crisis.

Santander, the eurozone's biggest bank, said a significant charge for mis-selling payment protection insurance(PPI) hit profits in Q3, but its capital cushion would lift it out of danger territory.

The Dow Jones soared above 12,000 points at open with investors buoyed by the agreement on Europe's debt crisis and soaring economic growth.

MPC member Paul Fisher has warned the UK is at risk of another recession, less than two years since the last downturn.

Leading economists say politicians' agreement on the eurozone debt crisis lacks clarity and is not hard-hitting enough.

US growth has risen to 2.5% for the third quarter, up from 1.3% the previous quarter.

Fund inflows in September were at their lowest level since the credit crunch hit markets in October 2008, while quarterly figures were down two thirds on last year.