The Dow Jones Industrial Average rose by almost 500 points overnight as US indices jumped following news of co-ordinated central bank action to ease liquidity concerns.

The IMA will create a Global Equity Income sector with effect from 1 January 2012 and is looking at a European Equity Income sector.

The Office for Budget Responsibility has revised public sector net borrowing forecasts even as Chancellor George Osborne proclaims the effect of falling gilt yields.

Former Liontrust CEO Nigel Legge's new fund management venture Vinculum is to launch its first offering, based on a 'no outperformance, no fee' proposition.

Markets moved lower on Monday as fears over Greece and Italy remained despite the imminent formation of a Greek coalition government.

Shares in Lloyds Banking Group have dropped by 5% after the company announced CEO Antonio Horta-Osorio was taking a temporary leave of absence.

Ian Henderson is to step down as manager of the £2bn JPM Natural Resources fund in January 2012, to be replaced by Neil Gregson.

The FTSE 100 is 1.3% lower after slowing Chinese GDP data and a Moody's warning over France's AAA-rating weighed on sentiment.

Capital Economics has said the eurozone debt crisis will have "severe adverse effects" on the UK economy, pushing it back into recession in 2012.

The S&P 500 closed up 3.4% overnight, boosting Asian shares and lifting the US index nearly 11% from lows seen last week.