The FTSE was down in early trading at 5311.91, representing a drop of 2.04 points (0.04%), ahead of US GDP data.

The governor of California, Arnold Schwarzenegger, has declared a fiscal state of emergency as lawmakers stall on delivery of a state budget, now more than a month overdue.

The Financial Services Authority (FSA) has banned the three directors of Simply Trading Group (STG), Stephen Coles, Luke Ryan and Michael Yamoah, from senior management positions for falling short of FSA standards.

Banks pushed the FTSE higher by 0.55% to 5380.35 on news the Basel Committee proposed to water down its capital and liquidity reform package.

Parliamentary ombudsman Ann Abraham has rejected the Government's proposed compensation plan for those who lost money with Equitable Life.

Sesame Bankhall Group has launched a referral service for members faced with clients possessing pension pots of £30,000 or less.

A personal banker with Barclays in Bristol has been given a three year jail sentence after stealing £300,000 from two customers' accounts to buy himself a house.

The FTSE was down in early morning trading by 21.35 points (0.40%) at 5292.46, as markets remain cautious awaiting the latest UK GDP reading - due at 9:30am - and EU bank stress test results due after close of business today.

Sitanta Ni Mathghamhna looks at why risk management should be a top priority for advisers.

The FTSE opened up at 5237.75, up 26.46 points, (0.51%) as European stocks edged higher in opening trading, drawing some optimism from Wall Street's late-session comeback.