Prudential is set to merge its Income trust into the M&G Dividend fund as part of a wider range of fund consolidations, creating a £1bn portfolio.

David Stevenson, co-founder of Ignis Asset Management joint venture Cartesian Capital Partners, is set to leave the firm at the end of the year.

Morningstar has ditched the absolute return category from its sector classifications, saying too many funds in the space have failed to produce a positive return.

Retail investors' money in underperforming funds has leapt by 74% to £23.16bn, an increase of over £10bn since November 2010, according to Bestinvest.

Britain's economy grew at 0.2% for the second quarter, according to the first revision of the data by the Office for National Statistics (ONS).

The Dow Jones has regained some of the ground lost yesterday as positive export data boosted the market.

The Debt Management Office is considering launching index-linked gilts with a maturity of 50 years in October after the idea of a new batch of ultra-long bonds was proposed to investors.

10am: Global markets are continuing to trade in positive territory, building on yesterday's gains, with investors eyeing up value in depressed banking stocks which have been heavily sold off.

Global markets have made an encouraging start to the week, with the US opening up sharply, following in the footsteps of the FTSE 100.

Global markets have slipped back into the red after the Dow Jones posted heavy losses on the opening bell, as fears of a double-dip recession intensify.