F&C's Ted Scott said if UK equities dive a further 5% they will be worth stockpiling, despite the risk of a double-dip recession.

Global stock markets have slipped deeper into negative territory as investors continue to fret about the US downgrade and the eurozone debt crisis.

The decision by Standard and Poor's to downgrade the US' prized AAA-rating for the first time came as no surprise to a number of fund managers.

Investors are flocking to safe haven UK government bonds as they seek shelter from turbulent global markets.

Skandia has ditched Artemis' Jacob de Tusch-Lec from its £143m UK Best Ideas and £337m Global Best Ideas funds, in order to concentrate on running his Artemis Global Equity Income fund.

Taxpayer-backed Lloyds Banking Group has posted a loss of £3.3bn in the first half as it was hit with claims for the mishandling of payment protection insurance (PPI).

The National Institute of Economic and Social Research (NIESR) has forecast UK GDP will begin to pick up during the next two quarters but will not reach the government's 1.7% target.

Analysts at J.P. Morgan Cazenove have downgraded Anthony Bolton's Fidelity China Special Situations trust due to its "weak" NAV performance since launch.

With the US on the verge of pushing through a deal to raise the country's debt ceiling by at least $2.1trn, American comedian Remy Munasifi gives his own unique take on the proposal.

Global markets climbed overnight and in early trading on Monday on news the US has agreed an outline solution to its debt crisis.