UK shares were under pressure in early trading after sharp falls in the US caused by a sharp rise in inflation.

The Investment Management Association has moved back the date it will implement changes to the Managed sectors by three months after calls from members.

Henderson Global Investors is to merge the three Gartmore Multi-Manager funds run by Tony Lanning and Bill McQuaker into its own range as part of an overhaul of its offering.

The IMF has backed the UK government's austerity package despite weaker than expected growth and rocketing inflation.

Net retail sales of funds dropped by £100m year on year in April, the Investment Management Association (IMA) has revealed.

Woeful economic data in the US and a three notch downgrade of Greece's credit rating saw global markets tumble overnight.

The Investment Management Association (IMA) has proposed scrapping the Active, Balanced and Cautious tags and merging the Absolute Return sector into a new managed sector, in its review of the Managed peer groups.

The UK economy grew at 0.5% in Q1, in line with previous estimates, according to the Office for National Statistics (ONS).

The FTSE 100 was down in early trading as ongoing uncertainty about the Greek bailout hit markets and sent the euro lower against the dollar.

London shares moved higher in early trading, reacting to overnight gains in the US after the successful IPO of social networking powerhouse LinkedIn.