Economics / Markets

PA PORTFOLIO

The US economy expanded at a much greater rate than expected, according to latest figures released this afternoon, helping push benchmark US treasury yields back up to 2.82%.

The Co-operative group has been hit with more than half a billion pounds worth of losses in the first half of this year, after sizeable write-offs at its troubled banking arm.

Sterling dropped and then recovered sharply minutes after new Bank of England Governor Mark Carney told the world he has no plans to raise rates any time soon, but was upbeat on UK growth.

Mark Carney has moved to defend the Bank of England's 'forward guidance' policies and said further stimulus may be necessary keep the UK economic recovery on course.

J.P. Morgan could be hit with a fine of more than $6bn from US authorities as they pursue the bank over sales of securities to government-backed mortgage companies.

Markets around the world sold-off overnight while oil continued to soar, as the prospect of military involvement in Syria's civil war grows.

Gold has climbed above the $1,400 per ounce mark for the first time since June, re-entering a bull market as disappointing US data and worries over Syria push investors into safe havens.

European financials are among the day's biggest fallers as benchmark French and German indices struggle amid intensifying geopolitical concerns.

Charlie Bean, the deputy governor of the Bank of England (BoE), has said the Bank has sent a "clear signal" it won't increase interest rates anytime soon as he expressed some surprise at investors' reaction to its position.