Economics / Markets

A senior Federal Reserve economist has criticised the European Central Bank for resisting further monetary stimulus.

Shares in the Royal Bank of Scotland dropped as much as 6% after the bank reported its half year results and announced its new CEO.

A respected think tank has raised its UK growth forecasts for this year and next but warned any recovery is dependent on consumer spending.

Shares in Lloyds Banking Group and Jupiter Fund Management soared on Thursday after both groups reported hefty profits in their half-year results.

The Bank of England (BoE) has held interest rates for the 53rd consecutive month and opted not to increase the size of its £375bn QE programme at its July meeting.

EQUITY CULT

EUROPE

The Federal Reserve last night indicated it has no plans to tone down its quantitative easing programme in the near future, arguing the US economy is not in a strong enough position to turn off the liquidity taps.

UK retail investors pulled a record amount from fixed income funds last month as yields spiked on fears of an end to US QE, latest IMA figures reveal.

Baker Tilly has announced that it will pay cash for RSM Tenon, following an investors' notice last week that it was considering the acquisition.