Economics / Markets

The downgrading of Portugal's debt to 'junk' status by Moody's earlier this week has led to renewed criticism, this time from the European Commission (EC), of the role and behaviour of credit ratings agencies.

The FTSE 100 fell in mid-morning trading on Wednesday as European markets absorbed Moody's downgrade of Portuguese debt to 'junk' status.

The cost of looking after the country's ageing population will become unsustainable unless younger generations work longer and pay higher taxes, analysis by PricewaterhouseCoopers (PwC) has found.

Japan's leading share index extended its winning streak to six days overnight, it's longest spell of consecutive positive returns since March's earthquake and tsunami.

The number of people employed in the financial services sector increased by around 11,000 in the second quarter - the fastest growth rate since the financial crisis, research suggests.

Nervous markets were further soothed yesterday as Greek MPs passed a law to implement strict austerity measures in a second round of voting.

HSBC has confirmed around 460 adviser roles will be cut in a "re-shaping" of its UK business model ahead of the Retail Distribution Review (RDR).

The European Central Bank has indicated it will raise interest rates for a second time in four months at next week's meeting.

The UK banking sector has fallen behind its main competitors since the global financial crisis, a report has said.

London's leading share index has broken through the 5,800 barrier, boosted by strong showings overnight in the US and Asia, and ahead of a crucial vote in Greece.