Economics / Markets

The UK's economic recovery is likely to be slower than that of Germany and France, according to the latest forecasts from Standard & Poor's.

The FTSE 100 rose 1.48% or 76.18 points to 5,227.50 as sentiment was boosted by a strong showing from Wall Street and Asia overnight.

The FTSE closed slightly down this afternoon after a turbulent day which saw Prudential finally back down from its bid for AIA.

Nationalised bank RBS has axed 500 jobs at its wealth management unit as part of a restructuring plan.

The Czech Republic President has hit out at the eurozone bloc, saying the union has failed to bring meaningful economic benefits to its members.

The FTSE 100 has opened 1.3% lower this morning as global indices continue to decline.

Prudential has declined to comment on whether its chief executive, Tidjane Thiam, would receive a bonus this year after the failed bid he fronted for AIA cost shareholders an estimated £300m.

Annual inflation in the Organisation for Economic Co-operation and Development (OECD) area remained stable in April at 2.1%, although food and fuel prices rose.

The FTSE continues to fall, weighed down by fears over the global economic recovery and a massive sell-off in BP shares.

Banks in the eurozone will suffer "considerable" loan losses in 2010 and 2011, potentially leading to €195bn (£165bn) in futher write-downs, the European Central Bank (ECB) warns.