The FTSE advanced almost 1% in late afternoon trading as investors shrugged off concerns relating to Ireland's credit rating downgrade and disappointing US economic data.

The Institute of Directors (IoD) wants a further £50bn in quantitative easing, on top of the £200bn already injected into the economy to boost the money supply.

Global markets have rallied on the back of Japan's cut in interest rates, with the FTSE and Dow both up over one percentage point.

London's leading share index is up nearly 1% today despite concerns over the European debt situation.

A group of countries including Germany and the UK have thrown their weight behind an EU proposal to fine member states for failing to cut their budget deficits.

Fidelity has dismissed fears of a double dip and has urged investors to look beyond scare-mongering headlines and place economic figures in context.

The Dow Jones has made early gains in trading as investors await the Fed's rate decision tomorrow and a possible extension of its quantitative easing programme.

Financial regulators have reached a deal to force global banks to double the spare cash they hold in the biggest shake-up since the economic crisis nearly brought down the system.

Banks and miners have powered the FTSE to a four-month high in afternoon trading after the Bank of England held interest rates at their historical lows.

The Bank of England has held interest rates at 0.5%, marking the 18th consecutive month they have been at this historical low.