Newton's managers have warned an Italian bailout would cause deadlock in the European banking system and herald the end of the eurozone in its present structure, as the sovereign debt crisis deepens.

A solution to the Greek crisis may be delayed until September after European finance ministers failed to reach an agreement on the terms of the fresh bailout.

Parmenion has created a range of seven risk-graded multi-asset funds in collaboration with Frontier Investment Management.

The FTSE has plunged into negative territory after disappointing US jobs data reignited fears over the economic recovery.

The European Central Bank has hiked its benchmark interest rate to 1.5% as expected.

Nick Griffiths, co-head of interest rates and global portfolios at Aberdeen, has been poached by Legal & General Investment Management.

Allianz Global Investors has warned European growth will not return to pre-credit crisis levels for years to come.

Aberdeen's Hugh Young has said a China slowdown will be "beneficial" to the global economy, after manufacturing growth dropped to its lowest level in over two years.

Sterling has dropped sharply against the euro after data showed manufacturing growth fell to the lowest level in almost two years.

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