Fitch

London particularly vulnerable

European HY funds lose €1.4bn

Fitch Ratings looks at capacity

Credit funds in firing line

Fund rationalisation may be coming to an end after a few years of groups actively cutting their product ranges, according to Fitch Ratings.

Fitch has become the first ratings agency to threaten a US credit ratings downgrade over the latest debt ceiling impasse.

Oil majors BP and Shell could face hefty fines if they are found to have manipulated the oil price, the UK's energy secretary has warned.

Fitch has cut China's local currency rating from AA- to A+, amid concerns the country is not doing enough to address its soaring debt levels.

The pool of government bonds rated AAA by the three main rating agencies has shrunk by more than 60% since the financial crisis, according to new analysis.

Italy's embattled economy contracted 2.8% year on year in the fourth quarter, according to the final reading released this morning, worse than the 2.7% contraction previously thought.