The bad news continued for embattled retailer Tesco yesterday after its credit rating was downgraded by two key agencies.

Old Mutual Wealth has finalised a deal to acquire Quilter Cheviot for £585m.

UK CPI inflation has fallen to its lowest level in five years, undershooting estimates as the impact of falling petrol prices dragged the headline level down near to 1%.

The FTSE 100 was in the red once again today following losses around the globe overnight, with Hargreaves Lansdown and luxury goods retailers Burberry and Mulberry both taking a tumble on slowdown fears.

Shares on Wall Street have recorded the worst three-day streak since 2011 after another sharp move lower overnight, with investors continuing to fret over the end of the US Federal Reserve's bond buying programme.

Hargreaves Lansdown has said the low interest rate environment will continue to impact its revenues for the remainder of the year, with the business also ruling out any further moves on price for now as investor confidence wanes.

Ignis Absolute Return Government Bond fund manager Ross Oxley and two members of his team are to exit the business following its £390m takeover by Standard Life, Investment Week understands.

Fidelity Worldwide Investment has appointed Barclays Wealth boss Peter Horrell as managing director of its UK business.

Two directors of HSBC's UK arm are poised to quit in protest at new Bank of England rules that pave the way for lengthy jail sentences to be imposed on senior managers of failed lenders, according to reports.

Neil Woodford has ended a 10-year investment in Reckitt Benckiser after the shares became "too expensive" to justify holding any longer.