The Federal Reserve maintains its $85bn-a-month (£54bn) asset purchase programme, but says it could begin scaling back later this year and ending it completely in 2014.

George Osborne has used his annual Mansion House speech to the City to announce the government is preparing to sell its stake in Lloyds Bank back to private investors.

Shares in London fall back, with investors expected to remain cautious ahead of comments from the US Federal Reserve.

Royal Mail workers vote strongly against the government's proposals to privatise the postal group.

Italian fashion designers Domenico Dolce and Stefano Gabbana are sentenced to jail in Italy for tax evasion but have appealed against the verdict.