The US Federal Reserve heralded the beginning of the end for its third round of quantitative easing as Ben Bernanke said it could slow the $85bn-a-month pace of asset purchases �in the next few meetings� if the labour market is strong.

Thursday 10.30 BST. Global stocks are in sharp retreat, led by a savage plunge in Tokyo, as traders are spooked by the prospect of reduced central bank support and a slowing Chinese economy.

The updated figures from the Office for National Statistics showed that the UK's dominant services sector, which accounts for three quarters of national output, drove the recovery - growing 0.6pc over the three months.

Flybe has announced the sale of all its take-off and landing slots at London Gatwick airport to Easyjet for �20m. The sale is part of a cost-cutting programme for the airline.

Halfords Group Plc (HFD), the U.K.'s biggest seller of bicycles, fell the most ever after announcing a surprise dividend reduction to boost investment in training workers, revamping stores and improving its Web business.

China's manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.

International Monetary Fund Managing Director Christine Lagarde is testifying this morning at a Paris court investigating her decision to allow an arbitration that benefited a supporter of former President Nicolas Sarkozy.

Mothercare posted another big loss in the last financial year, but the UK retailer said it was making good progress with its turnaround plan.

Speaking after he delivered the annual British Retail Consortium lecture, Tim Steiner said the reaction of Waitrose to Ocado's tie-up with Morrisons has been a �joke�.

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