At least four people are trapped after an explosion at Cheshire flour mill

At least four people are thought to be trapped in a flour mill in Cheshire, after an explosion and fire broke out at the site.

Philly Fed index falls well below forecast in July

Business in the Philadelphia region grew in July at a much slower pace than analysts had anticipated, as companies continue to come to terms with the effects of a strong dollar that has weighed on exports.

European Central Bank raises ELA for Greek banks

Contrary to earlier reports the European Central Bank did increase its emergency funding for Greek banks.

Canada’s central bank surprises with rate cut, sending Looney higher

The Canadian central bank unexpectedly cut its main policy rate on Wednesday, possibly egged on by Tuesday’s agreement between Iran and the P5+1 nations on the latter’s atomic programme.

Interest rate hike likely this year, Yellen reiterates

An increase in short-term interest rates is likely at some point this year, the chair of the Federal Reserve bank Janet Yellen was set to tell congressmen on Wednesday afternoon, according to prepared remarks released before her testimony.

US manufacturing activity firmed in July, Empire state survey shows

Manufacturing activity Stateside picked up slightly in July, a leading indicator for activity in the sector showed.

UK unemployment rate jumps, wage growth accelerates

Unemployment in the UK rose by more than expected in May even as wage growth picked up further, albeit by less than economists had forecast.

Greece economy in a wreck after two weeks of political confrontation - IMF

The last two weeks of shuttle negotiations or political confrontation between Athens and Brussels left the Greek economy in a wreck, according to a confidential report from the International Monetary Fund (IMF) seen by Reuters.

Israeli PM: Iran nuclear deal is a "bad mistake of historic proportions"

Israeli Prime Minister Benjamin Netanyahu has criticised the deal over Iran's nuclear programme, describing it as "a mistake of historic proportions. ".

IAEA confirms deal over Iran's nuclear programme

The International Atomic Energy Agency (IAEA) has signed a deal with Iran aiming to resolving the outstanding issues over the country’s nuclear programme by the end of the year.

Iran and world powers reach agreement on nuclear programme

Iran and the six world powers with whom it was negotiating have reached an agreement on the country’s nuclear programme, according to diplomats.

Iran diplomats are confident of reaching a nuclear agreement by Tuesday, AP says

US Fed’s rate hike cycle will likely start this year

The first increase in the US central bank’s main policy rate is likely to come later in 2015, the chair of the Federal Reserve said.

Dijsselbloem reportedly says decision on Greece "probably today"

Eurogroup head Jeroen Dijsselbloem said that a decision on Greece’s new reform proposals will be made “probably today”, according to Bloomberg.

UK trade deficit unexpectedly shrinks in May

The UK's visible trade deficit shrank in May to -£8bn from -£9. 4bn in the month before (consensus: -£9. 7bn).

Crisis to take much heavier toll on Greece than expected, IMF says

Global economic growth will be lower than previously expected the world’s financial watchdog said.

Bank of England keeps policy unchanged

Following its meeting today the Monetary Policy Committee kept its policy settings unchanged.

Trading halted at New York Stock Exchange due to technical fault

Trading was halted on most securities at the New York Stock Exchange on Wednesday at 16:32 BST or 11:32 New York time.

China moves to limit equity selling as slump extends to Hang Seng

Chinese authorities have banned major shareholders and executives from selling any of their stakes in listed companies, in a fresh bid to stem selling in its major stockmarkets.

UK Budget 2015: Osborne moves on bank levy, corporation tax to be cut further

The UK economy is fundamentally stronger than five years ago with two million more jobs having been created, according Chancellor George Osborne.