Ratings agency Moody's cuts the credit ratings on 26 Italian banks, including Italy's largest lenders Unicredit and Intesa Sanpaolo.

There is a "compelling" case for a system of road charging, according to a report by the Institute for Fiscal Studies and the RAC.

Renren, known as China's Facebook, reports wider losses for the first three months of the year because of weak advertising revenues.

Shares in Asia fall, taking their lead from Europe and the US, as political turmoil in Greece make investors seek less risky assets.

California Governor Jerry Brown unveils a plan of tax hikes and spending cuts to tackle the cash-strapped US state's yawning $15.7bn (£9.7bn) budget gap.

Foreign direct investment in China falls for a sixth straight month in April, as worries persist over the health of the country's economy.

Fragrance firm Coty withdraws its $10.7bn (£6.6bn) bid for Avon Products, saying the US beauty firm has taken too long to respond to its offer.

The German economy returned to growth in the first quarter of the year with a 0.5% rise in GDP, but France's economy recorded zero growth.