Pick of the early market news

Updated: 
The FTSE 100 soared 1.85% higher to 5,874 points on Monday. Pearson and Fresnillo were the biggest risers (4.81% and 4.13% up respectively). The German Dax rose 1.58% higher while, in the US, the Dow Jones ended the day at its highest level since 2007, finishing at 13,264 points.

Overnight, the Reserve Bank of Australia has held interest rates at 4.25%. Asian stocks mostly rose on Tuesday.

Corporate news remains quiet today. Drugs player AstraZeneca and Amgen, a major biotech company, have announced a tie-up to sell auto-immune and respiratory disease treatments, with the majority of the costs to be funded by AstraZeneca until 2014.

"This creative collaboration," said David Brennan, Chief Executive Officer, AstraZeneca, "will make the most of both companies' respective capabilities, including AstraZeneca's extensive global reach, to help bring these potentially innovative treatment options for a variety of respiratory and inflammatory diseases to patients around the world."

Whitbread has announced that Christopher Rogers, currently Group Finance Director, will be appointed MD of Costa Coffee following John Derkach's decision to join UK restaurant company, Tragus Group.

Whitbread says Rogers will head up Costa's global business to drive forward its five year growth plan to increase the size of the business to 3,500 stores worldwide. "Costa," says Rogers, "has a strong and experienced team leading its four divisions, all of which have exciting profitable growth potential".

Meanwhile Malaysia's CIMB bank is buying much of Royal Bank of Scotland's (RBS) Asia-Pacific units in a deal worth £88m, which should help RBS streamline operations further.

Lastly, Trinity Mirror has slashed the future cash bonus for chief executive Sly Bailey. However the overall size of Bailey's pay package is not being cut. Whether this move means Bailey's compensation - she earnt £1.3m last year while overall Trinity Mirror profits slumped - will be more aligned to long-term corporate performance remains unclear

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