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Morning Wrap: today's top business stories

News stories from around the web.

US funds left bruised by heavy bond losses (FT)

Every one of the most popular class of US mutual funds investing in bonds lost money in May, highlighting the risks for investors as interest rates rise.

Charity Commission 'may not be fit for purpose' (BBC)

MPs have questioned whether the UK's charity regulator is fit for purpose, after it failed to spot a charity apparently set up for tax avoidance.

ECB backs away from use of ‘big bazooka’ to boost credit (FT)

The European Central Bank is backing away from any “big bazooka” style intervention to revive lending within the eurozone, delivering a blow to some market hopes of ambitious action.

Global shock as manufacturing contracts in US and China (Telegraph)

Manufacturing has begun to contract in the US and China for the first time since the Lehman crisis, raising fears of a synchronized downturn in the world’s two largest economies.

Will the bad be taken out of RBS? (BBC)

Would George Osborne and David Cameron reject a recommendation from the Parliamentary Commission on Banking Standards - which they set up - to split Royal Bank of Scotland into a good bank and a bad bank?