Analysts are underestimating the extent of the problems facing the banking sector, in a scenario reminiscent of the collapse of Lehmans, said Colin McLean, managing director of SVM.

Finnish prime minister Jyrki Katainen has threatened to withdraw support for the Greek bailout unless granted security for its loans in the form of collateral, the Telegraph reports.

Standard Life Investments' Jonathan Gibbs has closed short positions in Italian and Spanish government debt following intervention from the European authorities.

UK Mid Cap manager prevails through tough headwinds, steering fund to top of charts.

Dominic Rossi, CIO of equities at Fidelity, said shares across the globe were now trading back near credit crunch lows, leaving them looking their most attractive for 20 years.

Sales of funds of funds reached record highs in the first half of 2011, the Investment Management Association (IMA) has said.

Polar Capital is to launch a North American equity fund for ex-Threadneedle duo Andrew Holliman and Richard Wilson, mirroring the successful offering they managed at their former employer.

Both Germany and France have ruled out common eurozone bonds as a solution to the bloc's debt crisis, the FT has reported.

Recent market sell-offs have prompted Henderson's Emily Adderson to buy distressed European banking stocks after sharp share price falls.

China has voiced concerns over the eurozone crisis, urging Europe and the US to deal with their debt pile, Reuters reports.