UK

Lloyds Banking Group has set aside a further £600m for the mis-selling of payment protection insurance but its interim results show an improvement in underlying profit.

Multi-asset and equity products have driven net intermediary inflows of £3.8bn for Schroders in the first half of 2014, prompting a 50% hike in the group's interim dividend.

Since the financial crisis in 2008, the FTSE All-Share has been on a steady upward trajectory.

EUROPE

Royal Bank of Scotland shares rocketed this morning after the bank said it expects a big jump in profits in H1.

Although markets have come a long way from their crisis lows, markets feel as schizophrenic as ever, with investors agitated by rate rises and political concerns, says Jamie Hooper, manager of the AXA Framlington UK Growth fund.

ALTERNATIVE BETA

MULTI-ASSET

Baillie Gifford UK Alpha fund's Gerard Callahan.

Outflows from the Invesco Perpetual Income and High Income funds since news of Neil Woodford's departure have reached 30% of assets - but the launch of his rival fund was seemingly not the major blow some expected.