Investors take profits on fears EU-driven rally will not last

EU politicians' long-awaited agreement on eurozone crisis lifts markets worldwide but investors move to cash in view equity rally may not be sustainable

Global markets surged last week as politicians agreed a long awaited eurozone rescue plan, but fund managers are not convinced the rally is sustainable and some are taking profits and moving to cash. The French and German leading indices rose almost 6% on Thursday as EU leaders set out their three-pronged plan, while the FTSE 100 saw a 3% jump. US shares climbed around 3.5%, also lifted by improved Q3 GDP figures, and the S&P 500 is now on track to deliver its largest monthly gain since 1974. Bank shares including Crédit Agricole, BNP Paribas, and Barclays, which were hit hard in Augu...