Asia

Asian markets tumbled overnight and safe-haven bond yields fell following news EU member Cyprus is to impose an unprecedented bank levy on deposits held in the country.

China should liberalise the renminbi to support the floundering global economy, according to Robert Horrocks, chief investment officer of specialist fund house Matthews Asia.

Asian stocks have rallied for the third day in a row, led by Japanese shares, as regional indices touch highs last seen in 2011.

The £1.3bn Witan investment trust, managed by Andrew Bell, has handed an Asia Pacific mandate equivalent to 9% of its portfolio to Matthews Asia.

INFRASTRUCTURE

Aberdeen Asset Management's Hugh Young said dotcom-style bubbles are forming in some Asian income stocks as valuations look increasingly stretched.

Schroders has launched a renminbi bond fund for new recruit Rajeev De Mello, who joined from Western Asset Management last year.

CHINA

UBS Asset Management is to close its US 130/30 Equity fund, as well its Asian Equity fund, due to the uneconomical size of both portfolios.

The FTSE 100 made marginal gains this morning as investors look through a tough session on Wall Street Friday, and a mixed day in Asia, to focus on an expected improvement in economic data later this week.