Jupiter's Guy de Blonay said markets may have to plunge a further 15% before "complacent" policymakers look to more QE.
UK shares were muted at the open, failing to take advantage of yesterday's 3% rise in the S&P 500.
Standard Life Investments' Jonathan Gibbs has closed short positions in Italian and Spanish government debt following intervention from the European authorities.
My worst fears about the potential loss of confidence in our leaders, institutions, and capitalism itself are being realised. We have been digging this hole for a long time.
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Now is not the time to be swayed by high-frequency newsflow and economic data, writes Philip Lawlor, group strategist at Smith & Williamson.