Anthony Cross and Julian Fosh, Liontrust
Stock markets recovered from last week's bout of anxiety this morning as geopolitical concerns eased, with safe haven bond yields climbing and shares rallying.
US treasury yields have fallen to their lowest level since last summer as concerns over Iraq and Ukraine spur a fresh flight to safety.
Equity Income fund managers are yet to warm to the tobacco sector, despite a strong 2014 for stocks driven by M&A and their defensive qualities.
HSBC, the largest listed bank in the UK, has reported a sharp drop of 12% in its first half profits for 2014, as declines in emerging markets impacted the group.
BlackRock has soft-closed its European Opportunities Extension fund at £540m to protect investors.
Global shares and US treasury yields fell on Thursday and Friday while gold soared as investors sought safety following a passenger jet crash in Ukraine.
Investors are entering one of "the most dangerous phases" of the economic and market cycle, Henderson's co-head of multi-asset has warned.