FTSE 100

Miton is preparing to add a new product to its stable for the two managers it recently poached from Matterley.

No-one likes a party pooper, but could someone please explain to this bemused contrarian why equity investors have suddenly become so optimistic?

While markets are nearing - or passing through - nominal highs, in reality, UK shares would need to climb much higher just to meet inflation-adjusted pre-crisis highs of 2007.

Shares in Schroders have climbed over 1% in early trading on the FTSE 100 as UBS removed its ‘sell' rating and investors grow more optimistic over the asset manager's prospects.

Blue chip insurer Aviva's shares have fallen 14% after the group revealed a £3bn loss in 2012 caused by a huge writedown in its US business.

CONTRARIAN

The Dow Jones Industrial Average - one of the two most quoted indices in the US - has hit a record high above 14,200 points, surpassing its 2007 peak.

The UK's blue chip index is trading back near a five-year high this morning after a near 1% gain, as a bumper set of results lift shares.

EQUITY MARKETS

Banking stocks continued to pull back the FTSE 100 on Monday, as the losses announced by Lloyds Banking Group last week continued to dog the group and its peers.