North America

US market valuations are not near bubble territory despite being at record highs, with the current rally different to the pre-crisis period because of resurgent US growth, veteran US equity manager Ed Cowart has said.

Japan's Nikkei fell overnight as concerns over weak US growth figures hit the country's export sector.

OMGI's US manager Ian Heslop gives an overview of economic data and argues there is little need for the Fed to raise short-term interest rates.

ON THE US

US markets fell this morning after a surprising comment by US Federal Reserve chairman Janet Yellen that interest rates would rise in 2015.

BNY Mellon Fund Managers is changing the name and investment remit of the BNY Mellon American fund, managed by its US subsidiary the Boston Company Asset Management.

Markets have rallied today following the Federal Reserve's move to scale back its quantitative easing programme as the US economy recovers.

Christine Lagarde, head of the International Monetary Fund, has sparked fears over the impact of a US default, warning it could cause a global recession.

US markets had their best day of the year so far yesterday, with all three major indices rising by more than 2%, after politicians took a step towards agreeing a deal on the country's debt ceiling.

Ratings agency Moody's has said it expects US politicians to reach an agreement on the country's debt ceiling, with a default "extremely unlikely".