The FTSE 100 has endured a volatile session as the impact of the falling oil price and Russian currency collapse continue to reverberate around global markets.
Russia has raised its interest rates to 17% to prevent further depreciation of the ruble, which has halved in value against the dollar this year.
A number of emerging market countries have already started implementing significant reforms which could spur economic growth, according to Templeton's Mark Mobius.
Europe's economy is clearly deteriorating, with the stand-off between Germany and the peripheral nations continuing to hamper attempts to reform the region.
The Bank of Russia has taken steps to halt the collapse of the rouble, as the currency continues to hit new record lows against the US dollar and the euro on falling oil prices.
The actions of an increasingly desperate Russia could force the US to keep interest rates on hold and define the investment agenda next year, according to Jason Pidcock, manager of the £5bn Newton Asia Income fund.
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Neptune is to close its £1.8m China Special Situations and £400,000 Russia Special Situations funds less than three years after the funds were launched.
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