The Swiss franc has fallen 9% against the euro after the Swiss National Bank (SNB) said it was setting a minimum exchange rate against the single currency.

Fears over Italy's ability to push ahead with fiscal reforms have pushed bond spreads back up towards record levels as investors rush to safety once more.

Net retail fund sales fell to their lowest level since October 2008 in July while equity funds saw net outflows for the first time in over two years.

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Yields on short-dated Greek debt have hit a fresh eurozone-era high after the country announced a pause in bailout talks with the IMF.

Fidelity has launched a European Dynamic Value fund, managed by Neil Madden and seeking to identify cheap and disliked stocks with improving fundamentals.

Guillaume de Corbiac, manager of the AXA WF Framlington Emerging Markets Talents fund, has left the firm to pursue other opportunities.

Artemis' Simon Edelsten and Alex Illingworth have sold their position in Google but have been buying other advertising plays on the dips in global markets.

BlackRock's Nick Little is to join Mark Lyttleton in managing the company's £444m UK fund.

NEARING CRUNCH POINT