Hungarian bond yields soared above 10% yesterday after the government cancelled a bond swap auction, increasing fears the country will be the first in the EU to default on its debt.

The IMA has re-launched its Managed sectors with new names and definitions, apart from the Mixed Investment 0-35% Shares sector which has been delayed.

Invesco Perpetual's Paul Causer and Paul Read have admitted banking exposure has hurt the performance of their £334m Tactical Bond fund, but are sticking with the positions.

VALUE WILL BE BACK

Around 10% of Hungary's local bond market is owned by Franklin Templeton Investments, according to reports.

We look at key themes and events that have impacted investment over the past year.

A draft prospectus providing details of securities which may be created by the EFSF has acknowledged the breakup of the euro in its list of risk factors.

The world's largest bond fund, run by Bill Gross, has seen outflows of $17bn over the past year - a time when bond funds as an asset class have seen net inflows.

The head of the Bank of France has attacked the UK's AAA-rating and called for it to be downgraded - as expectations increase of a downgrade to France's rating.

Chinese and Indian policymakers have promised to take action to boost economic growth on deepening fears emerging economies will suffer a hard landing.