Markets

Hedge fund Everest Capital has closed its largest fund after sustaining heavy losses on the Swiss franc's dramatic move last week.

Asian equities sold off overnight and investors rushed for safe havens as markets continued to react to a shock move by the Swiss National Bank (SNB) yesterday to remove the Swiss franc's peg to the euro.

American economist Jeffrey Sachs has urged investors to add socially responsible firms to their portfolios in 2015, as consumers become more aware of companies' social and environmental credentials.

Think local

Norwegian fund manager Skagen is set to launch a concentrated global fund, subject to regulatory approval, following the rehire of manager Filip Weintraub.

Indian equities stood out in Asian trading overnight after the Reserve Bank of India (RBI) announced a surprise cut to interest rates in order to combat falling inflation.

This year will see investors finally lose faith in the notion that policymakers are in control of global economic events, according to 'permabear' investor Marc Faber.

M&G has written to investors in its £9.5bn Global Dividend fund and acknowledged "there may well have been some complacency" around underperforming stocks in 2014.

The FTSE 100 has dropped 2.5% this afternoon as worse-than-expected US retail sales data darkened investors' moods further this afternoon.

The World Bank has cut its global growth forecast, warning the US alone cannot drive an economic recovery.