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Stay away from mainland Europe – at least when investing in the asset managers – was the message being spread yesterday, as Schroders was left near the foot of the top-tier index.
The group plummeted 31p to 1,446p after Deutsche Bank downgraded its rating to “sell” from “buy”, suggesting that investors from the Continent have been the quickest to pull their money out of equity funds in response to the recent global market sell-off.
City scribblers from the broker suggested that stocks in the asset management sector were in for a tough time in general “once the exact scale of recent outflows from retail investors is disclosed”. However, they added that recent data has shown “behaviour… in different geographical locations has varied markedly”, leaving Schroders – which they estimated was the most exposed to retail investors from mainland Europe – as particularly vulnerable.
The analysts were much more keen on Man Group and Jupiter, which moved ahead 8.7p to 229.1p and 3.7p to 205.8p respectively. They also cut Ashmore’s rating to “hold” from “buy”, although it still managed to jump up 19.1p to 420p after its promotion to the top-tier index in the latest reshuffle was confirmed on Wednesday.
Despite a positive start to the session, the FTSE 100 reacted badly to the results of the latest meeting of the Bank of England’s Monetary Policy Committee. Its decision to keep interest rates at 0.5 per cent surprised nobody, but...

Social elements are popping up throughout Google’s services, and Google is encouraging its users to open up and share more.

Giddy with the successful launch of its Google+ social network, Google appears to be reinventing itself as the bar depicted in the ’80s sitcom Cheers, a place where everybody knows your name.

Google is requiring users to provide Google Profiles, the identity component of Google+, with “the name that you commonly go by in daily life.” This is essentially the same as Facebook’s name policy, which doesn’t sit well with Internet users who prefer to interact online without being personally identified.

Gold continues to move to the upside

GOLD continues to move to the upside as debt woes continue in both the US and Europe. Recent data confirms that bullish bets on Gold are rising in the hedge fund space and as much as this is a positive it could show that a temporary top is in sight. Gold has moved higher form the US close this morning and we briefly touched on $1,598 before easing back slightly. Gold is currently trading higher by 0.40% at $1,597 in early trade.