View more on these topics


Three strong sessions out of four saw the FTSE World index gain 2.9 per cent by Thursday&#39s close last week.

In the US, after a wealth of economic data during the previous two weeks, investors had little information to digest. Trading volumes were thin, with many on the sidelines waiting for the holiday season to end.

A broad rally earlier in the week, with particular strength in the financials, retailers, healthcare and technology stocks, saw all the indices push firmly ahead, with the Dow and Nasdaq pushing above 9,000 and 1,400 respectively.

European equities performed strongly, with the FTSE Eurotop 300 index striding past the 1,000 level – its highest in six weeks. There was some respite for the battered and ailing French media group Vivendi Universal, which, after shedding 45.3 per cent in the prior week – clawed its way back by nearly 40 per cent between Monday and Thursday. Telecoms performed well, with Germany&#39s Mobilcom gaining 30 per cent on Thursday amid rumours of a bid from France Telecom. Germany&#39s Dax and France&#39s CAC 40 both advanced more than 6 per cent over the first four sessions.

In the UK, the heavyweight sectors – the banks, pharmaceuticals, oils and financials, which form a large part of the FTSE 100 all had a part to play in pushing the index beyond 4,400. The general bullishness was tempered somewhat by domestic news on retail sales from the latest CBI survey which showed that July figures were below consensus forecast.

A sell-off in Japan, caused by a credit warning from rating agency Standard & Poor&#39s on Monday, saw the Nikkei 225 shed nearly 2 per cent amid thin trading. These losses were largely reversed on Thursday when tech stocks rallied strongly after overnight gains on the Nasdaq.

In Hong Kong, good performance from the blue-chip exporters on the hope of continued demand from the US, the region&#39s second-biggest export market, helped the Hang Seng index forge ahead. South Korea&#39s composite index closed at its highest level in a month as domestic institutions bought into blue-chip tech and telecom issues.


Mid-year cuts by R&SA as NU reduces its MVR

Royal & Sun Alliance is slashing the bonuses of one million with-profits policyholders in mid-year with payouts on conventional with-profits reduced by 10 per cent and annual bonus rates on unitised with-profits cut by 1 per cent. But Norwich Union is reducing its MVR from 11 per cent to 7 per cent in response to […]

Dancing to a different tune

Image is everything, as a brand consultant once told me and as he was from the consultancy that gave the world Hobnobs he must be right. For most IFA firms, the closest they have got to being a brand is using the IFAP logo. The logo has the pound symbol as its centrepiece and, given […]

Jackman and FSA in clash over T&C

The FSA board and its exam guru David Jackman are bel-ieved to be at loggerheads over the future of its training and competence regime. FSA head of industry training Jackman is believed to be extremely disenchanted with the regulator&#39s board because his exam review appears to have been put on the back-burner because of CP121 […]

Britannic focus on the Cam era

Britannic Money, best known as one of the pioneers of current account mortgages, has been in the news recently as the first lender to launch a sub-prime product with Cam features. At the start of this month, the Britannic Money Restart homeloan, with the brand name Fresh, was unveiled, offering overpayments, underpayments, payment holidays, daily […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm