Global stockmarkets jumped, helped by news that Federal Reserve had opted to keep interest rates on hold. Meanwhile, the Bank of Japan took steps to help its ailing banks.

Talking to Bloomberg, Laurence Fink, CEO of BlackRock, said politicians need to address the anger and division felt in many countries, exemplified by Brexit and the US elections.

Global stockmarkets were volatile as investors awaited the outcome of the US Federal Reserve’s and Bank of Japan’s rate setting meetings next week.

Nine out of ten US equity funds underperformed their benchmarks in the year to the end of June. A report from S&P Global found that over the last decade 87.5% of US equity funds underperformed.

The Bank of England governor says the bank took “timely, comprehensive and concrete" procedures in order to “help the economy to adjust" and prevent a post Brexit recession. He added that he is prepared cut interest rates further if necessary.

Britain’s Debt management Office is set to issue a 30 year inflation-protected bond as investors clamour for ways to protect against rising inflation, set to rise to 3% by 2017.

Stocks and shares ISAs attracted record subscriptions during the 2015/16 financial year, despite low investor confidence levels, as cash rates remained at rock bottom.

The City of London is believed to be targeting a bespoke deal to trade with the European Union along the lines of the Swiss model, having abandoned plans for universal access to the single market.

Disappointing US retail sales and data indicating the Chinese economy was continuing to slow provided a boost for bonds but weighed on global stock markets. However, this was partly offset by a rise in oil prices.

Equity ETFs attracted a net $15bn from investors in the first half of this year, significantly down from £102bn in the same period in 2015, according to ETFGI. The figures come after volatile trading conditions in January and February, followed by concerns about the impact of Brexit.