Multi-asset managers have started reinvesting their high cash positions, with many topping up European exposure as Greece finally reaches a new deal with its creditors.
The bond market faces "strong headwinds" for some time as summer volatility returns and markets anticipate interest rate hikes, according to Invesco Perpetual's fixed income team.
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European markets are down but stable in early trading after the Greek people voted against further austerity, with the UK's leading index hit least hard.
Emerging markets funds have been hit by the biggest level of outflows in seven years, as issues including MSCI stalling on adding Chinese A-shares to its benchmarks weighed on sentiment.
Schroders has expanded its range with the launch of an emerging markets multi-asset income fund.
HSBC has confirmed it is planning to cut up to 25,000 jobs, including up to 8,000 posts in the UK, to target annual savings of up to $5bn (£3.3.bn).
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