European indices picked up the torch from their Asian counterparts to start the week in the green this morning, after weekend negotiations saw a deal agreed to avoid the collapse of the Cypriot banking system. Full details of the agreed terms remain sketchy, but it appears likely that savers with less than E100k on deposit will be protected – though the fact that such a decision had to be made at all shows how far we have fallen…

Financials have responded positively to the bailout deal, and leading the UK blue chip index early on are Aberdeen Asset Management who announced a big bump in assets under management – up 10% since the end of 2012 as inflows of new client money hit £3.5bn in the last two months. JP Morgan have taken a positive view of the stock’s medium term prospects, recommending that their ...