Investment funds from the Middle East and Asia have bought an estimated $37bn (£17.8bn) of shares in western financial companies this year. Financial times, Daily Telegraph, The Times

The amount signals that the funds are taking a more optimistic view than other investors of the growth prospects for banks, exchanges and asset managers.

Shares in banks around the world rose yesterday as investors reacted to news that Abu Dhabi Investment Authority had injected $7.5bn into Citigroup in the form of convertible shares.