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A rough July continued into an initially rough August, but the mood turned more positive in the second half of the month; the S&P Europe 350 finished up by 2%. The U.K markets which face an interesting test in just under three weeks via the Scottish referendum on independence, also gained 2%.
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The Ukraine has dominated the headlines and, in response to evidence of further Russian military involvement, a new round of sanctions is expected over the weekend. Despite this backdrop, volatility measures fell slightly over the month.
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