Global macro -2.16% It ought to be the perfect environment for global macro managers, a strategy that trades instruments such as currencies, interest rates, foreign exchange and bonds to take advantage of broad economic trends. But while in theory they’re best equipped to deal with the big macro moves this year has seen, managers argue that the politics are getting in the way.

The chief operating officer at a multibillion global macro fund said: "We're in a very macro world where our skill set should be strong. But you have irrational and uneconomic market participants such as governments and regulators." He said the events surrounding the Greek debt crisis epitomise this.