Your Investments: The fall in global stock markets over the past month has to be seen in the context of the stellar gains of the previous three years

Michael Murray: To plan for the future, look at the defensiveness of your portfolio and examine well-established, sturdily financed companies

You need to keep your head up to take advantage of the market. Picture: Getty

The fall in global stock markets over the past month has to be seen in the context of the stellar gains of the previous three years. But there is no room for complacency.

Over the past month, currencies, shares and bonds have all fallen across Asia, Latin America and Central Europe, with the Russian rouble at five-year lows. Outflows from emerging market funds have been the highest in three years. These markets are ...