Equity markets fell on average 2% last Friday and the negative sentiment looks set to continue at European opening times, as US Employment data was again disappointing and the worry is that the US is going back into recession. If the US sneezes we all catch colds.

More bad news for the banking sector as the US Government decides to take legal action against 17 Banks who were involved in the Sub Prime mortgage debacle and played a huge part in the financial crisis that still cripples the world economy.

The US Federal Housing Finance Agency, is seeking billions on from these banks, who it sees as misrepresenting the quality of mortgages parcelled up and sold on, which includes RBS, Barclays,and HSBC with French and German banks also represented, the majority though being US.

The European Debt situation is also not going away,as Greece has stated that it will not  make it's debt targets for 2011, which surprises no one but confirms general fears that Greece is going to default on it's financial obligations at some stage in the future. Owning Greek paper has already proved to be very expensive for some Banks who used to think Sovereign debt was pretty safe.