As a reminder that it isn't just Europe that has a debt crisis going on, the American "dream team" created to work out how to slash the enormous debt pile across the Atlantic, by over US$ 1.2 trillion over a ten year period, have failed to reach agreement by the Monday deadline.

With markets already in negative territory, equities down 5% plus globally over the last 6 days, this US news has caused further substantial selling across the board and will not comfort any fund manager looking for bargains that are there but could easily become much cheaper, given the current trading environment.