Europe

Worries in Europe continue particularly as a result of a new government in Hungary making some rash statements to try and clear the decks. They have since come out and said things aren't as bad as they thought. It hasn't helped market nervousness though.

Poor job figures in the US didn't help proceedings resulting in a sharp drop in the Dow of 323 points or 3.2%

In Australia the All Ords is currently down 139 points. The longer end of the yield curve has continued to flatten as future tightenings begin to be priced out due to uncertainty and concerns about global growth. 1 year swap is now 4.93%, 5 yrs 5.17% and 5 yrs 5.52%