Full circle, but in which direction?

EUROZONE DEBT DEAL

J.P. Morgan Asset Management's international chief investment officer for global fixed income, Nick Gartside, asks where markets will go now eurozone leaders have reached an agreement on the debt crisis.

As markets start to get fatigued by Europe focus is again shifting to the US, and the ongoing battle within the congressional super committee. This pattern of oscillating between concerns about Europe and the inability of the US to deal with its chronic debt is a sadly familiar pattern for markets and emphasises the inability of much of the developed world to deal with huge debt levels in a low growth environment. Europe is likely to be the immediate flash point. Speculating about what may, or may not, happen is fruitless. We will evaluate any deal through two prisms: who is taking...