Markets

Stronger than expected employment data could not prevent Wall Street selling off at the open this afternoon.

Investors piled into risk assets today as the results of last night's summit talks in Europe gave investors hope that an end to the crisis is in sight.

Wall Street opened higher this afternoon as investors anticipated central bank stimulus measures would be forthcoming when the Federal Reserve's policy meeting concludes on Wednesday.

The positive impact of China's rate cut was dampened overnight in Asian and US markets as Ben Bernanke failed to clarify the Fed's policy approach in a speech yesterday.

Weak US jobs data has caused panic in global markets and forced US Treasury yields to fall to yet another record low.

Asian markets fell more than 1% in some regions overnight, with the wider area set for its biggest monthly drop since the financial crisis of 2008.

European leaders are working on a scheme to tackle the eurozone crisis which, if implemented, would see a continent-wide rescue fund seize control of struggling banks.

The FTSE 100 has dropped more than 1% as the Spanish banking crisis intensified, with shares in bailed out Bankia shedding 25% today alone.

Asian markets climbed overnight on indicators the Federal Reserve may initiate further quantitative easing, after initially putting plans on ice.

Ratings agency Moody's Investors Service has cut the long-term debt and deposit ratings for 26 Italian banks as the crisis in Europe clouds their prospects.