Jeremy Hunt might not be the market's saviour after all. There are tough financial problems in Europe and no easy solution.
Gilts aren't trading at the moment but cable is 80 pips from the highs. US 10-year yields are also now positive on the day at 4.01% after falling as low as 3.91%. Oil is also now down 50-cents and $2 off the highs.
The S&P 500 remains within earshot of the highs of the day, up 96 point or 2.7% but given the price action in bonds, stocks and FX, some extreme caution is warranted here.
