Until hard decisions are made and a long-term solution is found, these concerns are going to continue to derail global confidence, potentially for years to come. Now that Italy is the talking point, the whole situation has taken a nasty turn in terms of contagion. Whereas there wasn’t much US exposure to Greek debt, Italy is a completely different kettle of fish.

Traders are focusing on a barrage of key US economic data due for release over the next few sessions. It starts tonight with the ISM non-manufacturing PMI report due at midnight. As it stands, the market is expecting a figure of 53.9, down from 54.9 last month. Read more from our daily market updates for July 6th.