The global rout in equity markets looks set to stabilise on the European open this morning but we still look set to be on course to post five successive weeks of losses, as US markets closed below some key support levels overnight after the Fed's surprise decision to announce some form of end game for its on-going stimulus program. If markets had had only that to worry about then maybe the current sell-off mightn't have been so steep, unfortunately when you put concerns about China into the mix as well it makes for a rather potent mix for risk aversion. These concerns, not only about growth, but also a credit crunch in China's banking system are also raising concerns about short term growth prospects in their economy, and as such the prospects for global growth overall. If that wasn't enough for markets to contend with it seems that there appears to be problems in Europe's perennial problem child of Greece once again, with talk of possible government splits and a confidence vote after reports that Kouvelis, a minor member of the government walked away from the coalition . Cyprus has also been told that it must stick to its bailout plan by Eurozone finance ministers. European finance ministers appear to have agreed rules on how and when the ESM can be used to directly recapitalise struggling banks, though the thorny issue of how to deal with legacy problems does still appear to be a bone of contention. The agreement came about after it was decided that national governments would have to make the first contribution by way of their own capital investment. It has been initially agreed that €60bn be set aside for this process, which hardly seems enough in a worst case scenario. On top of that a downgrade for France's banking sector would appear to be a small cherry on the top from ratings agency Standard and Poor's late last night. It almost seems a small irrelevance to mention that we have the latest public finance figures for the UK for May which is expected to show an increase from April's £8bn to £13.5bn. In an otherwise sparse European corporate earnings calendar, budget airline Flybe announces final results today. The firm which is 15% part owned by International Airlines Group, has struggled with rising fuel costs and airport surcharges, with the firm expecting to report annual losses of around £23 million. Further information is expected to be provided on the restructuring the firm has undertaken, which has already seen them offload all Gatwick routes to Easyjet. Details may provide further read across for the rest of the industry particularly if new routes are announced, with focus already on the sector as the Paris Air Show continues. Vodafone may also look to raise its bid for Kabel Deutschland. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.