The age old city adage of buy the rumour and sell the news has been perfectly demonstrated today, with the recent rally on resolution whispers reversing as final confirmation of a deal hits the headlines. Today’s pull back for European equities seems proof that the markets either had an unshakeable confidence in U.S politics, or simply couldn't bear to contemplate the consequences of default. Either way the deal seems to have been priced in pretty much the whole way through the charade bar the odd wobble. What seems more surprising is that the sell-off has also been attributed to the nature of the deal, suggesting that some had considered a longer term solution conceivable. Well predictably they will find the deal underwhelming. Instead we simply buy more time, a temporary pain relief only to endure it all again in a few months, and on current form are we any more likely to get a proper solution? The press have certainly made their feelings towards politicians clear, and it’s true they have not exactly covered themselves in glory, but this is also a systemic issue at the heart of the US political system, and you have to wonder how dire things need to get before anything is addressed.The US is the hub of the world economy, and with that comes great responsibility. The system must allow key decisions of this nature to be made without stalling in the name of political one-upmanship. Over to single stocks, and Travis Perkins see their stock offered lower this morning, despite total Q3 sales being up 8.6%. The firm announced that it is still on track with EPS targets despite lower property disposal gains. The statement also backed the recent improvement in construction, noting that the stronger trading conditions that they had experienced were “ a reassuring indicator of improved sentiment in construction. B Sky B shares rallied nearly 5% in early trade following a much anticipated update in light of a recent attack from BT’s new sports service. Some reports had indicated that there was potential for an exodus after the free offering to BT broadband customers, but the addition of 111,000 broadband and 37,000 TV customers saw revenue hit targets and perhaps dispel concerns of a change in the tides. BT group slid in the opposite direction on the announcement. An improvement in performance from both Europe and North America have seen brewer Sab Miller beat expectations for first half volumes. Sales continue to improve in emerging markets too, with a 9% increase in Africa as well as continued progress in Latin America and Asia Pacific. On the continent, America Movil, the South American telecoms giant owed by billionaire Carlos Slim, has dropped a E7.2 billion bid for Dutch provider Royal KPN. It appears company management were not happy with the price offered, and consequently a call option was exercised by a foundation acting on behalf of KPN shareholders to give a 50% stake in the firm. The stock shed over 8% in response CMC Markets is an execution only service 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.