The issue in Italy has been called "Groundhog day" by politicians and commentators alike, but it looks just as fitting on the other side of the pond too, with more than a slight sense of deja vu surrounding today's big US story. Markets have moved lower over the weekend as we approach another big budget deadline with lawmakers at loggerheads, Republicans are seemingly refusing to sign off on key funds for Obamacare, with Democrat's equally determined not to budge over the key reform. With the chance of any deal looking slimmer by the hour, we may be looking at kicking that poor can further down road yet again.....I'm sure we have been here before?One perk for the markets of the current showdown may well come from the FED, with many now favouring that this almost forces further delays in the tapering plans which may well have some countering effects once the dust settles. UK house prices have posted the biggest month on month gains in more than 6 years according to this morning’s Hometrack report. giving the pound a lift this morning with prices up 0.5% from August. The figures will increase speculation of a potential housing bubble, fuelled further by recent government credit schemes, however Bank of England governor Mark Carney has reiterated his view that this is not the case with levels of activity still only around 2/3 of the long term sector average. Mining stocks have moved lower this morning following Chinese Manufacturing figures overnight that came in short of expectations. Rio Tinto and Glencore Xstrata led the heavyweights, both falling over 2% on the open. On the continent, the real story this morning centres around the heavyweight Italian banks, with Unicredit SpA and Intesa Sanpaulo who dropped more than 4% on the open as the farcical political situation causes further wobbles for the Italian markets. Another big story centres around Seimens AG, who have announced plans to cut as many as 15,000 jobs worldwide by the end of 2014. The firm move around 1% lower on the news, which comes 2 months after the axing of Chief Exec Peter Loescher, who actually drew up the cost cutting plan towards the end of last year. 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.