In Europe the FTSE and DAX were hit hard, down 1.6% each, whilst the CAC (-2%) suffered even heavier falls.
Stateside, the Dow, S&P and Nasdaq all shed around 0.8%.
It was the lowest close so far this month for US stocks, which continued to suffer amid jitters over the European debt crisis and a lack of progress regarding debt-ceiling negotiations.
Amongst the currencies, the euro touched a record low overnight against the Swiss franc and slid the most in a week against the dollar amid concern European leaders won’t take strong enough steps to contain debt.
Elsewhere, the Aussie, Kiwi and Loonie (CAD) depreciated overnight as investors retreated from risk.
In the commodity space, crude oil reversed most of the previous session’s gains shedding 1.4% whilst gold added 0.8%, closing above $1600 for the first time ever.
In company news, OZL is on track for 100k-110k tonnes of copper for the FY and plans a share buyback of up to $200 million.
Today’s session will bring us the latest Monetary Policy Meeting minutes.