Markets fell overnight on both sides of the Atlantic as Italy's borrowing costs soared, intensifying concern that efforts to contain the European Union's debt crisis aren't working.

Anyone hoping for a weekend fix to the global banking sector will have to wait a little longer - perhaps a lot longer.

World markets rose overnight after intervention by the Bank of England and the European Central Bank eased fears about the European debt crisis.

New Zealand financial markets markets were in a holding pattern today after Europe's debt woes sparked a wave of selling around world last week.

A new report quashing hopes China's would pick up the slack from problems in the US and Europe has sent...