On Friday, global equity markets collectively sold off in response to the April U.S. non-farm payroll report which suggested a loss of momentum in the U.S. labour market. Yesterday equity markets appeard to shrug off European election results from Sunday which saw Francois Hollande become the new President of France. Hollande ran on a platform emphasizing growth initiatives over the austerity measures pursued by Nicolas Sarkozy. Yesterday the leader of the New Democracy party in Greece, which won the most seats in Sunday's election, conceded he was unable to build a consensus among the parties and failed to create a new government. On a positive note, U.S. Consumer Credit in March grew by the fastest amount in over a decade indicating consumers are taking advantage of record low interest rates with plans to increase spending.