Dow dives over 200 points with US debt deal poised to fail

US shares plunged at opening ahead of an expected announcement politicians have failed to agree a deal to cut the US' sprawling budget deficit.

The Dow opened down 1.8% or 212 points, at 11,583, while the S&P 500 shed 1.4%, or 16.9 points to 1,198.8. Markets around the globe had already sold off earlier amid reports the super committee put together to agree a deficit reduction plan had failed to reach an agreement. Lawmakers had been trying to formulate a deal which cut $1.2trn from the deficit ahead of today's deadline as they move to tackle the US' monumental - and expanding - debt pile. At last count, the US deficit was above $15trn. An announcement is expected imminently. In Europe shares remained under the cosh, wi...