The Senior Strategist: Old wounds within the Eurozone opened again

European equities taking the worst beating with 3,6 percent on the Portuguese banking crisis.

Stock markets around the world were hit as nerves were tested after the parent company of one of Portugal's largest banks failed to meet debt payments.

Perhaps an overreaction in markets. But according to the Senior Strategist Ib Fredslund Madsen it demonstrates the weaknesses within the European banking system and the tentative Eurozone economic recovery.

This week focus on the US. On Tuesday and Wednesday Fed Chief Janet Yellen is testifying in Congress.

US earnings season gears up. 58 companies are reporting this week.

Ib Fredslund Madsen gives his equity outlook for this week.