The Aussie market will open sharply lower this morning, after Greece emphatically voted ‘no’ in their referendum.
No one really knows what will now happen next, and the uncertainty has sent Dow Jones futures 185 points lower this morning.
That’s not even the worst of it; German DAX futures are off 300 points (-2.7%), whilst London’s FTSE futures are down 2%.
The Aussie dollar has slipped below 75 U.S. to the lowest level since 2009, whilst the yen has soared on safe haven buying.
Don’t worry about what happened on Friday night, this morning and today will be all about Greece.
In local economic news today, the TD Securities-Melbourne Institute inflation gauge for June is due out as is the ANZ job advertisements series for the same month.
No major equities news is expected. However, former Westpac Home Finance manager David St Pierre faces court over a $2.5 million fraud.
– SPI down 57 points, at 5430
– AUDUSD at 0.7487
On Friday night;
– Wall Street was closed Friday ahead of the July 4th Independence Day holiday. Trading will resume on Monday.
– In Europe, the Stoxx 50 shed 0.62pc, the FTSE 100 fell 0.67pc, the CAC 40 lost 0.57pc and the DAX closed 0.37pc lower.
– SPI futures were 7 points lower at 5489 on Saturday morning.
– Ore with 62 per cent iron content delivered to Qingdao lost 0.7 per cent to $US55.26 a dry metric ton on Friday, falling for a seventh day, according to Metal Bulletin Ltd. Prices lost 11 per cent this week to the lowest level since April