Morning Spread

Morning Spread

Monday 6th July 2015
IndexLevelChg (%)
UK Market6525.93-0.91
Dow Indust Avg17730.11-0.16
S&P 5002076.78-0.03
Nasdaq Composite5009.21-0.08
Nikkei 22520112.12-2.08
Hang Seng25311.52-2.89
IndexLevelChg (%)
Nymex 1m55.05-3.30
Gold Spot1165.02-0.30
GBP/USD1.5578-0.05
GBP/EUR1.4051+0.27
EUR/USD1.1087-0.24
USD/JPY122.58+0.17

European stocks tumbled this morning as Greek voters rejected austerity measures demanded by creditors for a bailout package. The ESTX 50 (-1.44%), UK markets (-0.71%), CAC 40 (-1.37%) and the Dax (-1.09%) all posted losses in early trading. 61% of Greek voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases in Sunday’s referendum. Credit Suisse Group AG estimated that the probability of Greece leaving the euro would be 75% with a “no” vote. While Greece accounts for less than 2% of the euro zone’s output, an exit would set a precedent for other nations that membership is reversible. European banks were among the hardest hit. Banco Popolare SC led the drop with a -3.9%, Unicredit was down -3.5%, while Banco Comercial Portugues SA retreated -3.1%.  

 

Asian stocks fell after Greece voted to reject further austerity. The Nikkei 225 (-2.08%), Hang Seng (-3.30%) and the S&P/ASX 200 (-1.14%) all dropped. Asahi Glass Co, which gets about 21% of sales from Europe, dropped -2.7% in Tokyo. BHP Billiton Ltd slipped -2.3% in Sydney as copper futures headed for a second day of declines in London. Chinese brokerage Guolian Securities Co tumbled -37% in the worst major Hong Kong trading debut this year. Hong Kong Exchanges & Clearing Ltd tumbled -12%, on course for its biggest decline since 2008, after Goldman sachs Group Inc recommended selling the stock. Tencent Holdings Ltd fell -7.5%.

 

US markets were closed on Friday for the Independence Day public holiday.