GreekNado, oh hell no! U.S. stock index futures fell this morning after Greece rejected debt bailout terms yesterday, throwing the future of the country's euro zone membership into further doubt.
Investors will be selling off riskier assets today, although the declines will be muted compared with a week ago on increased hopes for a deal.
Markets are expected to open lower with a distinct possibility of recovering sometime before noon.
Here is the current market situation from CNN Money
European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.61% while Germany's DAX is off 1.27% and London's FTSE 100 is lower by 0.57%.
Following the 'NO' vote, along with Greek Finance Minister Yanis Varoufakis resigning, Asian stocks took a beating following Greece's vote against austerity.
Stocks and bonds in Europe have fallen after Greece's voters set the country on a collision course with the rest of the eurozone, but it wasn't the heavy selloff predicted by many investors.
Oil prices fell more than 3 percent this after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
LONDON (Reuters) - Oil prices fell more than 3 percent on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
ATHENS/FRANKFURT (Reuters) - Greece's outspoken finance minister resigned on Monday, removing a major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout.
On Sunday, Greek PM Alexis Tsipras put his political future and, more importantly, the future of the common currency in the hands of Greek voters. It was the political equivalent of pushing one's chips all in at the poker table and after Sunday's referendum, Tsipras appears to have been holding a better hand than Junker, Dijsselbloem, and Merkel.
With his grip on power in Greece now virtually unassailable (at least in the short-term), the PM and his finance minister Yanis Varoufakis will need to switch gears quickly. Having won the political battle, they must now fight the economic war, and while Sunday's plebiscite may have given the world some clarity in terms of what the Greek government's mandate truly is, we are no closer to solving the stalemate which has brought the Greek banking sector to its knees and threatens to plunge the country even deeper into depression.
In fact, Sunday's vote represents a kind of worst case scenario for financial markets. The fact that Greeks' resounding repudiation of austerity may well have been influenced by the IMF's tacit admission that the country should indeed hold out for debt relief from EU creditors sets a dangerous precedent for Europe. Christine Lagarde effectively forced Brussels and Berlin to blink on the eve of the referendum and you can bet that Podemos in Spain, the Socialists in Portugal, and the Five Star movement in Italy are watching closely to see what happens next.
If Greece proves that the will of the people and the threat of a voter-supported EMU exit is sufficient to secure debt writedowns, the experiment that is t ...
BEIJING (Reuters) - China's economy is showing some positive changes as recent government measures gradually gain traction, but policymakers cannot lower their guard against headwinds crimping growth, the National Bureau of Statistics said on Monday.
SHANGHAI (Reuters) - Chinese stocks rose on Monday, as an unprecedented series of support measures unleashed by Beijing brought some relief to a market whose headlong slide over the past three weeks had raised fears about the stability of the world's second-biggest economy.
JAKARTA/SINGAPORE (Reuters) - U.S. cigarette giant Philip Morris International Inc plans to sell a stake worth at least $1 billion in Indonesian unit PT HM Sampoerna Tbk to comply with free-float rules, two people familiar with the matter said on Monday.
More than even the unfolding "chaos theory" pandemonium in Greece, market watchers were even more focused on whether or not China and the PBOC will succeed in rescuing its market from what is now a crash that threatens social stability in the world's most populous nation. And, at the open it did. The problem is that as the trading session progressed, the initial 8% surge in stocks faded as every bout of buying was roundly sold into until every other index but the benchmark Shanghai Composite turned sharply red.
The reason the SHCOMP stayed above water is because China's sovereign fund Huijin was in the market to keep large caps like PetroChina, ICBC up. And then, shortly after it was announced that China's National Security Fund had ordered all of its managers "not to sell a single stock", the Composite briefly dipped into the red and the local Chinese bank was on the verge of a total loss of control.
Luckily, by the end of the session, the Composite managed a modest 2.4% recovery even as investors in the vast majority of Chinese shares suffered another day of losses and as the PBOC's credibility came this close to being fully wiped out.
Elsewhere in Asia, central banks were less forceful and the Nikkei 225 (-2.1%) fell to within close proximity to the 20,000 level while JP ...
LONDON (Reuters) - Shares fell, the euro stumbled and yields on weaker euro zone economies' bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited.
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