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| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| Ashtead Group PLC | 1074 | 15.0 | 1.4 | -6.8 |
| Land Securities Group PLC | 1249 | 17.0 | 1.4 | 8.0 |
| Randgold Resources Ltd | 4260 | 52.0 | 1.2 | -2.7 |
| British Land Co PLC | 807 | 6.0 | 0.8 | 3.9 |
| Barratt Developments PLC | 639.5 | 4.5 | 0.7 | 35.8 |
| TUI AG | 1050 | 7.0 | 0.7 | -1.9 |
| Hammerson PLC | 630.5 | 4.0 | 0.6 | 4.2 |
| Pearson PLC | 1221 | 6.0 | 0.5 | 2.6 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Smiths Group PLC | 1134 | -28.0 | -2.4 | 3.3 |
| Rolls-Royce Group PLC | 856.5 | -20.0 | -2.3 | -1.6 |
| Standard Chartered PLC | 1031 | -22.5 | -2.1 | 7.1 |
| Vodafone Group PLC | 231.1 | -4.8 | -2.0 | 3.8 |
| Morrison (Wm) Supermarkets PLC | 176.6 | -3.6 | -2.0 | -4.1 |
| BHP Billiton PLC | 1248.5 | -24.0 | -1.9 | -10.1 |
| Royal Bank of Scotland Group (The) PLC | 359.3 | -6.8 | -1.9 | -8.9 |
| Anglo American PLC | 902.4 | -15.8 | -1.7 | -24.8 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,585.8 | -44.7 | -0.67 | 0.3 |
| UK | 17,613.5 | -72.5 | -0.41 | 9.5 |
| FR CAC 40 | 4,808.2 | -27.3 | -0.57 | 12.5 |
| DE DAX 30 | 11,058.4 | -41.0 | -0.37 | 12.8 |
| US DJ Industrial Average 30 | 17,730.1 | -27.8 | -0.16 | -0.5 |
| US Nasdaq Composite 100 | 5,009.2 | -3.9 | -0.08 | 5.8 |
| US S&P 500 | 2,076.8 | -0.6 | -0.03 | 0.9 |
| JP Nikkei 225 | 20,158.5 | -381.3 | -1.86 | 15.5 |
| HK Hang Seng Index 48 | 24,961.8 | -1102.3 | -4.23 | 5.7 |
| AU S&P/ASX 200 | 5,476.3 | -62.0 | -1.12 | 1.2 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, US Light Sweet ($/barrel) | 54.75 | -0.78 | -1.4 | 1.9 |
| Crude Oil, Brent ($/barrel) | 59.54 | -0.83 | -1.37 | 3.4 |
| Gold ($/oz) | 1166.15 | -1.65 | -0.14 | -1.4 |
| Silver ($/oz) | 15.52 | -0.14 | -0.86 | -1.1 |
| GBP/USD – US$ per £ | 1.558 | – | 0.04 | 0.0 |
| EUR/USD – US$ per € | 1.105 | – | -0.42 | -8.6 |
| GBP/EUR – € per £ | 1.410 | – | 0.47 | 9.5 |
Click graph to enlarge
UK 100 Index called to open -75pts at 6510, holding its downtrend from end-May, but off its worst levels overnight. Back above 6500 is a good sign along with having filled the opening gap, however, will we see any further progress? 6650 highs of late last week likely needs to be bettered before any semblance of recovery can be assumed. Bulls hoping to see support anew at 6500 to salvage uptrend from last October. Bears continue to eye 6300 Jan lows. Watch levels: Bullish 6660, Bearish 6430.
The negative opening call comes after the Greek people delivered a defiant No in a landmark and potentially generation-defining bailout referendum. It’s now a question of how much more pain is to be inflicted via either new painful negotiations (the situation has changed markedly) and the reforms necessary to secure desperately needed aid from betrayed Creditors, or what is deemed by many as the worst case scenario for all - an exit from the Euro.
Either Greece takes it on the chin and accepts conditional assistance, hoping for a lifeline in the form of some debt restructuring/forgiveness, or it goes it alone and takes everyone into uncharted waters in terms of abandoning the euro club and needing to start over.
Parallel currency? Electronic IOUs? Haircuts on deposits like we saw in Cyprus? Can emaciated Greek banks even reopen in the foreseeable future? An increase in Emergency Liquidity Assistance (ELA) might help, but a threat by the European Central Bank (ECB) to cut/remove the assistance might be the only way to squeeze PM Tsipras into submission?
The surprise Varoufakis resignation this morning hints that the outspoken Finance Minister has been a major sticking point in most recent negotiations, but it’s difficult to forget just how tricky his boss was last week. Will Tsipras wave the no vote proudly but adopt a more conciliatory tone to get things moving again? Welcome to another week of the Greek crisis show, a story with at least another chapter in it. Expect more of the unexpected.
European officials have put the onus on Athens to make the next move and present, yet again, a new set of proposals. This time, though, it’s with an air of ‘acceptance of the inevitable’ – to keep Greece in the Euro, concessions will surely have to be made on the part of the Eurogroup.
US bourses due to reopen today after Friday’s Independence Day holiday with Greece sure to be dictating where those markets will commence at 2.30pm BST.
In focus today will be Greece. This morning, for what it’s worth, German Factory Orders have beaten expectations for May and seen upwards revisions for April. More evidence of the European North-South recovery divide at a time when Club-Med Greece puts the whole region under pressure.
There’s also some macro-data for those with the audacity to be interested in anything else, we’ve got Eurozone investor sentiment, at 9.30am while at 2.30pm there’s the US services PMI and ISM non-manufacturing at 3pm. See the live Macro-Calendar for a full rundown with expectations.
Gold may have jumped to $1175 on the Greek No vote news, but has traded back from these highs and into Friday’s $1165-1170 range. Still in downtrend from early May. A weaker post No vote Euro has strengthened the USD thus hindering the dollar denominated commodities.
Crude prices treading water as markets put all their attention onto events in Europe. A Sunday gap down in both Brent (currently $59) and WTI (currently $55) coincided with the Greek ‘no’ vote which prompted stability concerns while support on a tempering of Iran nuclear deal hopes by US secretary of state John Kerry prevented bigger losses.
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