By Chris Becker
The Greeks have said no, which means “no” on several levels, the highest being taking on more risk as volatility begins to rear an ugly head instead of its more diaphanous central bank supported version. The referendum result, coupled with the US waking up from its fireworks orgy over the long weekend is sure to set markets alight early in the week. Combined with the one-two RBA meeting on Tuesday and unemployment on Thursday, Australian investors will also have a torrid week.
Recapping Friday’s session let’s look at Asia first, where it looks like nothing short of outright PBOC purchases can stop the fall in Chinese mainland stock markets. Shanghai Composite crashed nearly 5% on Friday, accelerating its freefall on the daily charts:
