Australian Shares

Chris Weston, Chief Market Strategist at IG Markets I am going to be the first to put my hand up and say I expected a much more aggressive reaction to a ‘no’ vote.

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.

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Calm before the storm As we head into the referendum, it seems investors are growing increasingly nervous and this is being reflected in the price action.

By Chris Becker The usual Friday evening NFP print was pushed back to last night in the US due to their Independence Day holiday and while the headline figure was good news its only because of a slumping participation rate, not seen for nearly 40 years as job hunters give up.

Chris Weston, Chief Market Strategist at IG Markets IG’s Greek referendum playbook For traders, chaos presents opportunities and the current conditions are certainly conducive for many traders.

By Chris Becker As the noose tightens around the future of Greece, European stocks have rallied on the realisation that creditors will continue to be bailed out although the next “deadline” to whoosh by is the referendum over the weekend.

Chris Weston, Chief Market Strategist at IG Markets Certainly, the various polls are suggesting the ’yes’ camp has the upper hand, although this stance could still lead to increased uncertainty and the bookies subsequently expect Alexis Tsipras to step down on this development.

By Chris Becker The inevitable bounce after glorious selling did not follow through in Europe as the financial year and Greece’s fate came to a close last night.

Chris Weston, Chief Market Strategist at IG Markets The idea of the efficient market hypothesis was put to the test yesterday, along with the principle that markets effectively price events in.

By Chris Becker Its been a wild ride on risk markets overnight as the “inconsequential little Mediterrean economy” wreaks havoc on confidence in the global financial system.

Chris Weston, Chief Market Strategist at IG Markets The three main macro issues at the centre of markets this year all come into full effect this week, with China, Greece and US economics all dominating news flow.

By Chris Becker There’s a valid reason on our screens this morning why most FX providers upped their margin requirements or even stopped trading in Euro recently, as the union currency was walloped in very early Monday morning trading.

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Uncertainty breeding fear Asia is trading risk-off as confusion continues to reign in global markets – a Greek deal is yet to come together and the threat of a messy default looms.

Big iron ore is getting pounded today as the broader markets weakens and the reality of Chinese steel weakness keep the pressure on.

End of financial year selling.

By Chris Becker Wait and see is the prevailing mood in both Europe and the United States last night as stock markets treaded water in the mire of the Greek crisis then fell on a strong personal spending/consumption expenditure print, giving further impetus for rate rises.

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Asia cautious on Greece It’s been a lacklustre day for Asian markets with Greek uncertainty once again keeping investors at bay.

By Chris Becker The sombre mood returned to risk markets last night, with stocks falling in the US and Europe, bonds and currencies sliding sideways as the long awaited outcome of the Greek debt crisis slips another day.

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Fed still holds the key Global equities remain in a holding pattern with optimism around Greece the dominant theme.

From Lombard St : Low rates are supporting equity valuations, but the risks to corporate earnings from a fragile macro backdrop are on the rise, challenging the sustainability of the Australian market’s generous dividends.

By Chris Becker As the world awaits the outcome of the Greek crisis and European stocks continue to rise on hope of a resolution and surprisingly good manufacturing PMI prints, while the US dollar surged on the weak durable goods order last night.

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Greece relief drives sentiment The boards have lit up in Asian trade, with investors riding the euphoria from progress on the Greek front.

From the AFR: For some, they are the scourge of Wall Street.

By Chris Becker Ebullience ruled on risk markets last night as the Greek deadlines keep whooshing by, but this time with hope and rumours mixing, pushing up stocks on the continent.

Chris Weston, Chief Market Strategist at IG Markets The outperformance in the US last week was driven by the Federal Reserve, who provided traders with the most market-friendly outcome from last weeks’ FOMC meeting when the dust had cleared.