Greece - It is 'OXI'
The Greeks have rejected the bailout terms of the their creditors and put the country closer to an exit from the 19-nation Eurozone.
Will the creditors accept Greek Prime Minister Alexis Tsipras's revised loan proposal at the Eurozone leaders' summit on Tuesday (7th July) ? Given that there have been some tough words on both sides before Sunday's referendum, it may be more difficult to find common ground. Another difficult hurdle is the fact that Spain, Portugal and Ireland have swallowed their respective bailout terms bitterly before this, why should Greece be treated differently?
Just wait and see what is next.
Major Asian Markets
Japan Nikkei 225 lost about 2%, Hong Kong dropped 3.18% and Singapore dropped only 0.29%. Shanghai SSE Composite has been on its own all this while. It gained 2.4% to close at 3775 which is 24.8% lower than its high of 5023 on 5th June, last month.
FBMKLCI closed at 1717, dropping 17 points about 1%. I am still thinking of a wave b rebound.
Major European Markets
Markets dropped around 1.4% to 2%, not really that bad, most likely the Greece factor has already been discounted to a certain degree.
Dow (17,683)
Dow dropped only 46 points (-0.26%) at the close, but still on course for its 12% major wave (6) correction. From its May's high of 18,312, it has dropped 3.4%.
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