Stock Market Jitters After Greece 'No' Vote

Stock Market Jitters After Greece 'No' Vote

Asian stock markets are down amid fears approximately Greece's possible exit from the eurozone.

Hong Kong stocks plunged 3.18 percent by the end of this morning's session as Greece's No vote to further austerity overshadowed news China had unveiled fresh measures to support slumping mainland markets.

The Hang Seng Index fell 829.36 points to 25,234.75 by the break.

Tokyo's benchmark stock index dropped 1.58 percent this morning. The Nikkei 225 at the Tokyo Stock Exchange fell 324.63 points to 20,215.16 by the break. 

On foreign exchange markets, the dollar slipped to 122.63 yen from 123.05 yen on Friday while the euro was moreover lower at 135.43 yen from 136.31 yen.

But the euro held up against the dollar, after dropping in the immediate wake of the vote. It was at $1.1044 in Tokyo trade, ticking up from $1.0963 shortly after early results of the bailout reforms vote were out.

Shinya Harui, currency analyst at Nomura Securities in Tokyo, said: "There is no particular reason for the euro to be holding up, yet markets are still assessing the spill-over risks in the case of a Greek exit from the eurozone."

European leaders have reacted with a mix of dismay & caution after Greek voters defied their warnings of a possible Grexit by saying No.

In response, jittery investors piled into the yen – a safe haven during times of turmoil – as the Sunday referendum sparked uncertainty approximately what happens next following months of fruitless talks between Greece & its EU-IMF creditors.

More to follow…

Source: “Sky News”