Morning Briefing: Greece votes “no”, markets react

Morning Briefing: Greece votes “no”, markets react

Morning Briefing: Greece votes “no”, markets react Greece votes “no”, markets react
The Greek people have voted and the country has rejected the bailout plan which would have meant deeper austerity for the nation.  Greece’s finance minister has already resigned and the world stock markets have reacted to the news. There has not been a huge drop in the markets but European indexes have turned lower and US stock futures are also trending downwards. Asian markets closed with losses as investors chose to move funds to safer places but China managed to end higher with Beijing announcing more support for the nation’s economy over the weekend.

US stock futures are trending lower. Oil is trending lower (Brent $58.95, WTI $54.48 at 6.25am ET) Gold is trending higher.
 
Today’s data
Gallup US consumer spending at 8.30am ET
PMI services index at 9.45am ET
ISM non-manufacturing index at 10am ET
Cryo-Cell International, Simulations Plus and T-Rex Oil are among the companies reporting earnings today.
 
Philip Morris plans $1 billion sale
US tobacco giant Philip Morris is planning to sell a $1 billion stake in Indonesian firm PT HM Sampoerna Tbk to comply with free-float rules. Reuters says that two people familiar with the matter have said that the sale will allow the company to fall into line with regulations which mean firms in the country have a free float of 7.5 per cent by the end of January 2016.
 
Rolls-Royce cuts forecast
Engine manufacturer Rolls-Royce has cut its profit forecast for this year and next by as much as 5 per cent. The firm says that weakness in the energy sector has reduced demand for marine engines, leading to the revised outlook.