Markets muted as Greek crisis seen quarantined
Euro drops less than 1%, stock volatility eases after Greeks vote to reject their creditors' austerity terms
London
EUROPEAN and US stocks were lower with the euro after Greek voters rejected creditors' austerity demands, though the reaction was muted in a sign that investors see the financial crisis there as quarantined for now.
The euro dropped less than one per cent and stock volatility fell after Greeks voted in a referendum on Sunday to reject their creditors' austerity terms for aid. The Stoxx Europe 600 Index fell 1.3 per cent in New York, and the Standard & Poor's 500 Index lost 0.7 per cent. Treasury 10-year yields fell nine basis points to 2.3 per cent. Shanghai shares rose amid intensifying efforts to arrest a US$3.2 trillion sell-off.
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