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Morning Update - Monday 6 July, 2015

The Aussie market will open sharply lower this morning, after Greece emphatically voted 'no' in their referendum over the weekend. No one really knows what will now happen next, and the uncertainty has sent Dow Jones futures 185 points lower this morning. That's not even the worst of it; German DAX futures are off 300 points (-2.7%), whilst London's FTSE futures are down 2%. The Aussie dollar has slipped below 75 U.S. to the lowest level since 2009, whilst the yen has soared on safe haven buying. Don't worry about what happened on Friday night, this morning and today will be all about Greece. The only thing worth noting from Friday is that iron ore prices lost ground again; Ore with 62 per cent iron content delivered to Qingdao lost 0.7 per cent to $US55.26 a dry metric ton on Friday, falling for a seventh day, according to Metal Bulletin Ltd. Prices lost 11 per cent this week to the lowest level since April. In local economic news today, the TD Securities-Melbourne Institute inflation gauge for June is due out as is the ANZ job advertisements series for the same month. No major equities news is expected. However, former Westpac Home Finance manager David St Pierre faces court over a $2.5 million fraud.