International markets extended losses overnight, after Greek Prime Minister Papandreou affirmed the country will hold a referendum on the proposed second round of assistance.

In Europe the FTSE shed 123 points (-2.2%) whilst the CAC (-5.4%) and DAX (-5%) suffered even heavier falls with financials bearing the brunt of the selling.

Stateside, the Dow Jones slumped 297 points (-2.5%) to settle at 11658, whilst the broader S&P 500 (-2.8%) and tech-heavy Nasdaq (-2.9%) suffered a similar demise.

The euro suffered through its third consecutive session of declines, amid mounting concerns the region's rescue package will fall over.

Commodities were generally weaker, with copper shedding 4% after last week's impressive gains, whilst crude oil (-1.1%) and gold (-0.8%) also lost ground.

Today's session will bring us data in the form of building approvals, at 11:30am, AEDT.

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