Look. Out. Below.

That’s the message this morning with the Aussie market set to fall off a cliff following the events in Greece over the weekend.

Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras says.

Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Mr Tsipras said Greek deposits were safe.

Greece is due to make a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF) on Tuesday – the same day that its current bailout expires.

Greece risks default and moving closer to a possible exit from the eurozone.

Greeks have been queuing to withdraw money from cash machines over the weekend, and the Bank of Greece said it was making “huge efforts” to keep the machines stocked.

This morning the SPI futures are down 91 points, at 5405.

The Dow Jones futures are down around 300 points, whilst the EURUSD has fallen 1.6%.

On Friday night:

• Dow Jones +0.31%, S&P500 -0.04%, Nasdaq -0.62%
• FTSE100 -0.79%, CAC +0.35%, DAX +0.17%
• Spot gold up 0.2% at $US1175.55 an ounce
• Brent oil up 0.1% at $US63.26 per barrel
• Iron ore down 18 US cents at $US62.01 per tonne

None of those numbers will matter this morning however, with the Greek saga moving prices significantly.

Gold, for example, is up US$8 (+0.7%) of safe haven buying.

The post Morning market update – 29 June, 2015 appeared first on Market Pulse.