Australian Stock Market Report - Morning July 6, 2015

A man looks the board of the Australian Securities Exchange ASX in central Sydney August 7, 2013. — A man looks the board of the Australian Securities Exchange in central Sydney August 7, 2013. Reuters/Daniel Munoz

With around 60% of the referendum results to hand, official projections show the Greek people rejecting the bailout conditions with the 'no' vote achieving around 61%.

US financial markets were closed for the Independence Day holiday on Friday.

European shares fell on Friday with investors jittery about the outcome of Sunday's Greek referendum to vote on bailout conditions. Bank shares also fell after 15 of the world's top banks were being investigated on suspicion of rigging the Brazilian currency (the real). The FTSEurofirst 300 fell by 0.6% with the German Dax down by 0.4% while the UK FTSE lost 0.7%. And mining shares were lower in London trade with BHP Billiton down by 1.9% while Rio Tinto lost 1.0%.

Major currencies were mixed against the greenback in European and North American trade. The euro fell from highs near US$1.1115 to US$1.1065 and ended trade around US$1.1110. The Aussie dollar fell from highs around US75.90c to around US75.05c and ended trade near the lows. And the Japanese yen lifted from 123.17 yen per US dollar to JPY122.60 before ending trade around JPY122.80.

In early Australasian trade on Monday, the euro had fallen to US$1.0985 with the Aussie dollar at US74.70c and the Japanese yen strengthened to JPY121.84 yen per US dollar.

World oil prices fell on Friday. Energy services firm Baker Hughes reported that the number of oil rigs drilling for crude in the US had lifted by 12 to 640 in the latest week - the first rise in 29 weeks. Traders were also reluctant to take on fresh positions ahead of the Greek referendum, crimping trading volumes. Brent crude fell by US$1.75 or 2.8% to US$60.32 a barrel while US Nymex crude fell by US$1.41 or 2.5% to US$55.52 a barrel. Over the week Brent fell US$2.94 or 4.6% and Nymex fell US$4.11 or 6.9%.

Base metal prices were lower by between 0.2-1.6% on the London Metal Exchange on Friday with zinc and tin down the least and nickel falling the most. Over the week metals fell as much as 3.6% with nickel and tin falling the most although copper was largely flat and aluminium rose 0.4%

The spot gold price ended North American trade near US$1,167.50 per ounce, up US$4.00 on a day earlier. Over the week gold fell around US$7.00 an ounce.

Iron ore was down by US$1.70 or 3.0% on Friday to US$54.10 a tonne. Over the week, iron ore fell by US$6.60 or 10.9%.

Ahead: In Australia, the monthly inflation gauge is released with the ANZ job advertisements series. In the US, the ISM services index is released with the employment trends report.

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