Market overview: FTSE 100 falls 0.76%

1630: Close UK stocks closed down on Monday after the Greeks voted ‘no’ to creditors’ bailout proposals, pushing the country closer to a possible exit from the Eurozone. The FTSE 100 fell 0.76% at 6,535.68 points, but the surprise resignation of Greek Finance Minister Yanis Varoufakis boosted hopes of a deal. Eurozone finance ministers said on Monday afternoon they expect new proposals from Greece to come forward following the 'no' vote.

1500: The Institute for Supply Management’s non-manufacturing purchasing managers’ index nudged up to 56.0 in June from 55.7 in May, a touch lower than analysts’ estimates for a reading of 56.4.

1445: The final reading of the Markit US services PMI was unrevised at 54.8 for June; analysts had expected a small nudge up to 54.9.

1227: US stock futures are pointing to a sell-off on Wall Street today following a three-day weekend for US investors. The Dow Jones Industrial Average is seen opening down by around 130 points, while the S&P 500 is expected to open around 14 points lower.

0926: JP Morgan has lowered its view on European equities to neutral from overweight after last night´s referendum in Greece. On a 'tactical' basis it has also cut the weighting of banks in its model portfolio, as "[government bond] spreads are likely to widen. However, the broker does not believe weakness in equities will be on a scale similar to that seen in 2011-12. Neither does it believe the coming dip in stocks will the the script for the next 3-6 months. Banks are now the worst performing group in the DJ Stoxx 600, surrendering 2.4%. Overnight, Chinese stocks managed to finish higher after the new liquidity measures announced by Beijing over the weekend.

0924: The yield on 10-year Gilts is lower by two basis points to 1.97%, after hitting an intraday low of 1.95%, its lowest since June 2015. Similarly dated Spanish bonds are down, pushing the yield higher by ten basis points to 2.30% while that on Italian bonds is up nine basis points to 2.33%.

0843: Describing the less-than-expected sell-off this morning, Spreadex analyst Connor Campbell said: “All in all, given the potential ramifications of this ‘no’ vote, the markets dealt fairly well with the news. Of course, they slipped into the red, but given the haemorrhaging that happened when the referendum was announced last week, this morning’s losses are rather tame.”

0832: UK stocks have opened on the back foot after Greeks voted ‘no’ in the referendum, though losses are not as bad as some had feared pre-market. The FTSE 100 is down just 45 points (-0.65%) at 6,543, despite earlier calls ahead of the open for a drop of around 140 points. Aerospace manufacturer Rolls-Royce is a heavy faller, dropping around 8% after a profit warning, which it said reflected a deterioration in offshore markets. The company said in a statement it expected full-year profit to be between £1.325m-£1.475m, compared to previous guidance of £1.4m-£1.55m.