European markets were not going to be caught out for the second week in a row and instead only edged slightly downwards in the first trading session since Greeks voted “No” in the bailout referendum.
The FTSE 100 dropped by just over 1% in the market open while Germany’s DAX, Spain’s IBEX, Italy’s FTSE MIB, and France’s CAC all fell by around 2%.
Nomura’s analysts highlighted late last night that they didn’t expect a massive sell-off in the European markets open on Monday, mainly because the announcement of the referendum was such a huge surprise to the markets, and investors were braced for a “constructive outcome to the negotiations,” that the markets reacted violently:
However, the Asian markets are reacting more negatively, as Hong Kong’s Hang Send index is down by over 3.4% and Japan’s Nikkei fell around 2%.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.