Share prices on Asian markets fell to a six month low last night following the news from Greece though trading was described as orderly rather than panic-driven in anticipation of further market support from the ECB if required.

China’s stock market had surged 7 percent ahead at one stage following emergency measures by the Chinese government over the weekend to stem a more than 20 percent fall in prices over the past few weeks. Following the news from Athens, Chinese stocks subsequently fell to close unchanged over the session

Most European stock markets are expected to fall by between 1 and 2 percent this morning and all of Europe will be watching today’s ECB meeting in Frankfurt very closely with regard to providing continued liquidity to the Greek banks.

The Euro likes the Varoufexit. Hope for a deal? pic.twitter.com/gsaL4JDWaN

— HansNichols (@HansNichols) July 6, 2015

There have been significant upward swings on Spanish, Italian and Portuguese bonds in early trading.

Markets have reacted positively to the resignation of Greek finance minister, Yanis Varoufakis as investors hope that this concession is a signal that a breakthrough could be near.

Germany’s Dax is down by 2 percent, Spain’s Ibex has fallen by 2.2 percent, Italy’s FTSE MIB is 2.8 percent lower and France’s Cac is also down by 2 percent.

Greece’s main equities index is down by over 2 percent, showing uncertainty but not a massive shock. 

The euro is down, it’s currently trading at 1.11 against the dollar and at 71 pence sterling.