Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Greece stands alone:
The debt-ravaged country is on its own financially after it defaulted on a $1.7 billion payment to the International Monetary Fund - blocking it from the Fund's resources - and its European bailout expired.
The bankrupt country has asked for a new, third bailout from Europe. All eyes remain fixed on Sunday's referendum when Greeks will be asked to support - or reject - the earlier bailout. The vote could decide its future in the euro.
More meetings to watch today: Eurozone finance ministers will reconvene to consider Greece's latest debt proposals, while the European Central Bank discusses whether to keep its lifeline to Greek banks in place.
2. China stocks:
It was yet another wild day on Chinese markets. The Shanghai Composite spent much of the day in positive territory, before plummeting roughly 5% in the final hour of trading. Volatility has become the norm for Chinese investors in recent weeks, despite efforts by Beijing to stabilize the market, including cutting interest rates to record lows.
3. Oil slides:
Crude prices took a tumble in electronic trading Wednesday, sinking 1.8% to just above $58 a barrel. Talks between world powers over Iran's nuclear program have been extended to July 7, raising the prospect that sanctions could be lifted and allowing the oil-rich nation to trade with the West. Big oil companies including Royal Dutch Shell (RDSA) have begun to forge business relationships with Iran in case that happens.
4. Economics and earnings:
The monthly U.S. employment report from ADP comes out at 8:15 a.m. ET. On the corporate front, General Mills (GIS) will report ahead of the open.
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