The Australian market opened lower on the back of a soft lead from the US market and falling iron ore prices. Local stocks traded well below the flat line throughout the day, as investors were concerned about the outcome of Sunday's Greek referendum and Chinese markets extended their recent losses. Negative results were experienced across all the sectors. The Australian dollar depreciated against most major currencies.

Asian markets mostly retreated ahead of the weekend's Greek referendum that could decide its euro-zone future, with Shanghai plunging almost six per cent.

Europe's main stock markets slipped with all eyes on Greece's weekend referendum on its bailout terms and future place in the euro-zone. US markets were closed on Friday in commemoration of Independence Day.

The Australian market looks set to open lower with the SPI Futures down 7 points with European markets slipping ahead of Greece's referendum on its bailout and future in the euro-zone. In Athens, the majority of votes in Sunday's referendum were in rejection of further austerity measures. The Bank of Greece has asked the European Central Bank for much-needed cash, with banks being closed all week under strict capital controls.

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