European Market On Edge Before Greek Vote

By Tommy Stubbington 

        European markets were in a holding pattern Friday ahead of this Sunday's referendum in Greece, which could set the country on course for a messy exit from the eurozone.
        The Stoxx Europe 600 index was less than 0.1% lower in early trade, after a small decline on Thursday. If Greeks reject the austerity demands of the country's creditors in Sunday's vote, many investors expect sharp declines next week.
        But with opinion polls indicating the referendum will be close, they have been reluctant to make any large bets heading into the weekend. Analysts said trade was expected to remain quiet on Friday, with U.S. markets closed for a holiday.
        Germany's DAX fell 0.2%, France's CAC 40 was down 0.2%, while the U.K.'s FTSE 100 lost 0.1%.
        "The market seems to be in a position-reduction mode as it waits for the weekend action to begin in Greece," wrote foreign exchange strategists at Citigroup.
        In currency markets, the euro edged up 0.1% against the dollar to around $1.11. The common currency had made small gains against the buck on Thursday after data showing weaker-than-expected U.S. job growth.
        In commodities, Brent crude oil was down 0.6% at $61.70 a barrel, and gold rose 0.3% to $1,167.50 an ounce.
        Write to Tommy Stubbington at tommy.stubbington@wsj.com
        (END) Dow Jones Newswires

        July 03, 2015 03:36 ET (07:36 GMT)

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