What you need2know

SPI futures up 24pts to 5456

AUD is at 74.94 US cents, 91.84 Japanese yen, 67.80 Euro cents and 48.03 Brotosh pence.

On Wall St, S&P -0.4%, Dow -0.3%, Nasdaq -0.3%

In Europe, Stoxx 50 -2.2%, FTSE -0.8%, CAC -2%, DAX -1.5%

Iron ore down 5.4% to $US52.28 a dry metric ton

Spot gold up $US1.69 or 0.1% to $US1170.30 an ounce

Brent crude down $US3.53 or 5.9% to $US56.79 a barrel

US crude down $US4.13 or 7.3% to $US52.80 a barrel

What's on today

Australia consumer confidence, RBA rates decision. UK May industrial production. Germany May industrial production. US May trade statistics, US May consumer credit.

Stocks in focus

Deutsche Bank is upbeat on the market and sees opportunities in 11 stocks: Ansell, Perpetual, Resmed, Westpac, Coca-Cola Amatil, Fairfax, Flexigroup, IOOF, Mirvac, Orora, Treasury Wine Estates.

Macquarie Wealth Management says in its Energy Sector outlook: Oil Search (OSH) "remains our preferred pick in the large cap sector". It's also positive on Santos as well as AWE, Sino Gas and Energy, and Sentex Energy.

Currencies

Macquarie Wealth Management says that with the RBA cutting rates into USD weakness, policy is yet to deliver any meaningful AUD depreciation, with 2Q15 AUDUSD remaining about  9 per cent above our forecasts. "We now expect a stronger AUD for the remainder of 2015."

One-month implied volatility, a measure of anticipated price swings in the euro-US dollar exchange rate, rose to as much as 13.61 per cent on Monday, compared with an average of 11.78 per cent this year.

Commodities

Ore with 62 per cent iron content delivered to Qingdao retreated 5.4 per cent to $US52.28 a dry metric ton on Monday.

US crude settled below the 100-day moving average. It had its biggest percentage drop in a day since early February, and more downside momentum could push it to test the six-year low of $US42.03 set in mid-March, technical analysts said.

United States

Shares on Wall Street fell in a volatile session to start the week. Energy stocks led the decline after US crude futures prices plunged on concern over growth in China and the Greek uncertainty. The S&P 500 energy index fell 1.3 per cent, marking its fourth decline of more than 1 per cent in the past seven sessions.

US economic growth prospects got a boost after data from the Institute for Supply Management showed the pace of growth in the US services ticked higher in June after dropping in May. The Federal Reserve has said it will raise rates only when it sees a sustained economic recovery.

A New York judge has thrown out the conviction of former Goldman Sachs Group programmer Sergey Aleynikov, saying prosecutors failed to prove that he broke an "obscure" law by copying some of the bank's high-frequency trading code.

Europe

Greek Prime Minister Alexis Tsipras is counting on a change of style, if not necessarily substance, by turning to a longtime ally to seek a deal with creditors to keep his nation in the euro. Euclid Tsakalotos was named finance minister.

European banks slumped to the lowest in four months, erasing more than €36 billion in market value, after Greek voters spurned their creditors' conditions for keeping the country from financial collapse. The Stoxx 600 Banks Index fell as much as 3 per cent, touching the lowest level since March 10.

"The most likely scenario is the worst scenario which is the issue drags on," said Kevin Lilley, head of European equities at Old Mutual Global Investors, which oversees about £22.5 billion including Societe Generale shares. "In some way a Greek exit would be welcomed. It would be a resolution so the market could at least price it in."

What happened yesterday

Australian shares fell sharply on Monday, with the ASX200 shedding 1.1pc, as investors awoke to news that Greeks had voted against more austerity, but stemmed losses despite more wild swings in Chinese markets.