FX News Call: Today’s Market Analytics

United States stocks were down 1 per cent in early trading after a 6.75 per cent plunge in China shares overnight.

That put all of Asia into a tailspin. The yen rose to a six-week high against the dollar.

“I don’t think the Greece situation is a focus in the markets beyond the short term”, said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

For once, it left the eurozone’s long-running Greek drama as a side show. Without the aid, Greece is likely to crash out of Europe’s single currency. A technical glitch forced the halt, not a cyberattack, the exchange said.

European shares ended up 0.1 percent, snapping a four-day losing streak.

Commodity markets were another victim of China’s turmoil. This week is shaping up to be the worst for crude since March.

LONDON – Gold steadied above a four-month low on Friday, as the dollar tumbled against the euro on signs of progress in Greece’s efforts to secure fresh funding.

“Markets had sold off on a myriad of events that are unlikely to have a meaningful impact on the business cycle”, Zirin said. The S&P 500 gained 16.2 points, or 0.79 per cent, to 2,062.88 and the Nasdaq Composite added 46.97 points, or 0.96 per cent, to 4,956.73.

The 10-year note was last ahead 7/32 and yielding 2.2064 percent after yielding as little as 2.1760 percent, also last seen on June 2.

Our earlier story, from Reuters, posted at 4:27 a.m.

Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, July 8, 2015. It’s 6.5 per cent lower this week, the most since June 2013.

“The Chinese would rather buy cheap blue chips in the market”.

Chinese markets helped boost the global mood as the main stock index rose 6.4 per cent, recovering nearly as much as it had lost the previous day.

The selloff in metals markets also eased. “We expect slower growth, poorer corporate earnings, and a higher risk of a financial crisis”. Spot gold was up 0.3 percent at $1,162.71 an ounce by 0629 GMT.

Commodity markets, among the most exposed to China, were slowly starting to regain their footing. Securities regulators there warned investors were being gripped by “panic sentiment”.

“The problem, though, is that it would expose a fundamental wound for the euro, the bloc’s weak economy which remains in need of the ECB’s (European Central Bank) strong policies of rock-bottom interest rates”.

The barrage of official commentary and new support measures continued throughout Wednesday’s trading session, without visible effect.

Gold for August delivery, the most actively traded contract, dropped $20.60 or 1.8 percent, to settle at , 152.60 an ounce, on the Comex division of the New York Mercantile Exchange on Tuesday.