The rollercoaster ride in global financial markets is set to continue this week following a drama-filled weekend.
Greece continues to hog the market spotlight after Greek Prime Minister Alexis Tsipras unexpectedly called for a July 5 referendum following the collapse of bailout talks in Brussels over the weekend. The surprise move angered international creditors who rejected a request to extend the nation's bailout beyond its expiry date on Tuesday.
The failure to reach a deal with creditors leaves Athens set to default on 1.6 billion euros of loans from the International Monetary Fund that are due Tuesday. Greek banks will be shuttered until July 6, according to Reuters citing government officials early Monday, after the European Central Bank froze vital funding support to lenders in the cash-strapped country.
Meanwhile, frequent bouts of extreme volatility in China are becoming hard to stomach for investors. The benchmark Shanghai Composite index has fallen 20 percent over the past two weeks, precipitated by a wave of new initial public offerings and concerns over a bursting market bubble.
In early Asian trade on Monday, the Shanghai bourse posted dramatic swings on either sides of the flatline and was last seen more than 2 percent lower, despite the People's Bank of China's (PBOC) bigger-than-expected easing package over the weekend.
And attention will also likely fall on the U.S. nonfarm payrolls report due on Thursday, which markets will be closely monitoring for the health of the U.S. economy and its ability to withstand an interest rate hike. The Federal Reserve is expected by economists to hike rates in September for the first time in almost a decade.
Therefore, this week's "Trader Poll" wants to find out: If you can make one market risk disappear from your trading screen, what would it be?