The shock results from Greece's referendum on Sunday sent markets into a tailspin during Asian trade on Monday, with U.S. crude suffering the biggest declines, but analysts seemed relieved that the impact wasn't worse.
"I am going to be the first to put my hand up and say I expected a much more aggressive reaction to a 'no' vote. It has to be said that despite markets adopting a definitive risk-aversion feel, the mood has felt quite calm and there is little panic. It's almost as if Asia-based traders are waiting for confirmation on trading moves from European traders before positioning short-term portfolios," said Chris Weston, chief market strategist at IG, in a note.
The surprise resignation of Greek finance minister Yanis Varoufakis and rising bets on a 'Grexit' will likely keep sentiment shaky, despite Athens denying that the 'no' vote could lead to an exit from the euro zone.
The increased probability of a 'Grexit' has moved above 50 percent for the first time and that could see a risk-off mood prevail, according to ING. Meanwhile, Wolfgang Piccoli, managing director at Teneo Intelligence, told CNBC that the likelihood of a 'Grexit' now stands at 75 percent, from 15 percent previously.
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