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Morning Update - Friday 3 July, 2015

The Aussie market is poised to open slightly weaker today, after U.S. stocks ended a volatile holiday-shortened week with losses overnight, as traders grappled with heightened uncertainty tied to Greece ahead of a Sunday referendum to vote on the country’s status as a eurozone member. U.S. markets will be closed tonight to observe U.S.’s Independence Day. The S&P 500 ended one point lower at 2076.3 and recorded a 1.2% loss over the week, its second weekly loss in a row. The Dow Jones slipped 27.8 points (-0.2%) to 17,730.11 and fell 1.2% over the week. The Nasdaq closed 3.9 points (-0.1%) lower at 5,009.2 and booked a 1.4% loss over the week. American traders digested reports on the health of the labor market with monthly jobs report and weekly unemployment claims coming in softer than expected. Government data for June showed the economy added 223,000 new jobs, in line with forecasts by economists polled by MarketWatch. However, May and April numbers were cut. The unemployment rated ticked down to 5.3%, but mostly due to more people leaving the labor force. Separately, weekly jobless claims climbed 10,000 to 281,000. In the commodity space, the big story was iron ore with the bulk commodity tumbling 6% on supply concerns. Elsewhere, gold and oil were off 0.2% and 0.3% respectively. The Aussie dollar retreated and this morning is fetching 76.3 U.S. cents.