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Morning Update - Thursday 9 July, 2015

The Aussie market is likely to endure another tough session today, after U.S. markets sold off sharply overnight. American stocks lost ground, not helped as trading on the New York Stock Exchange was halted for three-and-a-half hours due to a technical issue. Stock prices were trading sharply lower even before the trading suspension as traders grappled with a precipitous selloff in Chinese shares and nervousness over unresolved Greece debt crisis. The main indexes saw steady selling pressure throughout the session, while implied volatility as measured by the CBOE Volatility index jumped 22%, to above 19. Market reaction to the release of Federal Reserve minutes was largely muted. The S&P 500 lost 34.7 points (-1.7%) to close at 2,046.7, its lowest closing level since March. All 10 main sectors finished lower. The Dow Jones dropped 261 points (-1.5%) to 17,515.4, its lowest closing level since February. The Nasdaq declined 88 points (-1.8%) to close at 4,910. In the commodity space, iron ore was the big story with ore with 62% content delivered to Qingdao tumbling 10%, to its lowest level in six years. Elsewhere, gold added 0.6% on safe haven flows, whilst Brent oil put on 0.2%. The Aussie dollar firmed slightly from yesterday's lows and this morning is fetching 74.3 U.S. cents.