SAN FRANCISCO (Reuters) - Equity markets around the world fell on Monday and U.S. oil prices tumbled 7 percent after Greece overwhelmingly voted against conditions for a rescue package and following unprecedented measures in China to staunch recent massive losses in its stock markets.
Wall Street shares fell less than some had feared. The International Monetary Fund reassured investors by saying it was ready to help Greece if asked to do so. European shares fell around 2 percent, a relatively muted reaction to the Greek vote.Beijing introduced emergency measures over the weekend following a 30 percent slide in its stock market since mid-June, raising investors' concerns about the stability of the world's second-biggest economy.Wall Street investors took heart after Greece's outspoken finance minister, Yanis Varoufakis, stepped down and Prime Minister Alexis Tsipras said his government was ready to return to negotiations with creditors in a bid to open shuttered banks."After the initial knee-jerk reaction, the majority opinion is that there is still a possibility of some sort of a deal that keeps Greece in the euro zone," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.The Dow Jones industrial average <.dji> fell 46.53 points, or 0.26 percent, to end at 17,683.58. The S&P 500 <.spx> lost 8.02 points, or 0.39 percent, to 2,068.76, and the Nasdaq Composite <.ixic> dropped 17.27 points, or 0.34 percent, to 4,991.94.TUESDAY SUMMITTsipras promised German Chancellor Angela Merkel that Greece would bring a proposal for a cash-for-reforms deal to an emergency summit of euro zone leaders on Tuesday after the surprisingly strong "No" vote in Greece's referendum Sunday.Raising the stakes on the Greek leader, the European Central Bank decided to keep a tight grip on funding to Greek banks, which have been closed for more than a week to avoid a massive outflow of money that could lead to their collapse.U.S. oil prices fell the most in three months after Greece's rejection of the debt bailout terms and after China's measures to support its stock markets.Also taking a toll on the energy market were talks between Iran and world powers to meet a July 7 deadline on a nuclear deal. That deal could release more oil into already oversupplied markets if sanctions on Iran are eased.Benchmark Brent crudeStocks and oil drop on concerns about Greece, China
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BRENDAN MCDERMID