European markets open sharply lower after the Greek people’s resounding ‘no’ to cuts imposed by their creditors in Sunday’s referendum. Investors fear the vote means Greece will be expelled from the euro, and if Eurozone creditors will accept a haircut on Greek debt. Fears are soothed as volatile Greek finance minister Yanis Varoufakis resigns, to ease negotiations. European banks are among the biggest fallers, as the sector stands to lose from any Greek default. British engine maker and engineering heavyweight Rolls-Royce hit harder than expected by oil industry cutbacks and slowing sales of its standard aircraft engine. China takes measures to stabilize its market after three-week sell-off. But the results are mixed.
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