Overnight

Thin volume was expected owing to the U.S. holiday and it didn't disappoint overnight Monday in Asia. With the decline in concerns about Brexit, Japanese shares rallied for the sixth straight day, its longest winning streak since November.  The Nikkei 225 was up 0.6% to 15,775.80 before falling to 15,638.52, down 0.87%. Other markets followed suit with the Kospi down 0.38%, the Hang Send off 0.64%  and the Australian ASX 200 fell nearly 1%. The Shanghai Composite traded positive 0.40% as activity in the service sector for Chinese small and medium companies move higher. The Caixin Purchasing Managers' Index (PMI) for June was at 52.7, compared with 51.2 in May, marking the fastest increase in 11 months. Levels above 50 indicate expansion.

Australia's softness stems in part over an election that might still be contested as most big banks there took a hit.The ASX 200 has a large component of financials. With the U.S. closed for holiday investors focused on Europe where stocks finished lower with FSTE 100 off  0.8%. In Europe the scaremongers were at it again as reported by CNBC.

The International Monetary Fund chief, Christine Lagarde, told a French newspaper on Monday, meanwhile, that exiting the EU could cut Britain's gross domestic product by between 1.5 and 4.5 percentage points by 2019. Additionally, ratings agency S&P Global Ratings said both the euro zone and the U.K.'s economic growth would take a knock as a result of the vote, with the agency warning that the U.K. would barely escape a "full-fledged recession caused by Brexit."

Oil traded lower with Brent at $49.75 a barrel  while U.S. futures edged down 1,22% at $48.39. Gold, considered by some the safe haven of last resort, lost some of its recent luster, trading at $1,344.16 and ounce. Japanese 10-years bonds with yields already in negative territory falling as low as -0.264
before settling at -0.237.