​■ Greek referendum news pull markets heavily downwards

■ DAX loses 3.8% in week, worst since April

■ Chinese markets continue to suffer from sell-off

■ U.S. markets and safer havens grow accustomed to European uncertainty

Examining markets performance on the weekly perspective continues to show pessimism. Eurozone equity Indices have been by bruised from the Greek debt drama, but, undoubtedly not as much as one could have expected. The DAX lost a total of 3.8% during the week, marking this as the worst weekly performance for the German Index since April. The CAC 40 is down an even heftier 5.0%.

Much of the decrease in European equity was seen on Monday, as the markets responded to Greece Prime Minister Tsipras' call for a referendum and subsequent run on banks. The Athens Stock Exchange, unsurprisingly, was closed. But the DAX lost close to 4.4%, in the beginning of the week.

Following some ups and downs in the prospect for Greece, Friday’s session saw markets move back from the volatility, towards a flatter session. The fact that the Greek referendum was scheduled for Sunday is an obvious catalyst, encouraging market participants not to assume a new position with their portfolio. Needless to say, following the negative impact with Tsipras Saturday announcement of the referendum, nobody wants to be long on the markets over the weekend. The fact that U.S. markets were closed for Independence Day also contributed to this.

Markets in China have also been suffering quite massively this week, as the Shanghai Stock Exchange 180 dropped no less than 10.2%, following a 6.5% decrease last week and no less than 13.3% in the week before that. The weekly decrease in the SSE is even more alarming given that the Chinese Securities Regulatory Commission eased collateral rules on margin loans, in attempt to support the markets.

Growing accustomed to the Greek limbo

Evidently, the volatile week in equity markets did see somewhat of a flight to safety, in some markets at least. U.S. bond prices recorded increases, pushing yields in the U.S. 10 year 9 basis points downwards, no less, to 2.38%. Looking at U.S. equity, however, it seems that the brittle state of Europe is having a lesser impact on the markets. The S&P500 decreased some 2% on Monday, but later gains saw the four-day weekly session conclude with a mere 1.2% decline. Similarly, the response in Gold is also somewhat contained. The initial Monday panic did lead the metal of kings up more than a percentage point, but it slid during the rest of the week, ending with a 0.6% decline, after already losing 2.06% last week, settling at USD 1168.70 per oz, a mere 2.5% more than the lowest gold prices have been in the last five years.

Likewise, the start of the week saw the Euro bleed heavily, with EUR/USD decreasing more than 1%, going lower than a level of 1.1, which later moderated to around 1.1114.

Oil prices have also been edging lower this week, seeing a 6.9% decline. One catalyst to the decline was recorded on Wednesday, as the U.S. Department of Energy reported that inventories have increased by nearly 2.4 billion barrels, while production remains elevated.