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Greece’s referendum on its fiscal future is looking too close to call. Poll results today put the “Yes” camp ahead by a razor-thin margin. Prime Minister Alexis Tsipras has urged Greeks to vote “No”, arguing that will give him the upper-hand in negotiations with the country’s creditors.

The Toronto Stock Exchange fell Monday as commodities from oil to metals slumped after Greek voters rejected austerity measures and Greece scrambled to avoid a cash crunch while China unleashed interventions to stabilize its equity markets.

The S&P/TSX composite index fell 88.82 points, or 0.6 per cent, to 14,593.57. The benchmark Canadian equity gauge has fallen 0.3 per cent this year, after tumbling 2.3 per cent in the second quarter.

The Canadian dollar slipped 0.38 per cent to 79.04 cents (U.S.).

In the U.S., stocks also fell, with the Standard & Poor's 500 Index extending its steepest weekly drop since March. The S&P 500 slipped 0.4 per cent to 2,068.76 in New York, after earlier erasing a 0.9 per cent drop. The gauge lost 1.2 per cent last week. The Dow Jones industrial average ended the day off 46.53 points, or 0.26 per cent, at 17,683.58. The Nasdaq composite was down 17.27 points to 4,991.94.

"Every couple of hours the [Greece] story gets even bigger and more uncertain along the way," said Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2-billion. "Based on the confusion factor of all this and just trying to sort out what everything means, volatility is definitely to be expected."

The onus is on Greece to act quickly to avoid a meltdown of its banks, which the government said will now remain shut through Wednesday. German Chancellor Angela Merkel and French President Francois Hollande are due to meet other euro-region leaders tomorrow.

While investors sold riskier assets after Greeks voted in a referendum Sunday to reject their creditors' austerity terms for aid, the declines were muted compared with a week ago.

Greek Finance Minister Yanis Varoufakis resigned, a move investors speculated may aid talks with creditors. Varoufakis said there was "a certain preference" among European creditors that he no longer be involved in negotiations.

In Toronto, First Quantum Minerals Ltd. and Teck Resources Ltd. slumped at least 1.7 per cent as base metals prices declined to the lowest in almost six years. Bankers Petroleum Ltd. sank 10 per cent as energy producers tumbled to a January low.

Financial markets barely shrugged as the Greek standoff with investors intensified, in a signal that investors see the nation's crisis contained for now.

Commodities endured the brunt of global selling, as China's attempts to halt a stock crash and the Greek vote shook confidence in global economic growth. China is Canada's second- largest trading partner after the U.S.

Eight of 10 industries retreated in the S&P/TSX on trading volume 14 per cent higher than the 30-day average.

Energy shares sank 1.9 per cent as the demand concerns sent crude tumbling the most in five months. Futures dropped 7.7 per cent in New York and 6.3 per cent in London, with Brent crude sliding below $60 a barrel for the first time since April.

Suncor Energy Inc. lost 1.2 per cent and Encana Corp. retreated 3.8 per cent as energy stocks lost 1.9 percent.

The London Metal Exchange's gauge of six prices on industrial metals dropped 2 per cent to the lowest since July 21, 2009. Copper for delivery in three months plunged 2.9 per cent while nickel fell 2.5 per cent.

U.S. stocks fell the most in three months last week as the escalating crisis in Greece stole attention from U.S. economic data and the Federal Reserve. The S&P 500 pared its 2015 gain to 0.5 per cent Monday, and finished 2.9 per cent below its all-time high set in May.

The gauge suffered its biggest single-day decline of the year last Monday, down 2.1 per cent, after Greece closed its banks and imposed capital controls.

The uncertainty in Greece overshadowed U.S. economic data that, while improving, wasn't strong enough to boost prospects for an increase in Fed interest rates. A report Thursday showed the U.S. economy added 233,000 jobs in June while wages stagnated and the size of the labour force receded.

Data Monday showed growth at U.S. service industries picked up in June from a more than one-year low, signaling steady improvement in the biggest part of the economy.

Investors will receive more signals on the health of the economy on Wednesday when earnings season kicks off and the Fed releases the minutes from its June meeting. The Federal Open Market Committee voted to keep the main rate at zero, where it has been since late 2008, as officials hold out for more decisive evidence of an economic rebound.

Quarterly earnings season begins that same day with Alcoa Inc. scheduled to report after the market closes. Analysts forecast corporate profits will contract 6.5 per cent for the period before turning positive in the fourth quarter, according to data compiled by Bloomberg. Profits will end up growing 1.2 per cent for the full 12 months, the data show.

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