The Australian equity market is pointed to open up about 0.6 per cent today after US stocks continued to rally for the third straight day although they finished well below their highs after a report was published that highlighted a potential split between leaders over the terms of Greece’s second bailout.
The Dow finished the session up 146.83 points at 11190.69, after surging as high as much as 113773 earlier in the session while the S&P500 index gained 12.43 points to close at 1175.38.
Stocks fell towards the end of the session after a report split has occurred in the euro-zone over the terms of Greece’s second €109 billion bailout with as many as seven of the union’s 17 members arguing for private creditors to swallow a bigger write down on their Greek bond holdings, according to senior European officials.
The EURUSD (see above chart) gained for a third straight day after German Chancellor Angela Merkel said that her nation would help Greece meet the terms of the bailout agreement. The EURUSD traded up from overnight lows of 1.3482 to as high as 1.3669.
The AUDUSD has traded up from overnight lows of 0.9850 to as high as 0.9988 as investors risk sentiment was firmly back on.
Spot Gold gained the most in seven weeks as commodities and equity markets around the globe rallied as investors saw optimism that the European leaders will make the needed steps to resolve the regions debt crisis.
WTI oil is of during the Asian session after it clocked ups it biggest gain in over four months. WTI climbed from lows of 80.86 per barrel yesterday to as high as 84.84 overnight.
INDICES
Last Traded
SPI 200 future 4061
S&P500 Index 1175.38
Dow Jones 11190.69
FTSE 100 Index 5294.05
COMMODITIES
Last Traded
Gold 1649.15
Oil (Nymex) 83.40
CURRENCIES
Last Traded
AUDUSD 0.9899
EURUSD 1.3582
GBPUSD 1.5639
USDJPY 76.84
Source
Bloomberg, Dow Jones News