Australian stocks rallied for a third day to their highest level in a week as European finance ministers haggled over a new bailout for Greece.
At lunchtime the ASX 200 was ahead 18 points or 0.4% at 4274 with all sectors except the defensive consumer staples and property trusts trading higher. Industrials was the pick of the sectors, rising 1%. The financials and materials sectors were both up 0.6%.
European officials remained locked in talks this morning over the terms of a second bailout for Greece. No time was set for a press conference following the meeting.
Asian markets were mixed after three days of gains. Japan's Nikkei was flat, Shanghai up 0.2% and Hong Kong's Hang Seng down 0.32%. Dow futures were recently up 55 points or 0.4%.
The Reserve Bank flagged this morning that the cash rate is likely to stay on hold for the near future unless economic conditions deteriorate. The minutes from the last meeting said: "With growth expected to be close to trend and inflation consistent with the target, the board considered that this setting was appropriate for the overall macroeconomic outlook."
Crude oil futures eased six cents this morning to US$104.86 a barrel. Spot gold was $1.40 weaker at US$1,734.60 an ounce. The dollar was buying US$1.0738.
Nice to see the bulls still in control despite the lack of news from Brussels. Let's hope there's no sting in the tail this arvo. I caught the dip in CPL for a few points and added a few NKP after watching that late buying flurry in the last 20 minutes yesterday. Disappointed to miss the pullbacks in AGS and MAD by a point or two.
