Outlook: Greek optimism set to boost ASX

Market Reports

Optimism about a potential Greek debt deal looks set to boost the Australian share market this morning. European stocks rallied overnight with gains rippling over to Wall Street and pushing the Nasdaq to a new closing high. US investors were also supported by better than expected house sales figures which have in turn pushed the Australian dollar closer to $US0.77. 
 
Global markets
 
Wall Street traded and ended higher on Monday: The Dow Jones Industrial Average gained 0.6 per cent to close at 18,120, the S&P 500 gained 0.6 per cent to close at 2,123 and the Nasdaq gained 0.7 per cent to close at 5,154.
 
European markets soared into the new week: London's FTSE 100 climbed 1.7 per cent and France's CAC 40 and Germany's DAX both climbed 3.8 per cent.
 
Asian markets started the week higher: Japan’s Nikkei jumped 1.3 per cent, Hong Kong’s Hang Seng rose 1.2 per cent and China’s Shanghai Composite was closed for a public holiday.
 
The Australian share market lifted from the lows of the session to end slightly higher yesterday: The S&P/ASX 200 Index added 13 points to close at 5,610. On the futures market the SPI is 21 points higher. 
 
Currencies 
 
The Australian dollar at 7:30am was buying $US0.7731, 48.86 Pence Sterling, 95.37 Yen and 68.17 Euro cents.
 
Economic news due out today
 
Australian Bureau of Statistics: Overseas arrivals and departures data and residential property price figures both for March
 
Company news
 
Virgin Australia Holdings Limited (ASX:VAH) has flagged plans to launch Virgin Australia Cargo on July 1, 2015. Australia’s second largest carrier says it will now actively compete in the domestic and short haul international cargo market for the first time. Virgin expects the move will dramatically change the competitive dynamics of the air cargo market in Australia. Shares in Virgin Australia Holdings fell 1.14 per cent to close at $0.435 on Monday. 
 
Recall Holdings Limited (ASX:REC) says it will shut facilities in Australia and four other countries as part of a continued push to cut costs. The information management solutions provider expects the changes will result in a $US16 million hit to its annual results. Recall expects to generate annual savings of more than $US6.5 million from fiscal 2018. Shares in Recall Holdings fell 1.52 per cent to close at $7.12 on Monday. 
 
Commodities 

Gold has fallen $17.80 to $US1,184 an ounce for the August contract on Comex. 
Silver has risen $0.03 to $16.14 for July. 
Copper has risen $0.01 to $2.57 a pound. 
Oil has gained $0.33 to $US60.01 a barrel for July light crude in New York.

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