In Europe the FTSE added 54 points (+0.9%) to settle at 5783, whilst the French CAC and German DAX added 0.5% each.
A Greek finance ministry official said a final debt swap offer would be submitted to private sector bondholders by February 13 but the German Chancellor has ruled out extending a bridging loan to Greece.
This Greek issue is a key issue facing global markets and will have a significant impact in the near-term. Although a deal is likely, whilst it is yet to be finalised uncertainty will remain.
Eurozone consumer confidence rose from -21.3 to -20.6 in January – the first improvement in seven months.
Stateside, the Dow Jones shed 12 points (-0.1%) whilst the S&P was slightly stronger (+0.1%) and the Nasdaq slightly weaker (-0.1%).
During the session the Dow rose to its highest level since May but the bulls could not maintain their momentum and the index settled well off the highs.
The Aussie dollar continued on its merry way, currently buying just over US$1.05 – a 12 week high.
Elsewhere, the pound fell after an industry survey showed company profit alerts surged last quarter, lending weight to concerns the UK economy is continuing to struggle.
Oil rose US$1.25 to US$99.58 a barrel on supply fears as the European Union agreed to ban Iranian oil imports from 1 July.
Base metals advanced in response to a weaker US dollar and optimism about a Greek debt deal. Gold was up by 0.8% to US$1,680 an ounce.
Today Newcrest and Oil Search release production figures and GUD Holdings releases its half yearly result.
Today’s session will ring us data in the form of the CB leading index, at 10:00am, AEDT.