In Europe the FTSE added 0.8%, whilst the CAC (+1.7%) and DAX (+1%) were even stronger after euro-region leaders agreed to provide Greece an additional 109 billion euros in aid in a second bailout package.
Stateside, the Dow added 153 points (+1.2%), whilst the broader S&P 500 (+1.4%) was even stronger. The Nasdaq added 0.7%.
US investors cheered steps to help ailing Greece and warmed to reports that a US budget deal is close to being brokered.
The yen retreated following the move by European officials to provide further aid to Greece, which in turn reduced demand for safer assets.
Conversely, the euro rose to a two-week high against the US dollar.
In the commodity space, copper and gold retreated 1.2% and 0.6% respectively, whilst crude added 0.7% to settle at US$99.13 a barrel.
In company news, CBA has appointed Ian Narev as its new CEO with current CEO Ralph Norris set to retire at the end of November.
CEU has received a 55 cents a share offer from Horizon Roads, representing a 22.2% premium to the closing price on 21 July.
Today’s session will bring us data in the form of import prices at 11:30am, AEST.