Australia shares seen climbing on Greek hopes
MELBOURNE: Australian stocks are set to open higher on Tuesday, following a firm finish on Wall Street, on growing optimism that Greece will avoid a debt default.
Stock index futures rose 1.1 percent to 4,491.0, a 29.2-point premium to the underlying S&P/ASX 200 index. The benchmark fell 1 percent on Monday.
New Zealand's benchmark NZX 50 index rose 24 points, or 0.7 percent, to 3,462.1 in early trade.
National Australia Bank and Rio Tinto will be in the frame as their chief executives give speeches in Melbourne and Perth on Tuesday.
US stocks rose from three days of losses on Monday, led by banks after news of more favourable capital requirements and optimism over Greece's austerity plan, but investors cautioned against high hopes.
Copper ended lower on Monday on a lack of confidence in global growth. Gold fell as investors bet debt-laden Greece would take action needed to avoid a default, sapping safe-haven demand.
France offered a radical solution Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.
Copyright Reuters, 2011
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