The Australian dollar rose to its highest level in 12 weeks amid hopes Greece will reach a deal with its creditors to avoid a disastrous default on its debt.
European shares notched up a fifth straight week of gains last week, as the outlook for the global economy improved and on optimism Greece would avoid a messy default.
Australian shares have added one per cent in early trading as successful debt auctions in Europe and more positive bank earnings in the US buoy optimism.
After slashing more than 3000 jobs in 2011, banks are set to drip-feed more job cut announcements in the name of corporate restructures and managing costs.
The Nasdaq led US markets toward strong gains on Wednesday, helped by news that the IMF was to raise $US500 billion ($A483.35 billion) to boost its crisis-fighting capacity.
Westpac Banking Corporation has put the future of 28 IT management roles in doubt by commencing a review of their roles as part of a group-wide restructure.
Australian shares edged up marginally to a fresh five-week high as upbeat mining figures and hopes for a Greek debt deal dragged shares out of the doldrums.
EXPERIENCED resources investment bankers Neville Gardiner and Jeremy Carlberg are preparing to launch a new corporate advisory outfit in Perth called Torridon Partners, adding further diversity to
Australian shares were flat in early trade after poor results from US banks capped gains from more positive mining figures and economic data overnight.
US stocks followed European counterparts higher on Tuesday buoyed by encouraging economic news from Germany and China, and a strong reading from a New York regional economic activity indicator.
The Australian dollar rose more than one US cent after trader sentiment was buoyed by the publication of stronger than expected economic growth in China.
Australian shares closed at their highest level in five weeks after better than expected Chinese economic growth buoyed already optimistic investor sentiment.
French President Nicolas Sarkozy has warned Europe faces an "unprecedented crisis" but urged calm in the face of Standard & Poor's multiple eurozone rating downgrades.
Australia's banks will endure mandatory stress tests imposed by the International Monetary Fund (IMF) to ensure they can withstand another financial crisis.
Australian shares have opened lower after a downgrade of nine of the European bloc countries' credit ratings sparked a fresh wave of risk aversion ahead of more Chinese data this week.
