US stocks rallied sharply Monday after Germany and France pledged over the weekend to find a solid plan to address the eurozone debt crisis and shore up European banks within weeks.
Australian shares were higher at noon, bucking a weak US lead as investors took heart in a plan to recapitalise ailing European banks to help contain the impact of the eurozone debt crisis.
Wall Street stocks closed in the red on Friday after a credit downgrade on Italy and Spain snuffed out a rally on better-than-expected US jobs numbers.
Australian shares have posted the best week in over a year as money flowed back into stocks on confidence European banks will be strengthened against a possible Greek default.
The Australian share market opened higher on the back of news European leaders would help cash-strapped banks in the Eurozone debt crisis and a strong lead from Wall Street.
US stocks put on solid gains Thursday, helped by more confidence in banks and the retail sector and in Europe's push to ensure its banks remain stable in the case of a Greek sovereign default.
The Australian share market has continued its rally, led by miners and banks on renewed investor optimism a plan to help ease the eurozone debt crisis is imminent.
US stocks surged for a second day on Wednesday on signs that Europe was preparing a plan to contain the Greek crisis and protect the region's banks from the effects of a Greek debt default.
The Australian share market staged a late rally to close firmly in the black after a similar surge on Wall Street and higher commodities prices overnight boosted resources and financial stocks.
The big four banks have tough decisions to make if they want to grow or even just maintain their share of the mortgage market in a subdued property environment, analysts say.
The Australian share market closed 0.6 per cent lower, with investors starting to hope that the central bank would cut interest rates for the first time in a year next month.
Wall Street suffered another slump Monday as concerns about the economy, contagion from the European debt crisis and rumours of an American Airlines bankruptcy dragged down markets.
US stocks dropped more than two per cent on Friday as signs of slower growth spanning China, Europe and the United States, and the ongoing Greek crisis, hung darkly over the markets.
The Australian share market opened flat after the US market's less-than-expected response to Germany's approval to beef up Europe's rescue fund to stave off a second global recession.
US blue chips rebounded but tech stocks fell Thursday after Germany's parliament approved a crucial EU bailout package and new US data gave the economy a slightly more positive tint.
Australian shares closed almost one per cent lower, after making back some of the day's losses, with investors worried about a critical German vote on the EU's rescue fund.
The Australian sharemarket opened weaker after a three-day trading rally on global markets ended amid doubts eurozone leaders were closer to resolving the debt crisis.
US stocks closed sharply lower after an early rise Wednesday as worries persisted over whether the eurozone would come up with an effective approach to containing the Greek crisis.
The Australian sharemarket rose almost one per cent in the second day of gains, as markets recovered from last week's massive losses on hopes of a solution to Europe's debt crisis.
The Australian share market opened slightly higher following a rally on global markets but is still vulnerable to shifting investor confidence ahead of a crucial vote on the next European bailout f
The Australian share market opened more than two per cent higher this morning, recovering some of yesterday's losses when shares closed at a two-year low.
The Australian share market fell more than one per cent to a two-year low, pulled down by investors selling out of miners and energy companies after commodity prices slumped.
