Sharemarkets settled last week in the wake of the Greek vote and apparent agreement to a new bailout and ended with some solid gains around the globe.
US shares rose 2.4%, Eurozone shares were up 3.9%, Japanese shares rose 4.4% and Chinese shares added a shaky 2.1%.
Australian shares ended 3.2% higher with the weakening $A also helping the profit outlook in the eyes of some investors.
But the local market will start with a small loss today with the share futures contract showing an 11 point loss when trading ended on Saturday morning, our time.
That was after a flat ending to the week on Wall Street.
Bond yields fell, with sharp falls in peripheral Eurozone countries as the risk of Grexit faded.
But the $US continued to drift higher with the idea that the Fed is still on track to hike rates later this year (now that global risks have faded a bit).
As a result the Aussie dollar slipped under 74 US cents on Friday night and ended trading around 73.70 cents and close to new multi-year lows.
Commodity prices remained weak including oil, copper and gold.
In the US tech stocks helped push Wall Street higher on Friday with Google the standout.
Google’s market capitalisation rose by a massive $US65 billion on Friday to finish at $US468.3 billion.
That makes it the second biggest US company by market value after Apple.
In fact it was much strong earnings from a number of reporting companies which helped push the S&P 500 to its best weekly performance since March.
The benchmark index reversed its losses earlier in the trading day on Friday, to end the week 2.4% higher at 2,126.61.
Google shares led the way, jumping 16.3% on Friday to $US699.62 after a much better than expected quarterly result.
While the Dow rose 1.8% to 18,086.45, Nasdaq stood out with a 4.3% jump to 5,210.14 over the week and closing at a fresh record on Friday.
Australian shares last week enjoyed their best week since early February, rising more than 3% as worries over Greece and China eased.
The closed steady on Friday, but was up 3.2% for the week to 5670, while the All Ordinaries, also flat on Friday, rose 3.2% as well to end the week on 5652.5.
But today it looks like starting the week on a weaker note.
