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Morning Update - Monday 13 July, 2015

The Aussie market is poised to open sharply higher today, following some developments regarding Greece this morning. Prime Minister Alexis Tsipras has submitted a proposal similar to the one presented by creditors last month, in a last-ditch effort to keep the country in the euro. The package of reforms and spending cuts, including pension savings and tax increases, was sent to creditors overnight and will be presented to the Greek Parliament this evening. The developments have seen the SPI move from down 20 points to up 60 points in very quick time. It makes what happened overnight redundant for the most part, but here is a quick summary anyway; Dow Jones up 34 points (+0.2%), S&P 500 up four points (+0.2%), Nasdaq up 12 points (+0.3%). Commodities were mainly stronger, with iron ore rebounding 10% after yesterday's 10% plunge. Spot gold firmed slightly and Brent crude added 2.6%. This morning the Aussie dollar is fetching 74.6 U.S. cents.