The Australian equities are pointed for solid start to the week after US stocks surged on Friday evening on the back of some solid corporate earnings and optimism that the European lawmakers are nearing an agreement.
The Dow (see above chart) rallied 267.01 points to finish the session at 11808.79, ending the week up 1.4 per cent while the S&P500 index gained 22.86 points to close at 1238.25, this is its third-consecutive week of gains and longest winning streak since February.
The yen surged to a record high against the dollar Friday, trading down from highs of 76.91 to as low as 75.83 as the Japanese cabinet approve the expansion of a nearly Y12 trillion plan to help companies contend with the rising yen prompted traders to question the country's resolve to halt its rise.
WTI crude oil rose from lows of 85.98 on Friday evening to as high as 88.93 per barrel on renewed hopes for a solution to the sovereign debt crisis with European leaders meeting this weekend.
Gold rose for the first day this week trading up from lows of 1620 to as high as 1649.65 as a weaker dollar and optimism about Europe's debt crisis drew some buyers to the downtrodden markets.
The volatility index finished the final day of the week down 9.95 per cent to close at 31.32.
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