International Report

The FTSEurofirst 300 closed 0.8% higher at 1,027.29 points. The Dow Jones industrial average gained 0.02%, to close at 10,405.98. The Standard & Poor’s 500 Index gained 0.23%, to close at 1,118.31. The Nasdaq Composite Index jumped 0.32%, to close at 2,280.79. The benchmark Nikkei rose 31.30 points to 10,253.14, while the Topix added 0.3% to close at 905.65.

Today, Greece plans to unveil new austerity measures in an attempt to cut its budget deficit and secure support from fellow EU members. The austerity package is valued at approximately €4.8bn (£4.36bn) of cuts, this comprises new taxes, a VAT hike and the proposed slashing of public sector pay. Yesterday, Prime Minister George Papandreou told Parliament that Greece needed to avert default and a broader eurozone deficit. Christopher Dodd the US Senate Democratic Banking Committee chairman is expected to unveil a revised bill on financial regulatory reform this week.

Due for release today is the AUD Gross Domestic Product Q4 and AUD Gross Domestic Product Q4.

by Greg Secker

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