The ISM Chicago business index rose from 56.6 to 61.1 in June. The result was well ahead of expectations which centred on a result around 54. Even more encouragingly the Chicago Purchasing Managers new orders index rose from 53.5 to 61.2 in June. US jobless claims fell by a less than expected 1,000 to 428,000 last week. The number of people receiving benefits after drawing an initial week of aid fell by 12,000 to 3.7 million.

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European shares rallied to one-month highs on Thursday as Greece approved a detailed €28 billion 5-year austerity plan.

Belgian´s Finance Minister said it was likely to agree to release a next tranche of loans to Greece at a meeting on Sunday. The IMF is set to follow suit on July 5. The STOXX Europe Banking Index jumped 2pct. The FTSEurofirst index rose by 1pct with the German Dax also higher by 1pct and the UK FTSE up by 1.5pct.

US sharemarkets posted healthy gains on Thursday and ended the quarter with their biggest four-day rally since September. Upbeat economic data and a temporary resolution to Greece´s debt crisis supported sentiment. All 10 S&P sectors rose on Thursday with Industrials (up 1.7pct) leading the rally. The Dow Jones rose by 153pts or 1.3pct with the S&P 500 up 1.0pct and the Nasdaq rose by 33pts or 1.2pct. For the quarter the Dow rose 0.8pct, the S&P 500 lost 0.4pct and the Nasdaq fell 0.3pct.

US longer-term treasuries fell again on Thursday (yields higher) as investors trimmed safe-haven positions following the successful vote in Greece. US 2yr yields were flat at 0.465pct but US 10yr yields rose by 5pts to 3.16pct.

The Euro rallied against the US dollar following the successful vote by Greece lawmakers. The Euro rallied from lows near US$1.4445 to US$1.4535, before ending US trade near US$1.4500. The Aussie dollar hit early highs near US107.50c before falling to lows near US106.95c, ending US trade near US107.20c. And the Japanese yen eased from 80.25 yen per US dollar to JPY80.80, before ending US trade around JPY80.45.

Benchmark crude oil prices rose again on Thursday. Investors cheered a successful Greek vote on the austerity package, while the US dollar weakness also supported the bid for oil. US Nymex crude oil rose by US65c or 0.7pct to US$95.42 a barrel and London Brent crude rose by US8c or 0.1pct to US$112.48 a barrel. For the quarter US crude fell by $11.30 or 10.6pct - the biggest quarterly decline since late 2008.

Base metal prices posted solid gains on the London Metal Exchange on Thursday. Risk was back on the table after the successful vote in Greece. Copper rose to two-month highs up 1.1pct . However the gold price fell with Comex gold fell by US$7.60 an ounce or 0.5pct to US$1,502.80.

Ahead: In Australia, the Performance of Manufacturing index and data on new home sales are released. In the US, construction spending, vehicle sales and the ISM manufacturing index are released.

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