Locally, at 7.59am (AEDT) the early indicator, the SPI Futures Index was up 5 points to 4260.

Wall Street managed to hold firm, with the Dow Jones Industrial Average gaining 0.05% or 6.51 points to 12,890.46 while the S&P 500 Index jumped 0.15% or 1.99 points on 1351.95 to a seven-month high and the tech-heavy NASDAQ increased 0.39% or 11.37 points on 2927.23.

Political leaders in Athens announced an agreement that may clear the way for a deal to cut the nation’s debt and win its second rescue package in two years.

European finance chiefs were set to defer ratifying a €130 billion ($A160 billion) rescue for Greece, pressing the government in Athens to put the newly struck austerity plan into action.

“It looks like Greece is on that to address its issues,”Bloomberg quoted Iowa-based Principal Funds Inc chief investment officer Michael Finnegan.

“Everybody realises what needs to get done. Obviously there are political challenges, but the consequences if they don’t are just too severe.”

European markets closed higher, with the Euro Stoxx 50 gaining 0.37% or 9.42 points to 2522.34 and London’s FTSE 100 jumping 0.33% or 19.54 points to 5895.47.

The euro strengthened to a near two-month high, up 0.2% to $US1.328.

Comex gold held firm, up 0.03% to $US1729.80 an ounce, while oil approached $100 a barrel, up 1.14% to $99.84 a barrel, and silver gained 0.58% to $33.90/oz.

The Australian dollar also held firm and was fetching $US1.07 at 8.56am (AEDT).

Commodities on the London Metal Exchange were all higher with the exception of tin, which remained unchanged on $25,400 a tonne.

Copper for three-month delivery gained 2.10% to $8760/t while lead jumped 1.88% to $2222/t, zinc was up 2.13% to $2160/t, nickel increased 0.12% to $21,525/t and aluminium closed 1.58% higher on $2289/t.

– with Bloomberg