The Australian market rallied strongly for the fourth day in a row. The big four banks continued their recent upward momentum, while resources stocks were the main beneficiaries of a jump in the iron ore prices. All sectors performed positively, with utilities gaining most significantly. The Australian dollar fell against the greenback, but experienced mixed results against other major currencies.

Asian markets have mostly risen, with Hong Kong and Shanghai leading the way, and Tokyo marking an eighth straight gain to a 15-year high.

The euro has slid and European stock markets have closed lower on concerns over Greece's ability to meet looming repayment deadlines. US stocks fell after the holiday weekend as the dollar gained strength and investors flocked to US Treasuries.

The Australian stock market looks set to open lower following sharp losses on Wall Street. In local economic news, the Australian Bureau of Statistics releases construction work done for the March quarter and the Westpac- Melbourne Institute Leading Indexes of Economic Activity are due out.

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