SYDNEY – Australian stocks opened 1.33 percent higher Monday following a weekend meeting of European leaders aimed at shoring up the debt-troubled eurozone.
The benchmark S&P/ASX 200 was up 55.8 points at 4,197.7 in early trade following Sunday’s summit in Brussels, where European Union leaders demanded that Italy make a major effort to reduce its debt to protect the eurozone.
Analysts said investors were optimistic ahead of a second summit on Wednesday where a comprehensive plan is expected to be laid out.
“The mood of trading is generally optimistic that eurozone policy makers will announce significant measures on Wednesday to bolster the bailout fund and resolve Greece’s debt crisis, while also supporting the region’s banks,” said IG Markets analyst Stan Shamu.
The Australian dollar was fetching 103.22 US cents, up from 102.34 US cents at the close Friday.