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Morning Update - Wednesday 8 July, 2015

The SPI futures are pointing to a soft start for the Aussie market, despite U.S. markets advancing overnight. American stocks staged a dramatic finish after an early session sell-off, to end with modest gains following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July. Greece asked for extra funds in exchange for some overhauls being demanded from Greece’s parliament, according to The Wall Street Journal. The S&P 500 recovered from a 1% decline to end with a 12-point (+0.6%) gain, to 2,081.3. The sharp fall early on had at one point pushed the index below its 200-day moving average, a key technical level last breached in October. The Dow Jones fell more than 200 points at session lows, but recovered to finish up 93.4 points (+0.5%) higher at 17,776. The Nasdaq also pared more brutal declines to close 5 points (+0.1%) higher at 4,997.5. In the commodity space, iron ore continued to tumble sharply, this time slumping 5.1%. Gold also fell sharply, shedding 1.2%, whilst Brent crude recovered slightly after the previous session's sharp falls, adding 1.8%. The Aussie dollar continued to head south and this morning is fetching 74.5 U.S. cents.