We should end the week on a positive note as Greece's resolve to stay in the European Union buoys global sentiment and investors become more comfortable with the potential interest rate rise in the US later this year.
Traders are betting that the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) will rise 0.3% this morning on strong leads from US and European equity markets overnight. If the morning's gains hold, our index will record a 3.6% gain for the week.
A second day of gains for the iron ore price should also put investors in a good mood. Sure, the advance was a skinny 11 cents to $US55.66 a tonne, but a gain is a gain.
Iron ore giant Rio Tinto Limited (ASX: RIO) will still be in the spotlight as the market continues to digest its second quarter production results that were released yesterday. Rio Tinto's London and US-listed shares rose nearly 1% in overnight trade.
But oil stocks will remain on a slippery slope with the West Texas Intermediate (WTI) crude price falling another 1% to $US50.91 a barrel.
All eyes will be on Santos Ltd (ASX: STO) as it releases its June quarterly report today following Woodside Petroleum Limited's (ASX: WPL) quarterly result yesterday.
Questions about the viability of Santos' key projects will remain if the oil price falls below $US50 barrel and that's why the stock is my least preferred large-cap in the sector.
Gold stocks like Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) also won't provide much solace with the price of the precious metal falling 0.3% to its lowest since November of $US1,143.90 an ounce.
There's no silver-lining for gold either as the commodity could be heading lower now that the Greek crisis appears to be resolved and the US dollar is on an uptrend due to an expected increase in interest rates in the world's largest economy.
However, junior gold producer Regis Resources Limited (ASX: RRL) may get some support after its board said it planned to restart paying a dividend.
Copper miner OZ Minerals Limited (ASX: OZL) may also find some love on news that fund manager JCP Investment has become a substantial shareholder in the miner.
Outside of resources, the contagion from Primary Health Care Limited's (ASX: PRY) profit downgrade yesterday has spread to fellow medical facilities operator Sonic Healthcare Limited (ASX: SHL). The stock tumbled 4.8% to $22.46 on worries that Sonic is facing similar challenges, as Primary Health Care and at least two brokers have downgraded the stock to a "sell" equivalent rating.
New senior executive appointments will also put insurer Tower Limited (Australia) (ASX: TWR) and grocery distributor Metcash Limited (ASX: MTS) in the spotlight.
Tower announced that Richard Harding will be its new chief executive while Metcash names Steven Cain as its chief executive Supermarkets and Mark Hewlett as executive general manager, New Channels.
