US stocks closed higher on Monday, shrugging off troubles in the eurozone and worries about a possible Greek default to stage a healthy rebound.

Hanlong says executives being investigated by ASIC for suspected insider trading in the Chinese company's takeover targets will stand down.

The Australian share market closed sharply lower, plunging more than 3.5 per cent on the worst trading day in a month.

Australia has recorded its fifth-straight trade surplus, with mining exports continuing to hold up despite a global economic slowdown.

Linc Energy plans to buy back on-market up to five per cent of the company's shares, worth about $51 million.

The European Commission is sending a team of experts to Athens to conclude work on a new rescue package for debt-ridden Greece by the end of the month.