The neck breaking swings continued overnight with international markets rallying amid tempered concerns about a global recession.

In Europe the FTSE surged 3.1%, whilst the DAX was even stronger adding 3.3%. The CAC was no slouch, adding 2.9% after being belted in the previous session due to the Societe Generale rumours.

Stateside, the Dow Jones added 423 points (+4%), whilst the broader S&P added 4.6% and the Nasdaq added 4.7%.

An unexpected drop in US jobless claims provided a boost overnight, as did higher-than-estimated corporate earnings.

The Swiss franc lost ground overnight on plans to temporarily peg it to the euro, whilst the Aussie and Kiwi dollars bounced back as equities and commodities rallied.

Gold futures fell the most in seven weeks amid rebounding equity markets and the moves by CME to raise margins on gold contracts. Gold for December delivery declined $32.80 (-1.8%) to close at US$1751.50.

There is no major local data due out for today's session.