After a lot of volatility recently, international markets were relatively subdued overnight.

In Europe the FTSE (-0.5%), CAC (+0.7%) and DAX (-0.8%) all moved less that 1%, whilst in the US the moves were even more modest.

The Dow added just five points, the S&P 500 just 0.1% whilst the Nasdaq shed 0.5%.

The relative lack of volatility was due in large part to the fact that there were no major, market shifting headlines; the biggest story overnight was Dell Inc's forecast of weaker sales which snuffed out an early rally.

The US dollar sank to a three-week low, whilst the Swiss franc strengthened against the majority of its 16 major peers.

Commodities were generally stronger, with the S&P GSCI index of 24 commodities advancing 1%, with oil the standout up 1.1%.

Gold settled at another record high with bullion for December delivery adding $8.80 (+0.5%) to settle at US$1793.80 an ounce.

In company news, AMP saw its 1H net profit fall 18% to $349 million as costs rose across the business.

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

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Morning Market Analysis: August 18 is a post from: Australian Stock Report Market Pulse Blog