International markets suffered through a heavy selloff on Friday night amid fresh worries about the eurozone debt crisis.

In Europe the FTSE gave up 2.4%, whilst the CAC (-3.6%) and DAX (-4%) endured even heavier falls.

Stateside, the Dow Jones shed 304 points (-2.7%), whilst the S&P 500 also lost 2.7% and the Nasdaq shed 2.4%.

Trepidation about whether or not Congress will pass President Obama's $447 billion jobs plan also weighed on sentiment.

The euro dropped to a seven-month low against the US dollar, breaking down amid persistent sovereign debt concerns.

The Great British pound was also sold down heavily, posting its biggest weekly decline in nine months against the greenback, with investors betting the BoE will keep interest rate near record lows in order to support growth.

In the commodity space, oil gave up 2% to settle at US$87.24 whilst gold added 0.1% to close at US$1860 an ounce.

In company news, COH is undertaking a voluntary recall of its unimplanted Nucleus C1500 range after a recent increase in failures in its Nucleus C1512 implants.

The key economic focus today will be on domestic trade balance data, which is slated for release at 11:30am, AEST.