International markets enjoyed another positive session overnight with solid gains across Europe and the US.

The FTSE added 53 points (+1%), whilst the CAC (+1.9%) and DAX (+3.4%) enjoyed even stronger gains.

The gains in Europe were fuelled by hopes that progress is being made by policy makers in dealing with the debt crisis.

More specifically, investors found solace in comments by European Commission President Jose Manuel Barroso saying the commission will soon present options for the introduction of a common bond for the euro area.

Stateside, the Dow Jones added 141 points (+1.3%) to settle at 11247, whilst the S&P 500 put on 1.4% and the Nasdaq gained 1.6%.

The euro gained against most of its major counterparts amid comments from Sarkozy and Merkel saying Greece should remain in the union.

This morning the New Zealand central bank kept it benchmark rate at a record low 2.5% for a fourth straight meeting, citing unstable financial markets and weaker growth prospects in key export markets.

Oil dropped for a second consecutive session overnight, after the Energy Department said fuel inventories rose. Crude shed 1.4% to settle at US$88.91 a barrel.

In company news, MYR reported a 3.6% drop in FY net profit to $162.7 million on the back of a 4% drop in sales and says the retail environment is extremely challenging.

Today's session will bring us data in the form of the Melbourne Institute inflation expectations reading (11:00am, AEST) and new motor vehicle sales (11:30am, AEST).