Global markets extended their winning ways overnight, with the international leaderboard awash with green ink.

In Europe the FTSE surged 205 points (+4%) whilst the CAC (+5.7%) and DAX (+5.3%) were even stronger.

The gains in Europe came amidst comments that ECB policymakers are working to increase the powers of the EFSF rescue fund, which will help combat the debt issues.

Stateside, the Dow added 147 points (+1.3%), whilst the S&P 500 put on 1.1% and the Nasdaq added 1.2%.

The Aussie dollar was a big mover over the last 24-hours, jumping the most in three weeks as stocks rallied around the world.

The Kiwi dollar also gained against the greenback and yen as commodity prices advanced, boosting prospects for the nation's exports.

Crude oil rose the most in four months on speculation European leaders will bolster efforts to contain the region's debt problems. Crude added 5.3% to settle at US$84.45 a barrel.

Gold and copper also performed strongly, adding 3.6% and 4.8% respectively.

In company news, WES has agreed to sell its Premier Coal business to Chinese coal miner Yanzhou Coal Mining for $296.8 million.

Today the market will be in receipt of HIA new homes sales data (tentative).