International markets endured another heavy selloff overnight, reacting negatively to the news over the weekend that Greece will miss its previously agreed to deficit reduction targets.

In Europe the FTSE lost 53 points (1%) whilst the CAC (-1.9%) and DAX (-2.3%) suffered even heavier falls.

Stateside the Dow slumped a further 258 points (-2.4%) whilst the S&P 500 (-2.9%) and Nasdaq (-3.3%) suffered even heavier falls.

The renewed concerns about Europe's debt problems saw the euro slide nearly one percent against the US dollar, whilst the Canadian dollar retreated for a fourth consecutive session against the greenback.

Commodities slumped to a 10-month low amid increasing concerns that slowing global growth will hurt demand.

The S&P GSCI commodities index fell 1%; crude oil (-3.5%) and copper (-2.8%) were big losers, whilst gold (+2.4%) benefitted from safe-haven buying.

In company news, SDL has received a revised 57 cents per share offer from Hanlong Mining. This is up from the previous 50 cents per share offer.

Today's session will bring us important data in the form of building approvals and the trade balance (10:30am, AEDT).

The RBA interest rate decision is also scheduled for 2:30pm, AEDT. The market is widely expecting the central bank to leave the official cash rate steady at 4.75%.