International markets extended gains overnight amid expectations of a resolution to the eurozone's debt troubles.

In Europe the FTSE added 158 points (+3.2%) whilst the CAC (+4.3%) and DAX (+4.9%) were even stronger.

Stateside, the Dow Jones gained 131 points (+1.2%) whilst the S&P (+1.8%) and Nasdaq (+2.3%) were stronger again.

The gains in the US gave the S&P its biggest two-day gain in more than a month, with better-than-expected economic data encouraging investors to take on risk.

The US dollar retreated against most of its major rivals, with investors pouring back into higher-yielding assets, shunning the safety of the greenback.

Oil rose the most in almost five months following reports of an unexpected decline in inventories and stronger-than-expected economic data.

Gold and copper also posted gains, rising 1.6% and 0.1% respectively.

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