Global markets extended their gains overnight, buoyed by further positive developments regarding the eurozone debt situation.

In Europe, the FTSE added 59 points (+1.1%) to settle at 5548, whilst the CAC (+1.6%) and DAX (+1.4%) enjoyed even stronger gains.

Stateside, the Dow Jones added 105 points (+0.9%), whilst the broader S&P 500 gained 1.3% and the tech-heavy Nasdaq put on 2.4%.

A strong result from Dow bellwether Caterpillar helped set the positive tone for the session, whilst circa $2 billion in M&A deals also provided a shot in the arm.

The Aussie dollar continued its recent surge overnight, moving within striking distance of the US$1.05 handle on the back of a report showing Chinese manufacturing may expand for the first time in four months.

Commodities were generally stronger, with copper surging 7.3%, crude jumping 4.4%, and gold adding 1%.

Today's session will bring us data in the form of the CB leading index, at 10:00am, AEDT.