International markets were collectively weaker overnight as the Greek debt saga took another turn.

A decision that was slated for last night on 130 billion euro of aid was postponed until at least February 20 and possibly until after a full-time Greek government emerges from elections later in the year.

In Europe the FTSE shed seven points after some early session strength to settle at 5892.

The CAC and DAX held onto some of their gains, both settling 0.4% stronger.

Stateside the Dow Jones slipped 97 points (-0.8%) lower, settling at 12781, whilst the broader S&P and Nasdaq were each 0.5% weaker.

The Empire manufacturing survey jumped from 13.5 to 19.5 in February – a 20-month high.

Industrial production was flat in January but the December result was revised up to 1%.

Manufacturing production jumped by 0.7% in January, in line with the upbeat tone from recent business surveys.

The release of the Fed minutes highlighted that some officials believe a further round of bond buying will be needed before long, given the high unemployment rate and lack of inflation pressure.

The NAHB housing market index rose 4 points to 29 in February – a 3½ year high.

Overall the US economic data continues to show signs of improvement.

The Aussie dollar endured a volatile session overnight to settle pretty much where is started, hovering just below the US$1.07 handle.

Crude oil rallied, adding US$1.06 a barrel as supply fears from the Middle East outweighed the ongoing eurozone concerns. A surprising 171,000 barrel drawdown in US crude inventories also supported prices.

Base metal prices were mostly weaker with the exception of tin, which rose 1%. The uncertainty surrounding Greece and lack of physical demand from China weighed on prices.

Gold advanced, adding 0.7% to settle at US$1730 an ounce.

In company news, Westpac has reported a 3% fall in quarterly cash profit to $1.5 billion. The result fell shy of analyst estimates.

Today's session will bring us data in the form of inflation expectations, at 11:00am, AEDT, and the all-important employment data, at 11:30am, AEDT.

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Morning Market Analysis: Greece Concerns Weigh is a post from: Australian Stock Report Market Pulse Blog