International markets looked pretty sick at one point last night, with losses in Europe turning into a weak start in the US.

Better-than-expected housing data saw the US bulls roar into life late in the session however, sending the major indices back to square by the end of the session.

In Europe the FTSE shed 20 points (-0.3%) to settle at 5916, whilst the CAC (-7%) and DAX (-0.2%) suffered even heavier falls.

Eurozone M3 growth accelerated to a 2.5% annual rate in January, its first increase since September 2011.

Italian business confidence eased from 92.1 to 91.5 in February. The German Bundestag approved the second Greek bailout by a margin of 496-90.

Stateside, the Dow Jones closed one point lower, at 12982, whilst the S&P and Nasdaq both added two points (+0.1%).

The Aussie dollar remains firm, holding above the US$1.07 handle whilst the yen rallied against most of its major counterparts as speculation increased that the surge in oil prices this month and Europe's unsettled debt crisis may weigh on economic recoveries, boosting demand for safety.

Oil fell after its recent strong run higher, giving up 1.1% to US$108.50 a barrel as investors and economists expressed concern about the impact of high prices on global economic growth.

Base metal prices were mixed; lead rose 1.8% and zinc gained 0.8%.

Gold finished modestly lower, giving up 0.5% to US$1769 an ounce.

In company news, Aristocrat Leisure has announced a 21% rise in full year net profit to $66.1 million. The result came in ahead of previous guidance.

There is no major local data due out for today's session whilst earnings are expected from QBE, James Hardie, Boral, Prime Media and Southern Cross Media, whilst Origin goes ex 25c per share. Rio goes ex 84c tomorrow.

To Access FREE Daily Trading Recommendations, Click Here!

Morning Market Analysis: Late Session Recovery is a post from: Australian Stock Report Market Pulse Blog