Global markets continued to press higher overnight, on expectations the European Central Bank will take action soon to combat the euro zone’s debt crisis.

In London the UK's FTSE 100 put on 32 points (+0.6%) to settle at 5841, whilst the French CAC (+1.5%) and German DAX (+0.7%) enjoyed even stronger gains.

Stateside, the Dow Jones advanced 51 points (+0.4%) to settle at 13169, whilst the S&P added 0.5% and the NASDAQ tacked on 0.9%.

The sole economic indicator of the session, the Federal Reserve’s June consumer credit report, showed credit growth rose 3% from May, the weakest pace since October 2011.

The euro rose to a more than three- week high versus the yen amid speculation that the European Central Bank is taking appropriate measures to quell the region's debt crisis.

Oil rose to the highest level in more than two months, advancing with equities on optimism that economic growth will accelerate and as tension increased in the Middle East.

Crude oil for September delivery increased $1.47 to $93.67 on the NYMEX, the highest settlement since May 15. Prices are up 6.4% this month.

In company news, Computershare is expected to open lower after reported a 41% decline in FY12 net profit amid weak merger and acquisition activity.

Today's' session will bring us home loans data, at 11:30am, AEST.

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Morning Market Analysis: The Rally Continues is a post from: Australian Stock Report Market Pulse Blog