International equity markets traded in the red overnight as investor sentiment was clouded by uncertainties surrounding the US fiscal cliff discussions and Greece's debt crisis.

Eurozone finance ministers held their third meeting this month as officials try to come up with 10 billion euros to fund Greece's financing gap. European markets finished with losses; the UK's FTSE 100 fell 32 points (-0.6%) to settle at 5787 whilst Germany's DAX declined 17 points (-0.2%) to settle at 7292. France's CAC lost 28 points (-0.8%) to settle at 3501.

US markets were feeble in the first full session after the shortened Thanksgiving holiday week, with the jury still out over how strong the crucial Black Friday holiday sales went for retailers.

The Dow Jones decreased 42 points (-0.3%) to settle at 12967 whilst the S&P fell three points (-0.2%) to settle at 1406. The Nasdaq added ten points (+0.3%) to settle at 2977.

In the commodity space, both oil and gold finished tracking weakness in equity markets. Crude oil for January delivery fell $0.54 to settle at $87.74 a barrel whilst gold futures for December delivery lost 0.1% to settle at $1749.60 an ounce.

In the currency space, the yen advanced against its peers as investors sought a safe-haven amidst the aforementioned concerns. The euro and the US dollar fell against the Japanese yen for the same reasons the latter currency advanced.

There are no major local economic releases slated for today.

Morning Market Update: Same Old Issues is a post from: Australian Stock Report Market Pulse Blog