International markets finished mostly in the red overnight as concerns mounted regarding the apparent lack of progress being made with regard to the US fiscal cliff. President Obama's administration earlier rejected a proposal because it did not include higher taxes for the wealthy.

In Europe, the UK's FTSE and Germany's DAX both traded flat to settle at 5869 and 7435 respectively whilst France's CAC added 14 points (+0.4%) to settle at 3580.

In the US, the Dow Jones lost 14 points (-0.1%) to settle at 12952 whilst the S&P decreased two points (-0.2%) to settle at 1407. The Nasdaq declined six points (-0.2%) to settle at 2997.

In the commodity space, crude oil for January delivery fell $0.59 to settle at $88.50 a barrel amidst fears that failure to reach a compromise in the US budget negotiations may negatively impact demand.

Gold futures for February delivery lost 1.5% to settle at $1695.80 an ounce for the same reasons equity markets traded lower.

In the currency space, the Japanese yen traded higher than the US dollar and the euro as investors sought safer alternatives. The euro, traded higher against the US dollar after Greece announced that it will be repurchasing its debts at a discount.

In company news, Ten Network has entered a trading halt as it prepares to a launch a capital raising reportedly worth $225 million. Today will see the release of the GDP data (11:30am, AEDT) and RBA Deputy Governor Lowe will deliver a speech from 6:00pm, AEDT.

Morning Market Update: Another Quiet Night is a post from: Australian Stock Report Market Pulse Blog