International equity markets finished with modest gains overnight following the release of positive economic data from China.

China released better-than-expected industrial output and retail sales numbers. Industrial output rose 10.1% whilst retail sales increased by 14.6% in November. European stocks finished in the green even after Italy's Prime Minister, Mario Monti, announced his intention to resign.

In Europe, the UK's FTSE added seven points (+0.1%) to settle at 5922 whilst Germany's DAX climbed 13 points (+0.2%) to settle at 7531. France's CAC rose six points (+0.2%) to settle at 3612.

In the US, the Dow Jones increased 15 points (+0.1%) to settle at 13170 whilst the S&P traded flat to settle at 1419. The Nasdaq added nine points (+0.3%) to settle at 2987.

In the commodity space, crude oil for January delivery fell $0.37 to settle at $85.56 a barrel due to concerns that the resignation of Italy's prime minister might negatively impact eurozone debt woes. Gold for February delivery added $8.90 (+0.5%) to settle at $1714.40 an ounce.

In the currency space, the Japanese yen traded higher than the US dollar as investors sought the currency's safety amidst US budget discussions.

The US dollar fell against the yen due to China's positive results and speculation that the Fed will repurchase bonds. Today will see the release of the NAB Business Confidence data (11:30am, AEDT).

Morning Market Update: Modest Gains Overnight is a post from: Australian Stock Report Market Pulse Blog