Global market retreated overnight amid concern Cyprus's bank-restructuring plan will pave the way for losses on deposits in other European nations.

Stocks turned lower as Reuters reported that Dutch Finance Minister Jeroen Dijsselbloem said the Cyprus bailout should be viewed as a template for solving banking problems in the region.

Dijsselbloem later released a statement clarifying his remarks, saying Cyprus is a "specific case with exceptional challenges" which required the measures agreed upon.

In Europe the FTSE 100 shed 14 points (-0.2%) to settle at 6378, whilst the German DAX shed 40 points (-0.5%) to settle at 7871.

Stateside, the Dow Jones lost 64 points (-0.4%) to settle at 14448, whilst the S&P 500 shed five points (-0.3%) to close at 1552.

Oil rose to a one-month high as Cyprus agreed with creditors on a bailout, reducing concern that Europe's debt crisis will deepen.Crude for May delivery rose $1.10 to $94.81 a barrel on the NYMEX, the highest settlement since 19 February.

Copper fell the most in four sessions in New York, on speculation that metals demand will slow as China's government will take steps to tame inflation and global growth weakens.

Gold futures dropped to a one-week low after Cyprus agreed with euro-area finance ministers on a rescue package, reducing demand for the precious metal as a haven.

The British pound rose to a six-week high against the euro amid concern political wrangling over a 10 billion-euro ($13 billion) bailout of Cyprus has undermined faith in Europe's financial system.

There is no major local economic data due out during today's session.

Morning Market Update: Cyprus Concerns is a post from: Australian Stock Report Market Pulse Blog