Global markets were little changed overnight, with minimal moves recorded on either side of the Atlantic.

European stocks declined from the highest level in almost five years as bank and airline shares retreated, overshadowing better-than-forecast retail sales data in the U.S.

Most U.S. stocks fell, after benchmark indexes climbed to record levels last week, even as government data showed retail sales unexpectedly rose in April.

The S&P rose less than one point to 1,634, whilst the Dow slid 27 points (+0.2%), to 15,092. The 0.1% increase in U.S. retail sales followed a 0.5% decline in March, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg called for a 0.3% drop.

A separate report showed companies in the U.S. unexpectedly held inventories in check in March as sales fell by the most in nine months, an indication orders will rise as demand picks up.

Gold futures fell, capping the longest slump in five weeks, as holdings in exchange-traded products backed by the metal extended a decline to the lowest since July 2011.

Gold futures for June delivery dropped 0.2% to settle at $1,434.30 an ounce on the Comex in New York. The price declined for the third straight session, the longest slump since April 4. The metal has tumbled 14% this year.

Oil fell for a third session as China's crude processing reached the lowest level in eight months in April and OPEC boosted output. Oil for June delivery fell 87 cents to settle at $95.17 a barrel on the New York Mercantile Exchange.

There is no major local economic data slated for release today.

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