Global markets arrested their recent run of heavy declines overnight, as a bigger than expected rise in US consumer confidence allayed fears over economic growth.

The surprise jump in consumer confidence overshadowed other data that showed a contraction in US durable goods orders last month.

It was also enough to help the Dow snap a five session losing streak, which was sparked by the recent volatility in emerging market currencies.

The blue chip index climbed 91 points (+0.6%) to 15929, the S&P500 added 11 points (+0.6%) to 1793 and the Nasdaq put on 14 points (+0.4%) to 4098.

It was risk on mode in commodity markets, with oil leaping 1.6% to US$ 97.21 a barrel on speculation rising US consumer confidence will help spur energy demand.

Conversely, gold weakened 1% to US$1251 an ounce as the rebound in equity markets diminished the yellow metal's safe haven appeal.

The big news story in currency markets was the sharp rebound in the Turkish Lira, sparked by the Turkish Central Bank's decision to dramatically hike interest rates.

The sharp plunge in the Lira has been a major source of the recent market volatility, so a stabilisation in the currency helped eased fears about other emerging market economies.

There is no major economic data due for release today.

Morning Market Update: Solid Start Ahead is a post from: Australian Stock Report Market Pulse Blog