Wall Street rebounded in style overnight, after the Federal Reserve indicated it will wait a while longer before moving to a tightening bias.

US markets scored their biggest one-day gains of the year after September's FOMC minutes reaffirmed the Fed's intent to be prudent in raising interest rates.

The minutes indicated officials wanted to alter their guidance that rates were likely to stay low for a "considerable time."

However they held off in light of the risks slowing global growth, and a stronger dollar, posed to the US economic outlook.

The gains in the US were in stark contrast to Europe, where markets were hammered again amid concerns about Europe's deepening economic problems.

There was mostly red in commodity markets, with oil's downward spiral continuing after a report indicated a surprise increase in weekly US crude inventories.

Gold was also weaker but erased most of its losses following the FOMC minutes, which weren't as hawkish as economists had expected.

The minutes saw the US dollar sustain losses against most of its major counterparts, with Fed members raising concerns about the strengthening greenback's impact on US growth.

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