In Europe the FTSE added 96 points (+1.8%) whilst the CAC (+2.1%) and DAX (+3%) were even stronger.
Stateside the Dow Jones added 330 points (+3%) whilst the broader S&P 500 jumped 3.4% and the tech-heavy Nasdaq put on 3.5%.
The move higher on the S&P was the index’s biggest gain since 23 August and came about following a pledge from France and Germany to deliver a plan to stem the eurozone debt crisis.
The Aussie and Kiwi dollars rose against the greenback and the yen overnight as risk appetite returned to global markets.
The AUD moved above parity against the US dollar for the first time since 22 September.
Crude oil climbed to its highest level in two weeks, adding 3.3% to settle at US$85.69 a barrel, whilst gold and copper also rallied, adding 2.1% and 2.9% respectively.
Today’s session will bring us data in the form of the NAB business confidence reading, at 11:30am, AEDT.