The recovery continued overnight with green ink once again lighting up the international leaderboard.
In Europe the FTSE added 68 points (+1.2%) to settle at 5860, whilst the CAC (+2.5%) and DAX (+2.5%) enjoyed stronger gains.
Greece moved closer to completion of the debt swap deal as more Greek debt holders commit to the pact. Around 52% of bonds are now pledged for restructuring.
German industrial production rose by 1.6% in February after falling by 2.6% in January. Production grew by 1.8% in the year to January.
The Bank of England kept interest rates unchanged at 0.50% as expected and left its asset purchase facility unchanged at GBP 325 billion.
The European Central Bank left rates unchanged at 1% and revised down economic growth forecasts for 2012 from +0.5% to -0.3%.
Stateside, the Dow Jones added 71 points (+0.6%) to settle at 12908, whilst the S&P (+1%) and Nasdaq (+1.2%) enjoyed stronger gains.
New claims for unemployment insurance in the US rose by 8,000 to 362,000 in the latest week, ahead of forecasts near 351,000. The four-week average of claims was 355,000, up from 354,750.
Planned job layoffs by companies stood at 51,728 in February according to the Challenger survey, down 3.3% on January.
The Aussie dollar gained ground overnight and is now buying US$1.065, whilst the euro rose the most in two weeks against the greenback on bets Greece have attracted enough public- sector involvement to make its debt-swap a success.
Oil rallied strongly, adding 0.5% to US$106.71 a barrel as the US dollar eased.
Base metal prices were generally stronger, tin rose 2.4% with zinc up 1.9% and lead up 1.8% but nickel lost 0.5%. Gold rose 1% to settle at US$1704 an ounce.
Today’s session will bring us data in the form of the trade balance (11:30am, AEDT).
There is also important CPI and PPI data due out of China which could impact our market. The data is slated for release at 12:30pm, AEDT).
Boart Longyear (5.2c), Iress (24c) and Leighton (60c) go ex-dividend today.