International markets were fairly subdued overnight, with no major index closing more than 0.5% higher or lower.
In Europe, the FTSE added five points (+0.1%) to settle at 5893, whilst the CAC (+0.1%) and DAX (+0.3%) also enjoyed modest gains.
The Organisation for Economic Co-operation and Development (OECD) said there were tentative signs of economic recovery in Europe with its leading index for the euro zone lifting 0.2% in January.
Stateside, the Dow Jones advanced 38 points (+0.3%) to settle at 12960, whilst the S&P was flat and the Nasdaq shed 0.2%.
The Aussie slipped lower and is currently buying US$1.05, whilst the US dollar gained against most of its rivals as strong economic data reduced bets the Fed will add to monetary stimulus.
Oil fell for the first time in four sessions, shedding 1% to US$106.34 a barrel, in response to moves by western nations to resume talks with Iran over its disputed nuclear program.
Softer Chinese economic data also served to push energy prices lower.
Base metal prices were mixed; lead, zinc and tin rose by around 1% while other metals fell up to 0.6%. Gold also fell, shedding 0.7% to US$1702 an ounce.
Today’s session will bring us data in the form of home loans data and the latest NAB business confidence (11:30am, AEDT).