Overnight, US markets continued to grind their way higher with the Dow and S&P 500 notching fresh record highs.
US stock futures were pointing to a subdued session following a round of disappointing manufacturing data, which revealed factory output slowed in China, Europe and the US this month.
However, the weak manufacturing figures were overlooked in favour of better-than-expected earnings from retailers, Best Buy and Dollar Tree.
Traders also cheered separate data that revealed a rise in existing US home sales and a surprise jump in the Philly Fed Manufacturing Index.
Crude futures snapped a string of losses amid speculation the upcoming OPEC meeting will see member nations agree to a cut in output to help support oil prices.
Iron ore rebounded from days of heavy selling after yesterday’s Chinese PMI data, which signalled China’s manufacturing sector avoided slipping back into contraction territory this month.
There were muted moves in currency markets, with the greenback surrendering earlier gains versus the yen, euro and Aussie.