International markets were very subdued overnight with investors awaiting the outcome of the Greek debt negotiations and tonight’s US non-farm payrolls data.

In Europe the FTSE gained five points (+0.1%) to settle at 5796, whilst the CAC (+0.3%) and DAX (+0.6%) fared slightly better.

In market news out of the region, leaders are considering easing rules for lenders whilst at the same time involving central banks in the Greek haircut deal.

Stateside, the Dow Jones lost 11 points (-0.1%) to settle at 12705, whilst the S&P 500 added 0.1% and the tech-heavy Nasdaq advanced 0.4%.

Jobless claims fell by 12,000 to 367,000 last week. The number of people still receiving unemployment benefits fell by 130,000 to 3.4 million – the lowest since September 2008.

US non-farm productivity rose by 0.7% over 2011 – marking the slowest rate since 2008. Unit labour costs rose at a 1.2% rate in the fourth quarter against expectations of 0.8%. The increase in wages pointed to moderate inflationary pressures.

The Aussie dollar remained strong, holding above the US$1.07 handle, whilst the euro fell against the majority of its most-traded counterparts as Greece struggles to reach an agreement with its bondholders on cutting the nation’s debt burden.

Oil fell US$1.25 (-1.3%) to US$96.36 a barrel as yesterday’s higher inventory data continued to soften prices.

Base metal prices were generally weaker in response to continued sluggish demand from top buyer China. Gold added 0.7% US$1,765 an ounce.

There is no major local economic data due out for today’s session.

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