In Europe the FTSE added 47 points (+0.8%) to settle at 5758, whilst the CAC (+1.2%) and DAX (+0.6%) also enjoyed strong gains.
The yen strengthened against higher- yielding currencies such as the Australian and New Zealand dollars as signs the global economic slowdown is deepening boosted demand for safer assets.
Oil rose in electronic trading on speculation central banks will take more steps to boost growth after manufacturing unexpectedly contracted in China.
Crude for October delivery increased 58 cents (+0.6%) to $97.05 a barrel.
Today’s session will bring us data in the form of the current account (11:30am, AEST) and the RBA Cash Rate and Statement (2:30pm, AEST).
As of this morning the ASX target rate tracker was suggesting an 82% chance of no change to the rate, and an 18% chance of a decrease to 3.25%.