Australia: Yesterday, we had the release of the Australian NAB Business Survey, which showed confidence rose to +14 in February from +4 in January, despite the devastating damage caused by the floods and cyclone Yassi.

Base metals were softer with gold trading at US$1,429.00 per ounce down 0.4% as safe haven buying eased.

Today will see the release of the January housing finance approvals and the Westpac March consumer confidence, while the RBA Assistant Governor Lowe delivers a speech in Sydney.

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The RBA Governor Glen Stevens is talking in London tonight at the Australian Business in Europe Lunch.

Majors: In the US overnight equity markets recovered, lead by bank shares as Bank of America said that its mortgage business is recovering.

The DOW finished up 1.0% while the NASDAQ was up 0.7% and the S&P up 0.9%.

Crude oil traded lower overnight following comments from Kuwait's oil minister that OPEC might consider an emergency meeting in relation to increasing output.

On the data front, the US NFIB Small Business Optimism Index rose to 94.5 in March from 94.1, its highest level in 3-years.

Meanwhile in Europe speculation continues that the ECB will raise rates at its next meeting. ECB Member Axel Weber said overnight that he sees "the signalling of a rate move as quite necessary".

On the data front the German factory orders for January reported a rise of 2.9%, much better than the forecast for a rise of 2.5%.

In the US tonight we have wholesale inventories data for the month of January being released.

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