The Australian equities are pointed to a weak start to the month after both European and US stocks finished October on a negative note as investors questioned the European plan to stave off the region's debt woes.
The Dow finished the session on its lows trading down 276.10 points at 11955.01 while the S&P500 index finished the month at 1253.30.
The EURUSD (see above chart) fell from yesterday highs of 1.4174 to lows of 1.3828 after reports that the Greek government plans a vote of confidence for this coming Friday.
WTI crude futures drifted down from overnight highs of 93.56 to lows of 91.35 in low volume as trading was halted for clients of MF Global, one of the market's largest commodity brokers that filed for bankruptcy.
Gold dropped from highs of 1775 to lows of 1704.70 as the US surged reducing the demand for the metal as an alternative investment.
The volatility index jumped up 22.14 per cent to finish the session at 29.96 as investors continue to stress about the outlook of the global economy.
Investors will be paying close attention to the Reserve Bank of Australia's rate announcement later today followed by the results of a meeting of the Federal Reserve's policy-setting committee on Wednesday.
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Bloomberg, Dow Jones News