Overnight, global markets began the new trading week on a sour note, weighed down by some weak economic data out of China and the US.

A measure of US manufacturing activity during March fell short of expectations

This came on top of yesterday's data out of China showing its manufacturing sector contracted at a sharper-than-expected pace in March.

These negative updates on two of the world's key manufacturing regions ignited widespread losses on the major US and European indices.

Gold was the big story in commodity markets, tumbling another two percent as traders adjust to the Fed's new, more hawkish, guidance on monetary policy.

Elsewhere, crude edged higher on reports of an oil spill at a major seaport in the United States, which may impact supplies from the country.

In currency markets, the Aussie continued its stellar run, hitting a new 2014 high against the greenback.

The US dollar was broadly weaker against other currencies amid speculation yesterday's poor Chinese manufacturing numbers will spur Beijing to stimulate the economy.

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