There was renewed weakness on global markets overnight, as traders shifted their attention back to the woeful state of the European economy.

European stocks took a pounding after the EU slashed its growth outlook for the eurozone, citing increased geopolitical risks and a weaker global economy.

On Wall Street, the Dow Jones swung between small gains and losses, with energy stocks among the heaviest decliners following another slide in oil prices.

Crude oil futures plunged to their lowest in three years after Saudi Arabia cut the price of oil it sells to the US.

Elsewhere, gold extended its losing streak to five sessions on bets the US dollar will continue to strengthen in the wake of the BOJ's surprise stimulus announcement on Friday.

In currency trading the Aussie found strength from yesterday's RBA rate decision, which concluded with no change to the central's guidance for a "period of stability in interest rates".

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