Global markets rise, buoyed by the prospect of further stimulus from the People's Bank of China, but Japan's economy contracts at its fastest pace since 2014.
Global markets rose overnight, buoyed by the prospect of further stimulus from the People's Bank of China, but the Australian share market could be in for a fairly flat start to trade.AUD: 67.16 US cents, 51.66 British pence, 61.98 Euro cents, 73.83 Japanese yen, $NZ1.043Europe: FTSE 100 +0.3pc at 7,433, DAX +0.3pc at 13,783, CAC +0.3pc at 6,085, Euro Stoxx 50 +0.
The optimism extended to the European session, with the German DAX touching record highs before retreating slightly.Mining giant Rio Tinto cut its outlook for iron ore shipments from the Pilbara"The cyclone caused infrastructure damage across our entire Pilbara network, including impact to access roads, electrical and communications infrastructure and accommodation," the company said.
Japan's economy shrank at its fastest pace in nearly six years in the December quarter, raising concerns it could fall into recession.
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