AAP

Gold reversed course and edged higher overnight as the US dollar eased, though the metal traded below an eight-year peak hit in the last session as prospects for economic recovery improved after data showed the US economy created record jobs in June.

The Australian stock market has hit its highest level since June 11, with gains across the board as Afterpay continued its stunning run by soaring 9.5 per cent to a new all-time high.

Shares in Kathmandu have jumped after the outdoor wear retailer outlined a strong recovery in sales since reopening stores in May after coronavirus restrictions were eased in Australia and New Zealand.

Qantas retail shareholders are being offered a 2.5 per cent discount in a share purchase plan that will raise $500 million to help the airline navigate the virus crisis.

Shares on the Australian market were marginally up after US markets closed higher on news of a possible COVID-19 vaccine.

Oil prices rose more than 1 per cent overnight following a drawdown in US crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains.

Gold dropped from a near eight-year high overnight as equities gained on the back of encouraging US manufacturing data and rising hopes for a potential COVID-19 vaccine.

Tech stocks and property have led the Australian share market higher as lockdowns eased in New South Wales.

Approvals for the construction of new homes dropped more than expected in May, reflecting the impact of coronavirus-related lockdowns on the sector.

Oil prices slipped overnight as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year.

Gold surged to its highest in nearly 8 years overnight as mounting fears of a resurgence of new coronavirus cases kept safe-haven demand for gold alive, setting the precious metal on path for its biggest quarterly gain since March 2016.

Australian shares have closed out the financial year with a rally following a strong lead from Wall Street overnight, as the see-saw action continues for the fourth day.

The board of wind farm operator Infigen Energy are recommending that shareholders accept an $864 million takeover offer from Spanish utility Iberdrola.

Australia will ramp up its fight against hackers with a $1.35 billion package set to create 500 new positions to stamp out malicious cyber-attacks.

Shoppers seem to be flocking back to stores, with the owner of Westfield centres in Australia saying customer visits are at 86 per cent of the level at the same time a year ago.

Australian shares have jumped in early trade, following a strong lead from Wall Street overnight.

Oil prices rose about $US1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.

Gold prices were little changed overnight, but held close to a near eight-year peak scaled last week, as the accelerating spread of the coronavirus threatened to derail hopes of an economic recovery.

Australian shares have lost ground across the board amid investor concerns over rising coronavirus cases at home and abroad.

Regional Express said its board had approved plans to raise at least $30 million to launch services that would compete against Qantas and Virgin Australia.

More than 100 regional publishers and broadcasters will share $50 million under the Morrison government's Public Interest News Gathering program.

Shares have slumped by more than 1.5 per cent early on the Australian market as investors fret over the impact of a continuing increase in coronavirus cases in the United States and other countries.

Oil prices settled lower on Friday as new coronavirus cases spiked in the United States, and on growing concerns about rising US output ticking up while crude stockpiles sat at record highs.

Gold erased earlier losses on Friday as the coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.

The Australian share market has rebounded from Thursday's plunge, with the financial sector leading the charge after the easing of some regulations for American banks.

Bain Capital has emerged as the winning bidder for Virgin Australia, with the administrators agreeing to sell the ailing airline to the Boston-based private equity firm.

Shares were up nearly 1.0 per cent early and almost all sectors were higher on the Australian market after a regulatory boost for American banks lifted US markets higher overnight.

Oil prices rose about 2 per cent in a volatile session overnight, buoyed by signs of a marginal improvement in the US economy and a tepid rise in fuel demand, but price gains were limited by rising cases of COVID-19 in some US states.

Gold prices drifted sideways overnight as a surge in coronavirus cases and mounting economic tolls kept investors on edge, though the metal stepped back from last session's more than 7-1/2-year high.

The Australian share market has suffered its worst loss in two weeks after a rise in coronavirus cases in both the US and Victoria.

The state government has ruled out bringing forward phase five of eased COVID-19 restrictions by one day to boost attendance at an AFL game in Perth.

Artists and entertainers will be able to apply for a slice of a $250 million support package to help the sector recover from coronavirus restrictions.