AAP

The Australian share market has smashed through the 7,100 mark, resuming its record-breaking trajectory as some traders were apparently caught in a short squeeze.

Australian shares have shrugged off a pullback to open higher again despite global markets reacting negatively overnight to news of a potential epidemic.

Oil prices fell overnight on expectations a well-supplied global market, including supplies from growing record US production, would be able to absorb disruptions that have cut Libya's crude production to a trickle.

Gold shed 1 per cent in volatile overnight trade as investors booked profits after prices hit a two-week high early in the session, although losses were limited by a slide in equities due to worries about a virus outbreak in China.

The Australian share market has ended its five-day record-breaking winning streak with a modest pullback.

BHP has detailed the rapid expansion of its recently established Operations Services subsidiary, which it says is delivering better results than the maintenance contractors it has displaced from its iron ore and coal operations.

More local councils are expected to get $1 million federal government grants as the scale of bushfire damage comes to light.

The Australian stock market has ended a five-day streak as shares dipped in morning trade.

Oil prices rose to their highest in more than a week overnight after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a trickle.

Gold hit a more than one-week high overnight as buyers hedged against persistent tensions in the Middle East and impeachment proceedings against US President Donald Trump, while deficit-hit palladium's record run showed no signs of abating.

Australian shares have powered to new highs for a fifth consecutive day as the unprecedented bull run continues.

The Morrison government has announced a suite of measures to immediately support small businesses, non-profit organisations and tourism businesses affected by Australia's bushfires.

NIB expects to earn $30 million less than previously forecast as claims inflation eats into the health insurer's full-year operating profit.

Australian shares have powered to new highs for a fifth consecutive day on a continuing wave of investor confidence.

Oil prices steadied after sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-US trade deal.

Palladium soared over 9 per cent to power above the key $US 2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner.

Australian shares have reached fresh all-time highs for a fourth consecutive day after Chinese economic data showed better than expected growth for Australia's top trading partner.

Rio Tinto has posted a 3 per cent drop in iron ore shipments in 2019 as the Anglo-Australian miner's operations faced disruptions due to cyclone and a fire at a port facility.

Australian shares have reached fresh all-time highs for a fourth consecutive day following the signing of a trade deal between the US and China earlier this week.

Oil rose about one per cent overnight as progress on another major trade deal fed optimism that energy demand will grow in 2020.

Gold slipped overnight as the safe-haven metal was hurt by upbeat US economic data that signalled a healthy economy and as stock markets climbed on optimism over the signing of the US-China Phase 1 trade deal.

The benchmark Australian stock index has smashed past the 7,000-point level for the first time ever on a wave of investor confidence from a signed trade deal between the US and China after two years of hostilities.

Caltex Australia has reached an agreement with Alimentation Couche-Tard that will allow it to disclose confidential information in relation to the Montreal-based global convenience store chain's $8.6 billion takeover offer.

Australian shares smashed past the 7,000 point level for the first time on a wave of investor confidence from a signed trade deal between the US and China.

Oil prices were down slightly overnight, pressured early by data showing big increases in US refined products, but recovered some of the losses later by the signing of a Phase 1 trade deal between Washington and Beijing.

Gold rose overnight after details of the US-China Phase 1 trade deal failed to soothe investors' concerns about trade differences, as Washington retained tariffs on some Chinese goods.

The Australian share market has closed higher for the eighth time in 10 sessions, with the benchmark S&P/ASX200 index coming tantalisingly close to breaking the 7,000 mark.

Charities will get more government funding to hand out food vouchers, financial counselling and help with basics in bushfire-affected communities.

Super members have good reason to be optimistic about what 2020 might deliver to their balances but they should not expect the same fat returns as last year, a research house says.

Australian shares were continuing a tilt at 7,000 points at midday after posting new records in early trade.

Oil prices climbed overnight after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased.

Gold has lost some of its appeal ahead of the signing of an interim US-China trade deal but palladium has hit a record high.