AAP

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.

Australian shares have hit a fresh record high amid surging global investor optimism ahead of a looming US-China trade deal.

Australians buying homes with at least a seven-star energy rating will be eligible for discounted loans under a new scheme through the federal government's green bank.

Copper prices overnight hit their highest point since May as traders awaited the signing of a US-China Phase 1 trade deal and Chinese data that will show whether a pick-up in economic activity has been maintained.

Australian shares have hit a fresh record high amid surging global investor optimism ahead of a looming US-China trade deal.

Oil prices fell about 1 per cent overnight as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following last week's bearish US report showing a large fuel stockbuilds.

A looming US-China trade deal and the easing of tensions in the Middle East have prompted gold prices to fall overnight.

The Australian share market has pulled back after breaking through its all-time highs on Friday, with Australia's largest companies dipping the most.

The bushfire crisis will cost Australia $5 billion in direct losses and lop off 0.2 to 0.5 per cent from its economic growth, Westpac has estimated.

Australian share prices have dipped at the opening of the trading week with most industry sectors down by less than one per cent.

Oil fell below $US65 a barrel overnight in its first weekly loss since late November, erasing the week's risk premium added since a US drone strike killed a top Iranian general as investors focused on rising US inventories and other signs of ample supply.

Gold edged higher overnight, and was on track to post a weekly gain for fifth straight week, as fresh sanctions on Iran by the United States stoked uncertainty supporting demand for the bullion.

Toyota, Mazda and Suzuki are the latest manufacturers to voluntarily recall cars with the potentially deadly Takata NADI 5-AT airbags, and are offering to buy the vehicles back.

The Australian share market has roared to a new all-time high after enjoying its best week in nearly a year.

Virtual reality software firm Vection Technologies has signed a $500,000 deal to create modules for training students and dentists in dental procedures.

The Eyre Highway, the only sealed road linking South Australia and Western Australia, has reopened after it was closed for nearly two weeks due to bushfires.

November's Black Friday sales fueled a better-than-expected monthly retail turnover, but economists are wary of how much of the 0.9 per cent increase would previously have been spent during December.

The Australian share market has broken through its all-time high, with the health care and consumer staples sectors the best performers during morning trade.

Hopes that Iran and the US will not escalate their conflict prompted gold prices to fall after surging earlier.

Oil prices retreated further overnight, adding to sharp losses in the previous session as the market shifted focus toward rising US crude stocks and away from worries about the conflict between the United States and Iran.

The Australian share market has hit a record closing high on a relief rally after the US-Iranian conflict de-escalated following days of tension.

Australia's trade surplus widened to $5.8 billion in November, with the 42 per cent increase fuelled by higher mining exports and a likely weakening of domestic demand.

The West African nation of Senegal has authorised its first oil development, the $US4.2 billion Sangomar offshore oil project, operator Woodside Petroleum has announced.

Zinc prices overnight hit the highest point in nearly eight weeks as fears of further Iran-US military escalation eased, while concerns about short-term supplies of the metal, mainly used for galvanising steel, increased.

The Australian share market has continued its early ascendance, with tech stocks, miners and the big four banks enjoying a strong morning's trade.

Oil futures fell more than four per cent overnight in a wild swing, soaring close to a four-month high in early trade on an Iranian rocket attack on US forces in Iraq before retreating as the countries ratcheted back tensions.

Gold shed more than one per cent overnight after vaulting above the $US1,600 level for the first time in nearly seven years after US President Donald Trump's comments eased fears of a larger conflict with Iran.

The Western Roads Federation has called for truckies to be included in the federal goverment's business assistance package, as it emerged today the two-week closure of the Eyre Highway would continue after bushfires were upgraded to emergency level.

The Australian share market has bounced back from its sharp morning losses as it become apparent that an Iranian missile attack on US forces in Iraq had not caused casualties.

Caltex Australia says it has been approached by a number of parties about a potential acquisition, but so far the only formal takeover offer it has received is the one made in November by a Canadian retail chain.

The Australian share market has fallen amid escalating tensions in the Middle East, with every sector down except for energy.