AAP

The Australian share market has enjoyed its best day in three weeks, with every sector gaining as weak economic data was seen to boost the odds of a February cash rate cut.

Many of Australia's biggest businesses are enjoying a good day on the share market as prices rise across most sectors.

Gold surged to a near seven-year high as the US killing of an Iranian commander stirred fears of a wider conflict in the Middle East.

Oil prices have edged higher, after Brent rose above $US70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions after a US air strike killed an Iranian military commander.

The ASX has bounced back from its early losses to close slightly higher, powered by strong gains by goldminers and oil producers as both commodities moved higher amid tension in the Middle East.

New vehicle sales in Western Australia fell 2 per cent last month and 5.4 per cent during 2019, with national sales crashing to their lowest since 2011.

Copper and most other industrial metals fell as the killing of a top Iranian commander by the United States sent shockwaves through markets, pushing oil prices sharply higher.

Oil prices have jumped to their highest level in more than three months after the United States killed a top Iranian military commander in Iraq, sparking fears that escalating conflict in the region could disrupt global oil supplies.

The Australian share market lost an early lead from Wall Street to make it consecutive days in the red, but still had its best week in three after a strong start to the pre-Christmas week.

Scott Morrison has cut short his family holiday in Hawaii and will return to Australia on Saturday after the deaths of two volunteer firefighters.

The Australian share market has opened little changed following gains on Wall Street overnight.

Oil prices hovered near the highest in three months in thin pre-Christmas trading overnight, buoyed by the previous day's news that US crude inventories declined and as US-China trade tensions continued to ease.

Gold prices held firm overnight as investors awaited further developments on US-Chinese trade while political uncertainty in Washington DC failed to move markets across the board.

The Australian share market has closed lower after positive November jobs data pared the chances of a February interest rate cut and took the gloss off local equities.

A senior bureaucrat accused with two others of Western Australia's biggest public sector theft is behind bars after failing to produce a $1.5 million surety.

Donald Trump has become only the third US president to be impeached as the House of Representatives formally charged him with abuse of power and obstruction of Congress in a historic step that will inflame a deeply divided America.

A surge in part-time work helped the jobless rate tick down to a seasonally adjusted 5.2 per cent in November, but economists still expect another interest rate cut despite the better-than-expected employment figures.

Lynas Corp says its project to build a rare earths-processing plant in Kalgoorlie will get assistance on management and coordination of approvals from the WA state government.

Seven West Media has copped a fresh blow as its takeover of Prime Media hit the rocks, with the broadcaster's $40 million sale of its Pacific Magazines titles to rival Bauer Media also in doubt.

The Australian share market has opened slightly higher as investors wait for the latest unemployment data.

Oil prices steadied overnight after US government data showed a decline in crude inventories and on expectations for an uptick in demand next year on the back of progress in resolving the US-China trade row.

Gold dipped overnight, weighed down by a firmer US dollar which found support from mounting expectations the US Federal Reserve will not cut interest rates soon while palladium retreated from record highs.

Seven West's acquisition of Prime is unlikely to be approved by shareholders, Prime says, even as the competition watchdog cleared the $64 million takeover.

Oil prices rose more than 1.0 per cent overnight, supported by hopes the US-China trade deal will bolster oil demand in 2020 after a prolonged dispute between the world's two largest economies dented global market sentiment.

Gold steadied overnight as robust US manufacturing data lifted risk appetite and offset lingering doubts on US-China trade while scarce palladium retreated after its record run towards the $US2,000 an ounce level.

The Australian share market has closed flat, with losses for the tech sector and utilities weighing on gains by the Commonwealth Bank and BHP.

Car dealership chain AP Eagers has become the latest Australian company forced to apologise for underpaying its employees.

The Australian share market has opened higher after a positive lead from overseas.

Oil prices rose slightly overnight on hopes energy demand will benefit from the trade deal between the United States and China announced last week but prices remained below the previous session's three-month highs.

Gold held steady overnight as the US dollar eased and investors sought clarity on the fine print of the "phase one" US-China trade deal, offsetting strong gains in the equities markets.

The Australian share market has rallied to its second-best day of the year on optimism that a resolution to the US-China trade war and Brexit are finally close at hand.

Woolworths has been given the go-ahead to restructure its $10 billion hotels, liquor and gaming businesses ahead of a planned demerger and likely spin-off in late 2020.