AAP

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.

Federal Treasurer Josh Frydenberg is confident his government will be able to keep its election promise of surpluses over the next four years, despite marked downgrades to the outlook in his last budget update.

The Australian share market has opened higher after the announcement of a "phase one" US-China trade deal at the end of last week.

Oil rose on Friday to its highest in nearly three months as investors cheered progress in resolving the US-China trade dispute and a decisive general election result in Britain.

Gold prices rose on Friday as investors remained cautious about the developments in the United States and China trade negotiations, while political uncertainties in the world's biggest economy further boosted the metal's safe-haven appeal.

The Australian share market has closed higher, with mining stocks rallying on news that the US would roll back tariffs on China as part of an interim trade deal.

A senior bureaucrat accused with two others of Western Australia's biggest public sector theft is facing a lengthy prison term after making admissions in relation to more than 500 charges, his lawyer has told a court.

The Australian share market has opened higher after Wall Street gained overnight amid new hopes of a US-Chinese trade truce.

Oil prices rose more than 1.0 per cent overnight after US President Donald Trump said his country was "very close" to nailing down a trade deal with China.

Gold retreated from a more than one-month peak in a volatile session overnight after US President Donald Trump said his country was close to a trade deal with China, denting the safe-haven metal's appeal.

The Australian share market closed lower ahead of Sunday's deadline for the US and China to reach an interim deal on trade before higher US tariffs kick in.

Rio Tinto is considering its options after the Takeovers Panel ruled the mining giant can't use its funding of a clean up of a controversial NT uranium mine to acquire a partially owned subsidiary.

Financially strapped live exporter Wellard is cutting its fleet size from four to three with the sale of the world's largest purpose-built livestock carrier for $US53 million ($A77 million).