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Gold eased overnight as the US dollar strengthened and as investors locked in profit following a more than 1.0 per cent jump in the last session but uncertainty over the US-China trade dispute and the global economy kept safe-haven bullion near a multi-year peak.
The Australian share market has climbed modestly for a second day, buoyed by the tech sector, while the Aussie dollar has hit a 10-year low against its US counterpart.
Suspended Perth Lord Mayor Lisa Scaffidi has told an inquiry it was a coincidence a city chief executive was axed after she learned he had referred her to the Corruption and Crime Commission.
Virgin Australia says it will cut 750 corporate and head office positions as part of a restructure after posting a "disappointing" full-year loss of $349.1 million.
Oil prices rose in volatile trade overnight supported by expectations of a drawdown in US crude inventories, though gains were capped by worries about a recession and uncertainty over a China-US trade deal.
Gold rose more than 1.0 per cent overnight as fears of a possible recession gripped investors following disappointing US economic data and the ongoing US-China trade dispute while silver breached $US18 for the first time in nearly two years.
Premier Mark McGowan said he was very disappointed with outcome of the Labor state conference, and on the same day has flagged a removal of an allowance perk for MPs.
Wesfarmers has more than quadrupled its full-year profit to a record $5.51 billion, on the back of post-tax gains of $3.17 billion on the demerger of Coles and other divestments during the year.
Oil prices fell 1.0 per cent overnight on the outlook for increased supply of Iranian crude after France's president lifted hopes for a deal between the US and Iranian governments but losses were limited by optimism surrounding a US-China trade deal.
Gold surged to a more than six-year peak overnight, surpassing $US1,550 in early trade as investors sought safety from a host of uncertainties including heightened US-China trade tensions and a fragile global economy.
The Australian share market has fallen sharply again as traders worry US-China trade tensions could worsen further, but gold miners were broadly up as the gold price surged again.
Oil prices fell on Friday after the Chinese government unveiled retaliatory tariffs against about $US75 billion worth of US goods including crude oil, another escalation of a protracted trade dispute between the world's two largest economies.
Gold surged 2.0 per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and US President Donald Trump's latest comments exacerbated trade tensions with China.
Commonwealth Bank of Australia has renegotiated the sale of its CommInsure life insurance business to Hong Kong-based AIA for a reduced $2.375 billion.
Oil prices weakened overnight on worries about the global economy and as equity markets were on edge over the uncertain outlook for US interest rate cuts.
Gold inched lower overnight after comments from US Federal Reserve officials dampened hopes for additional monetary easing, although investors awaited further clarity from the central bank chief at the Jackson Hole symposium.
Former deputy prime minister and Nationals leader Tim Fischer is being remembered as an "Australian original" and "one of the finest" after his death at the age of 73.
South32 has announced it is in talks to sell its struggling South African energy-coal business to Seriti Resources, but its Worsley alumina operations performed strongly.
Coles' full-year profit has slipped 9.1 per cent to $1.43 billion, despite an increase in supermarket comparable sales as it invested in supply chain improvements and restructured following its spin-off from Wesfarmers.
Qantas has announced another share buyback and raised its final dividend despite higher fuel costs and a weaker Aussie dollar pulling down its full-year profit by 17 per cent to $1.302 billion.
Oil futures steadied overnight after US government data showed a drawdown in domestic crude stocks but rises in refined product inventories, while lingering worries about the global economy weighed on the market.
Gold edged lower overnight as equities gained and investors awaited minutes from the US Federal Reserve's July meeting for clues on future interest rate cuts.