AAP

Shadow treasurer Chris Bowen is running for the position of Labor leader, putting him in contest with colleague Anthony Albanese.

Oil prices rose to multi-week highs overnight before easing later in the session as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year.

Gold steadied overnight after recovering slightly from a more than two-week low hit earlier in the session, as equity markets fell ahead of the US Federal Reserve's release of minutes from its last meeting.

The Australian sharemarket has roared higher, posting its best day in 15 weeks following the coalition's surprise federal election victory.

Tanya Plibersek has announced she will not contest the Labor leadership, despite being backed by Julia Gillard and Bill Shorten, leaving Anthony Albanese as the only declared candidate.

Banking stocks have surged as investors react to the coalition's federal election win, driving the Australian share market higher.

Oil prices edged lower on Friday due to demand fears amid a stand-off in Chinese-US trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to US-Iran political tensions.

Gold prices on Friday slipped to their lowest in two weeks as the US dollar advanced on the back of strong US economic data, putting the metal on track for its biggest weekly decline in a month.

The Australian share market has risen on the last trading day before the federal election despite the heavyweight financial sector dropping out of the broad rally.

Virgin Australia expects to report a full-year underlying earnings loss of at least $35.6 million and has warned that weaker domestic demand could push that out further.

Brazilian iron ore miner Vale SA has told prosecutors in the state of Minas Gerais that a dam is at risk of rupturing at its Gongo Soco mine, about 65km from the site of its Brumadinho dam collapse that killed more than 230 people.

With one day left before Australians go to the polls, the country is mourning the death of its most successful Labor prime minister, Bob Hawke.

The Australian share market has hit an 11-year high after mining and tech shares surged in early trade.

Oil futures were up more than one per cent overnight as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes on the Yemeni capital in retaliation for recent attacks on its crude infrastructure.

Gold was headed for its biggest one-day percentage decline in a month overnight as the US dollar gained and investors opted for riskier assets on the back of robust US economic data even as the US-China trade concerns linger.

The Australian share market has recovered from early weakness to finish higher, with every sector rising except banking as Westpac traded ex-dividend.

Commonwealth Bank-owned Bankwest is slashing its three-year owner-occupier mortgage rate as lenders chase an ever decreasing number of suitable home loan customers.

Western Australia's unemployment rate was up a further 0.1 per cent in April, as 2,000 more people started looking for work.

The Australian share market has opened higher, led by energy sector.

Oil futures inched up overnight as the prospect of mounting tensions in the Middle East hitting global supplies overshadowed an unexpected build in US crude inventories.

Gold steadied on Wednesday as share markets rose but concerns about global economic growth and the US-China trade fight kept the metal supported near a one-month peak.

The Australian share market has bounced back, recouping some of the losses from the previous day amid hopes that a deal was still within reach amid the US-China trade war.

The Israel Securities Authority says Israel may expand its dual-listing arrangements to include Australia as it tries to connect with more foreign markets and draw investors to recover trading volumes lost a decade ago.

The Australian share market has opened slightly higher, recouping some of the previous day's losses.

Oil prices rose more than one per cent overnight after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement had attacked facilities belonging to state oil company Aramco.

Gold retreated from a one-month high hit earlier overnight as stock markets and the US dollar took heart after the United States and China agreed to keep negotiations going to end their prolonged trade conflict.

BHP Group will retain its Nickel West business, with a potential expansion of the company's WA nickel operations likely to generate a higher return, with higher risk, than the Scarborough LNG development.

The Australian share market has plummeted after renewed concerns about US-Chinese trade tensions led to large losses on Wall Street overnight.

If elected prime minister Bill Shorten will promptly scrap the coalition's "insipid" wage submission and ask the industrial umpire to raise award wages.

The Australian share market has plummeted at the start of trade after renewed concerns about US-Chinese trade tensions led to large losses on Wall Street overnight.

Oil futures fell overnight with Wall Street as the negative turn in the US-Chinese trade talks spooked investors who had sent oil higher in early trade on concerns about reports of sabotage attacks on tankers in the Middle East that could disrupt supplies.

Gold prices climbed and were on track for their best day in nearly three months overnight as investors sought a safe haven from market turmoil triggered by a Chinese announcement that it will retaliate over levies imposed by the US government.