AAP

Oil prices dropped about two per cent overnight due to concerns the world's stumbling economy could pinch fuel demand as US shale fields surge and cuts by Russia come in below expectations.

Gold held firm overnight, propped by interest from investors seeking refuge from concerns over slowing global growth, while gains for the metal were limited as the dollar held near a multi-week peak.

US stocks have ended lower, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment.

The Australian stock market has closed lower for the first time in six days dragged heavily by financials, but remains on a six-year high comparatively for January.

Heavyweight financial stocks have extended their losses and the big miners are also dragging the Australian share market lower amid a subdued growth outlook.

Oil prices have edged up, reversing earlier losses, as investors shrugged off data that confirmed China's slowing economy and instead latched on to positive supply-side drivers for the market.

Gold has slipped to its lowest level in almost a month as a firm dollar and greater risk appetite outweighed support from an expected pause to increases in US interest rates.

The Australian share market has continued its strong start to the year closing higher on Monday, bolstered by energy and financial sectors.

Australian shares are higher as renewed US-China trade optimism lifts global equities, with the local energy and financial sectors particularly buoyant in early trade.

Oil prices have jumped about 3 per cent, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the US-China trade war.

Gold has slipped to its lowest value in more than a week and headed for its first weekly decline in five, as equities and the US dollar got a lift from investors taking on more risk due to growing hopes for a resolution in the China-US trade war.

Easing US-China trade tensions have helped Australia's big miners, energy companies, and tech stocks soar as the local bourse closes the week at a new two-month high.

A near year-long investigation into abuse and other issues across Australia's aged care sector has begun in Adelaide today.

Mining giant Rio Tinto expects to produce more iron ore this year, after it shipped 338.2 million tonnes of iron ore from its Pilbara operations in 2018, in line with full-year guidance.

The Australian share market is higher at lunchtime, led by the big miners, the big banks, and the tech sector after an 11 per cent surge in Afterpay shares.

The Australian share market is expected to open higher after Wall Street made solid gains on reports that the US government might end some tariffs on Chinese imports.

Palladium has surpassed the $US1,400 mark for the first time, as demand for the auto-catalyst metal overtook its availability in the market, while gold edged lower as the US dollar gained on better-than-expected US weekly jobs data.

Oil prices have steadied, boosted by a rebound in US equities, after earlier losses on fears about surging US crude production and a weakening global economy.

Commodity-based stocks have helped the ASX hit a new nine-week high, following the release of several encouraging earnings reports, while online retailer Kogan.com surged on strong Christmas trade.

Mining mogul Gina Rinehart retains her spot at the top of Forbes' Aussie rich list despite falling iron ore prices knocking her wealth down $US1.8 billion, to $US14.8 billion (down approximately $2.5 billion, to approximately $20.6 billion).

Prime Minister Theresa May has won a confidence vote in the British parliament and then appealed to MPs from across the political divide to come together to try to break the impasse on a Brexit divorce agreement.

Asian shares have crept higher as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.

Palladium prices have risen to a record high on increasing demand and lower supply of the metal used in autocatalysts, while gold gained on expectations of a pause in the US Federal Reserve's rate hiking cycle.

Oil prices have steadied after a three per cent rise during the previous session, after data showed growing US refined product inventories and record crude production, which could undermine global efforts to support prices.

Wall Street's major indexes have hit one-month highs as strong earnings from Bank of America Corp and Goldman Sachs boosted investor sentiment.

Australian shares have largely avoided fresh Brexit vote drama to close the day higher, though mining shares weighed on the local market.

Consumer confidence has posted its largest monthly fall in more than three years, weighed down by a number of factors including the decline in house prices, global trade wars, and even the Australian men's cricket team.

The Australian share market has opened flat as market sentiment is pulled in opposite directions by optimism about a Chinese economic stimulus package, and pessimism about the UK House of Commons defeat of the Brexit deal.

Gold prices have eased as the US dollar rose and stock markets climbed, but further losses were capped by concerns over slowing economic growth and prospects of a pause in US interest rate hikes.

Oil prices are about three per cent higher, supported by China's plan to introduce policies to stabilise a slowing economy, reversing the previous session's losses due to grim data in the world's second-largest economy.

US stocks have risen, as hopes of more stimulus for China's slowing economy and a jump in Netflix shares helped investors look past disappointing earnings from JPMorgan and Wells Fargo.

The Australian share market has closed the day higher, boosted by signs from China the country is considering fresh measures to stimulate stuttering growth.