AAP

Strong showings from healthcare heavyweights and the major banks have propelled the Australian share market to its highest close for a decade after a nutty day of trading.

Australian shares have opened higher as strong gains from financial and consumer staple stocks more than offset materials and energy weakness from falling commodity prices.

Gold prices have slipped as US threat of tariffs on an additional $US200 billion of Chinese goods pushed safe-haven flows to the US dollar and dashed hopes that Washington would eventually step back from the escalating row.

Global benchmark Brent crude oil has had its biggest one-day drop in two years as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.

US stocks have fallen, breaking a four-session streak of gains after Washington's threat to impose tariffs on an additional $US200 billion ($A270 billion) worth of Chinese goods fanned trade war fears, while a sharp drop in oil prices hit energy shares.

The Australian share market and the Aussie dollar have both come under pressure after the US ramped up its trade war with China.

Australian shares have opened lower after renewed reports of imminent US tariffs checked the momentum of a strong Wall Street close.

Wall Street's S&P 500 index rose for a fourth session to post its highest close since February 1, the day before the market began a sharp extended selloff, as strong results from PepsiCo boosted optimism about the earnings season.

Oil prices have risen, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

Gold prices have been weighed down by a stronger US dollar, and may re-test a seven-month low after a failed attempt to break higher in the previous session.

The Australian share market has snapped its three-day winning streak, hit by losses in the big four banks and consumer-exposed stocks.

Macquarie Bank has hiked home loan rates even as the Reserve Bank cash rate remains steady, in a sign funding costs are rising and larger rivals such as the big retail banks could follow suit.

The live export company behind the disastrous Awassi Express shipment is trying to use an associated company to send another load of sheep to the Middle East while its own export licence is suspended.

Australian shares have opened higher, materials and energy leading the way following an overnight lift in commodity prices.

Gold has risen, touching its highest in two weeks as the US dollar weakened and the Chinese yuan recovered from June's lows.

Oil prices have gained, with US crude ending a choppy session higher on expectations for a Canadian production outage lasting until September, while global benchmark Brent gained on looming sanctions on Iran and falling output in Libya.

US stocks rose on Monday, giving the Dow and S&P 500 their biggest gains in more than a month, as bank shares jumped ahead of earnings reports later this week.

The Australian share market has closed higher for a third straight trading session, buoyed by mining and financial stocks.

Australian shares have opened the trading week slightly higher, building on a strong end to last week and following a positive lead from Wall Street.

US stocks have climbed, with the S&P 500 and the Nasdaq hitting their highest levels in two weeks, as strong US jobs growth blunted the impact of an escalating US-China trade dispute.

Oil prices were mixed at the end of last week as a Canadian supply outage supported US crude prices, while an increase in production from OPEC's biggest exporter Saudi Arabia pushed Brent lower.

Gold prices fell at the end of the week but bounced off session lows as the US dollar weakened and equities rose.

The Australian share market has hit a fresh decade-high as Asian markets collectively shrugged their shoulders in response to the start of US President Donald Trump's tariffs on $US34 billion worth of Chinese imports.

Australian shares have opened higher on Friday, following a positive lead from Wall Street and ignoring the uncertainty thrown into global trade calculations from looming US tariffs on Chinese imports.

Oil fell on Thursday after US government data showed an unexpected build in crude oil stockpiles.

Wall Street's major indexes have risen as reports the US and the European Union may agree to withdraw auto tariffs fostered optimism on international trade relations among investors.

Financial stocks continue to seesaw on the Australian share market, which closed in the green despite a tough day for the major miners.

The planned overhaul of the GST distribution system may not be perfect, but it's a pragmatic and creative response all states and territories should be able to accept, Western Australian Treasurer Ben Wyatt said today.

Oil prices fell on Thursday after US President Donald Trump sent a tweet demanding that OPEC reduce prices for crude.

Woolworths still wants to exit the petrol business despite having inked a 15-year fuel supply deal with Caltex Australia.

The Australian share market has opened higher, despite the materials sector being dragged lower by lower commodity prices.

Brent oil has risen, driven higher by a threat from an Iranian commander and a drop in US crude inventories for the second week in a row.