AAP

The Australian share market looks set to follow its international peers and open in the green, while the local dollar has fallen nearly a third of a cent against the US dollar.

Oil prices have edged higher, with US crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that US crude inventories have dropped for an eighth week in a row.

Gold has edged lower, weighed down by a stronger US dollar on the back of concerns about political uncertainty in Europe, while a buoyant stock market also drained enthusiasm for bullion.

Approvals for the construction of new homes have jumped by 11.7 per cent in November, boosted by a spike in apartment and townhouse construction activity in Victoria, Western Australia and Tasmania.

The share market has closed slightly higher as gains by miners and energy companies offset weakness in the retail and healthcare sectors.

The Australian share market has started the day on positive footing, buoyed by the major miners following the recent lift in the price of iron ore.

The Australian dollar has slipped a little against its US counterpart which has strengthened to a one-week high against a basket of six major currencies.

Oil prices are little changed, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher US oil production.

Gold has edged lower, retreating further from last week's 3-1/2-month high as the US dollar regained some ground against the buoyant euro and traders bet on further US interest rate hikes after Friday's payrolls data. The dollar, which has remained weak after its biggest annual drop since 2003, had helped to lift assets priced in the US currency, with gold last week registering a fourth straight weekly gain for the first time since April.

Australian shares have closed slightly higher despite the market giving up most of its early gains, lifted by support for big banks, telcos and healthcare stocks.

City of Perth Lord Mayor Lisa Scaffidi says she is focused on diversifying the city’s economy away from the mining industry as she returns to work after a four-month absence.

Australia have completed a 4-0 Ashes series win, with Pat Cummins' express pace easing his side to victory by an innings and 123 runs in the SCG finale.

The Australian share market has opened comfortably higher after key indexes around the globe made solid gains.

The Australian dollar is comfortably higher against a US dollar that has strengthened despite slightly amid weaker-than-expected US jobs data.

Oil prices have dropped from highs last seen in 2015, as soaring US production undermined a 10 per cent rally from December lows that was driven by tightening supply and political tensions in OPEC member Iran.

Belgium has secured the tie win against Canada in the Hopman Cup at Perth Arena today.

Australian shares have closed higher on broad-based gains, led by banking stocks and a materials sector boosted by rising commodity prices.

Billabong is recommending shareholders accept a formal buyout proposal by the owner of Quiksilver, Roxy and DC Shoes.

Australian shares have opened comfortably higher, following strong gains in commodities and US markets where the Dow Jones index broke above the 25,000 mark for the first time.

Gold has steadied around a 3-1/2-month high as prospects for further US interest rate increases put the brakes on a recent rally, while palladium touched record highs on tight supplies.

Oil has risen to its highest since May 2015, on concern about supply risks due to unrest in Iran and another decline in US inventories as refining activity hit a 12-year high.

The Australian dollar has marched higher against the US dollar following a rise in commodity prices.

Hobbled spearhead Mitchell Starc has struck late on day one of the Ashes series finale, denying Joe Root a century and reducing England to 5-233 at stumps.

Japan will finish last in Group B of the Hopman Cup after going down to Russia in the mixed doubles at Perth Arena today.

Australian shares have ended slightly higher with strong performances in the healthcare and energy sectors helping offset a weak session for the big miners and banks.

Medicinal cannabis producers have welcomed the Australian government's decision to approve exports of their products.

Australian shares have opened comfortably higher mimicking Wall Street where technology stocks drove the S&P500 above 2,700 for the first time.

Oil prices have risen nearly 2 per cent to their highest in two-and-a-half years, with buying spurred on by a sixth day of unrest in OPEC member Iran and strong economic data from the United States and Germany.

The Australian dollar is rebounded against a rallying US dollar, supported by strong iron ore prices.

Gold prices have fallen, extending losses after the Federal Reserve released minutes of its December policy meeting, which fed the view among investors that more US interest rate rises are in store.

Australian shares have closed higher as surging iron ore and coking coal prices helped lift energy and mining sectors.

Yowie shares have slumped to a near-five-year low after the confectionery maker slashed its full-year sales guidance and replaced its chief executive.