AAP

The Australian share market has opened marginally higher on the back of a positive lead from Wall Street where two of the three stock indexes hit record closing highs on its first trading day for 2018.

Gold has extended its rally into the new year, touching late September highs on a softer US dollar, while spot palladium jumped to a record on fears of short supplies after soaring 57 per cent in 2017.

Oil prices have hit mid-2015 highs early on their first trading session for 2018, before dipping to settle slightly lower as major pipelines in Libya and the UK restart and US production soared to the highest level in more than four decades.

The Australian dollar is slightly lower against its US counterpart, which has fallen to a three-month low in its first trading session for 2018, but has plunged against the yen and the euro.

The share market has posted its first fall for the week as selling in the financial and property sectors outweighed gains by energy producers, miners and retailers.

Australian shares have lost ground in early trade after a strong run so far this week, as investors take cues from a choppy session on Wall Street overnight.

Gold prices have risen for a fourth straight session to reach a two-week high as US data showing solid home sales but a fall in mortgage applications pushed the dollar to a two-week low.

The Australian dollar is slightly higher against the greenback after the US tax reform bill - which will slash US company taxes - was passed by the US Senate.

The share market turned around a negative start to the day to edge higher, as miners, energy producers and several consumer-related stocks rose in value.

Australian shares have fallen off the 10-year highs achieved in the previous session, as the market follows Wall Street's negative cues.

Downer EDI has been awarded a $400 million contract to provide mining services at the Gruyere Gold Project in Western Australia.

The Australian dollar is slightly lower against a stronger but pretty subdued US counterpart ahead of the expected Congressional vote on the Republicans' tax reform package.

Gold has dipped as US Treasury yields rose on an uptick in housing starts for November and even though the US dollar fell, a factor that generally supports gold.

Oil has edged up towards $US64 a barrel, helped by a North Sea pipeline outage, OPEC-led supply cuts and expectations that US crude inventories had fallen for a fifth week.

The share market has hit a fresh decade high thanks to strong commodity prices and positive leads from overseas markets.

BHP Billiton will remain a member of the Minerals Council of Australia for now but has decided to exit the World Coal Association over differences in climate and energy policy.

Australian shares are higher this morning, with all sectors in positive territory and oil and iron ore companies particularly firmer following strong overnight leads and strengthening commodity prices.

The Australian dollar has crept a tad higher against its US counterpart.

Gold has edged higher as uncertainty over US tax legislation weighed on the US dollar, while an analyst said bullion might face renewed headwinds early next year. Platinum rose 2 per cent as investors recovered short positions.

Oil prices have edged higher, supported by a North Sea pipeline outage and a workers' strike in the Nigerian energy industry.

Australia reclaimed the Ashes on a misbehaving WACA wicket, crushing England by an innings and 41 runs on day five of the third Test.

The Australian share market has closed in positive territory, with further takeover activity and a strong day for miners and banks driving the market to fresh post-GFC highs.

Australian shares have climbed higher in early trade as gains in commodities markets and a strong close on Wall Street on Friday boost local sentiment.

Oil prices were mixed on Friday, lingering below two-year highs as the continuing outage of a North Sea pipeline gave support, while climbing US output and weak gasoline demand kept a lid on gains.

The Australian dollar has slipped against its stronger US counterpart as support firms for the Trump administration's tax reform bill.

Gold prices clung to earlier gains and were poised for their first weekly gain in four weeks on Friday, withstanding pressure from strong equities markets on continued support from this week's interest rate rise by the Federal Reserve.

Australia were 2-88 at tea on the second day of the third Test against England at WACA Ground today.

The Australian share market has closed lower, driven by falls in banking and utilities stocks.

The consumer watchdog has launched federal court proceedings against Optus, alleging the telco pressured customers to move to the national broadband network sooner than required.

Shares in Crown Resorts have soared after the casino operator announced a string of asset sales that could deliver a windfall of nearly $700 million.

The Australian share market has opened lower amid widespread negative sentiment on international bourses.

The Australian dollar has extended the gains it made on better-than-expected jobs figures to be higher still against a stronger US dollar.