AAP

The Australian share market has closed around 2 per cent higher at a four-week high in the wake of a strong lead from US markets, more clarity over the recent federal election result, and the prospect of economic stimulus in Japan.

The Australian share market has opened higher.

Crude prices have inched up in choppy trading but Brent has notched its largest weekly drop in nearly six months, as strong US jobs data and bargain hunting by investors pitted against seasonally weak consumption of oil.

Gold has slipped sharply after stronger-than-expected US payrolls data for June but rebounded quickly, underpinned by concerns over the outlook for financial markets following Britain's Brexit vote.

The Australian dollar is stronger after the coalition's declaration of election victory offset a greenback rally.

The share market has closed relatively steady as investors await the release of key US jobs numbers.

A government body has slashed its 2017 iron ore price forecast by nearly 20 per cent on expectations of slowing demand growth in an oversupplied market, underlining the threat to the federal government's finances.

Perth-based gold producer Silver Lake Resources is bullish after hitting its annual sales target and repaying all its bank debt.

Malcolm Turnbull will be returned as prime minister, according to renowned election analyst Antony Green, as postal vote flows strongly favour the coalition parties and three lower house independents have offered him supply and confidence.

Rio Tinto's decision to shelve development plans for its $US20 billion Simandou iron ore project in Guinea could risk the project falling into the hands of a Chinese competitor.

The ASX has opened 5.2 points, or 0.1 per cent, higher at 5,233.1.

Equities markets rose worldwide on a bump from positive US data, though US stocks and long-dated Treasury yields fell along with oil prices amid investor caution ahead of Friday's US nonfarm payrolls report for June.

Sliding oil prices have dragged the Australian dollar lower again, just after it recovered from a threat to the country's triple-A credit rating.

Gold slips as US jobs data supports the US dollar, ending a six-day rally that pushed the precious metal to more than a two-year high on concerns about Britain's vote to leave the European Union.

The Australian share market has snapped a two-day losing streak, despite the nation's AAA credit rating coming under threat.

Woolworths is at risk of making further price cuts in what will ultimately lead to a full-blown supermarket price war, analysts warn.

Medibank Private won't be able to provide annual tax statements on time to the majority of its customers because of a problem upgrading its technology.

The Australian share market has opened higher in the wake of a positive overnight session in the US, with every sector advancing.

Gold pared gains after rising to the highest in more than two years, as US equities reversed early losses, Treasury yields turned higher after hitting record lows and investors bought bullion as a haven from risk.

US stocks have reversed early losses to close higher, but bourses in most parts of the world fell on fears of instability in the European Union and global economic stagnation.

Oil prices settled up nearly two per cent as robust US economic data lifted crude futures from two days of declines, with the market extending gains in post-settlement trade on bets for a sharp drop in US crude stockpiles.

The Australian dollar has outperformed all major currencies as Brexit jitters momentarily fade and commodities bounce.

The top Senate candidate in Western Australia of Pauline Hanson's One Nation party could be ineligible to sit in parliament because he has been convicted of a crime and is still to face trial on a second charge.

Energy, resources and financial companies led the Australian share market lower on renewed fears about the economic implications of the UK Brexit vote.

The number of Chinese tourists venturing down under has hit an all-time high, while migration levels have slumped to a nine-year low.

Virgin Australia is set for a big full-year loss after announcing its restructure will cost as much as $450 million.

The Australian share market has opened lower, with the major banks, big miners and energy stocks all tumbling.

Oil prices tumbled nearly five per cent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut.

Gold prices rose for a fifth straight session and traded close to a two-year high above $US1,350, as weak China data and ongoing uncertainty following Britain's vote to leave the European Union triggered a fresh wave of demand for the safe-haven metal.

The Australian dollar is under pressure as global markets flip back to risk aversion on Brexit fallout fears.

The Australian share market has closed sharply lower with the biggest drag being the big banks in the wake of a signal from the banking regulator that they may have to lift capital ratios again.

The Reserve Bank of Australia has held the official interest rate at a record low, but left the door wide open to a rate cut next month and perhaps even more.