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The Reserve Bank is not expected to make any change to the cash rate when it meets on Tuesday, and a rate hike looks unlikely before the middle of 2015.
Global oil prices slid on Monday in subdued deals before a public holiday in the United States and as dealers digested weak Chinese manufacturing data, analysts said.
Palladium closed above $US900 a troy ounce for the first time in more than a decade, extending its recent rally as rising tensions between Russia and Ukraine stoke fears about supply.
US stock markets brushed off rising tensions over Ukraine and Iraq to push through to new records, underpinned by easy money and steady growth in corporate profits.
The stock market has closed flat as the impact on miners of weaker iron ore prices, and falls by the retail giants, were offset by gains in other sectors.
Qantas will need to come good on its promise to improve its earnings and lower debt in the next six months if it is to avoid another downgrade to its credit rating.
Australia's second largest gold miner Northern Star Resources has suffered a 15 per cent fall in profit after buying the Jundee mine and paying redundancies.
Qantas Airways has suffered a massive $2.8 billion loss in the wake of the airline's profit-draining battle with rival Virgin and another poor performance from its international division.