Gold prices have declined as investors remained upbeat about an eventual resolution to the US budget impasse that has kept the federal government shut down for four days.
The Australian share market has closed lower as investors become increasingly concerned that the budget impasse in the United States may lead to the US defaulting on its debts.
Australian stocks are weaker as investors grow increasingly concerned about the US government shutdown and the possibility the country will end up defaulting on its debt.
Gold has ended lower, but futures pared earlier losses as weaker US economic data helped offset pressure from investors looking to lock in recent gains.
US stocks have suffered hefty losses as the partial government shutdown dragged through a third day and worries climbed that the budget battle could escalate into a debt default.
Strength in resources and banking stocks has pushed the Australian share market higher despite the continuation of a US Congressional stand-off over budget negotiations.
West Perth-based financial planning firm Chambers Investment Planners has had its financial services licence cancelled by the Australian Securities and Investments Commission after entering voluntary administration.
US stocks have fallen as the reality of the government shutdown depressed markets and raised concerns about the possibility of a US debt default due to political gridlock.
The Australian dollar is higher with the greenback falling against most currencies as it looks like the American government shutdown will continue for a few more days.
Oil prices rallied Wednesday, despite a larger-than-expected jump in US crude stockpiles, on news that TransCanada's southern leg of its Keystone pipeline is near completion.
US stocks have jumped amid hopes the partial government shutdown will not seriously harm the economy.The Dow Jones Industrial Average rose 62.03 points (0.41 per cent) to 15,191.70.
The Reserve Bank of Australia has left the cash rate unchanged at a record low of 2.5 per cent, saying the current setting of monetary policy remained appropriate.
The Australian market has opened higher after gains on international markets as investors shrugged off worries about the partial US government shutdown.
The Australian dollar is higher against a weaker US dollar as the US Congress struggles to pass budget legislation before the end of the financial year.
The Australian dollar has fallen slightly ahead of next week's Reserve Bank board meeting, amid anticipation that the central bank may lean towards another rate cut.
The Australian share market has hit another fresh five year high as previously underperforming stocks pushed the market to its seventh consecutive week of gains.
