An 11th-hour deal to end the US government shutdown and raise the debt ceiling has sparked a strong rally on Wall Street, with gains of nearly 1.4 percent.
The Australian dollar has leapt a quarter of a US cent higher after US Senate leaders reached a last-minute deal that temporarily extends the debt ceiling and will reopen the government.
The share market recovered from opening losses to close slightly higher on cautious optimism US politicians will agree on a temporary deal to raise its debt ceiling.
Perth based stockbroking firm Patersons Securities is punting on investors' emerging appetite for biotech stocks, agreeing to underwrite New Zealand biopharmaceutical company Innate Immunotherapeutics's $16.5 million initial public offering.
Australian stocks started the local session lower as the deadline for the US to raise its debt ceiling or face the possibility of default draws closer.
Australian bond futures prices are higher as traders move into safe-haven assets due to the slow progress in negotiations to raise the US government's borrowing limit.
US stock markets have closed deep in the red as politicians in Washington remained deadlocked over a deal to reopen the government and avoid default on its debts.
Oil prices have fallen as US lawmakers remained deadlocked over a budget and debt ceiling deal and as negotiations began on Iran's nuclear program in Geneva.
The Australian share market closed one per cent higher amid signs that politicians in the United States may soon reach a deal over the US budget and debt ceiling.
The Australian share market has opened higher after markets in the United States lifted amid encouraging signs that a deal was within reach on the US budget and debt ceiling.
US stocks reversed losses and finished higher amid encouraging signs from the White House and Congress that a deal is in reach on the budget and debt ceiling.
Gold futures have slumped to a three-month low as the belief that US political leaders would reach a compromise to raise the country's borrowing limit reduced demand for a rainy-day asset.
The Australian share market has posted its largest one day gain in more than three months due to signs the US will avoid a debt default by raising its debt ceiling.
Australian stocks have followed global markets higher on optimism US politicians are moving towards a deal to prevent the country hitting its debt ceiling.
The Australian dollar has rallied half a US cent overnight, reversing earlier losses after investors re-assessed local jobs data and the US political situation.
US stocks have surged on progress towards a potential deal in Washington to prevent a debt default, recovering a hefty portion of their losses since the partial government shutdown began.
The state's peak industry body has revised downwards its economic growth forecasts for Western Australia for the second consecutive quarter, warning that weak consumer and business confidence poses
US stocks have closed mixed as the White House moved to convene meetings with leading members of congress to seek an end to economic policy paralysis in Washington.
Oil prices have fallen sharply after a weekly government report on US oil inventories showed a surprising build in stocks and the US budget impasse dragged on.
The Australian share market lifted slightly on Wednesday as investors looked beyond the political impasse over the United States budget and the possibility of a debt default by the US government.
US stocks have sunk and short-term bond yields jumped as the stalemate in Washington over passing a budget and raising the debt ceiling takes a deeper toll on financial markets.
