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Tax surge paves way for big pre-election spend

US stocks have opened little changed, as higher oil prices lifted energy stocks and banks rose in anticipation of an interest rate hike, but losses in Facebook and chipmakers weighed on the market.

Oil prices jumped on global supply concerns following US sanctions on Iran's oil exports, with benchmark Brent surging to a four-year high, before retraced gains after US President Donald Trump called again on OPEC to boost crude output.

Gold has edged higher as the dollar drifted ahead of a US Federal Reserve monetary policy meeting, but bullion's upside remained capped by strong US economic data that continues to underpin the greenback.

‘Devastated’ Michelle Guthrie threatens to sue

The S&P 500 and the Dow have closed lower after new US-China trade tariffs kicked in, dampening last week's hopes for talks between the two countries, and as investors awaited an expected interest rate hike by the Federal Reserve.

Global Benchmark Brent crude has jumped more than three per cent to a four-year high above $US80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply.

Gold barely changed after the dollar dropped following remarks by the head of the European Central Bank, but then pared losses, although activity was muted ahead of a US central bank meeting this week.

The Chamber of Commerce and Industry of WA has lashed the state government’s decision today to reduce extended Christmas trading hours as applied last year.

Opinion: While the issue of gender quotas has been a winner for Labor, it remains a divisive topic within Liberal ranks, as the recent pre-selection for the Wentworth by-election indicates.

Morrison green lights $4.6b in schools funding

Trade-sensitive industrial stocks have led the Dow Jones Industrial Average to a record closing high, the last of Wall Street's main indexes to fully regain ground since a correction that began in January.

Oil prices eased, pulling back after US President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

Gold edged up to hit its highest in nearly a week as the US dollar slumped, its safe-haven appeal lessened by reduced fears over the near-term impact of Sino-US trade tensions.

The state government appears to be continuing to back away from plans to introduce increased competition in electricity retailing, with Economics and Industry Committee chair Jessica Shaw saying she’d like to see more evidence it would reduce prices.

Electricity retailer Synergy hit an after-tax profit of $24.3 million in the year to June, an improvement of $36 million, aided by about $140 million of state government subsidies, while increased uptake of household solar continues to put pressure on revenue.

The Property Council of Australia has welcomed proposed laws governing apartment projects in entertainment precincts, but has expressed caution about where the policy applies and its impact on planning approvals.

Western Australia’s population increased by just 0.8 per cent in the year to March, continuing its recent trend of soft growth, while nationally population growth slumped to a two-year low, new data out today shows.

Opinion: The improvement in quality of life and opportunity for all but a few over recent decades shows the true progress towards a more inclusive society.

Iron ore mine’s bailout ‘cost taxpayers $250m’

The S&P 500 and the Dow Jones Industrials Average have risen as bank stocks gained on rising Treasury yields, while a drop in Microsoft pressured the Nasdaq.

US oil futures surged nearly two per cent as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic petrol demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.

Gold rose as the US dollar weakened, indicating investors are starting to worry about the impact of the US-China trade war on the US economy, luring some buyers back into precious metals investments.

Moves are under way in Western Australia to ban online lottery betting organisations, with the state government saying it will protect Lotterywest and minimise harm to at-risk gamblers.

Market fears for the outcome of the escalating tariff war between the world’s two biggest economies have heightened during the past week, with history showing what could be a significant impact on consumers, and employment.

Australia to lose from trade battle

Wall Street has rebounded in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China.

Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Gold prices turned negative as the US dollar strengthened following news that China would retaliate against a new round of tariffs on its goods.

Aged care stocks take a battering

US stocks have fallen, led by declines in technology and consumer discretionary stocks as investors looked to President Donald Trump's announcement regarding tariffs on $US200 billion of Chinese imports.

Oil prices were little changed as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.