Oil futures have risen, with Brent reaching $US80 a barrel, after a larger-than-expected drop in US crude inventories and as US sanctions on Iran added to concerns over global oil supply
The benchmark S&P 500 and the Dow Jones Industrial Average opened flat as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq.
The state government is negotiating with the Liberal and National parties to facilitate the upper house passing its proposed strata reform legislation.
US stocks have started the day with little change as gains in technology stocks helped the Nasdaq regain footing and curbed losses in the materials and industrials sectors after fears of an escalation in the Sino-US trade spat.
Oil prices rose more than two per cent as US sanctions squeezed Iranian crude exports and after US crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns.
Prime Minister Scott Morrison has guaranteed his government will deliver the GST distribution solution promised under Malcolm Turnbull's leadership before the next election, and will even consider legislation if necessary.
US stock indexes have opened higher, boosted by the consumer discretionary sector, while hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-US trade war.
Wall Street's major indexes have fallen as US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.
Oil prices are steady, with US crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq.
Opinion: A federal Labor government would change the political dynamic between Canberra and WA for the better, but all relationships need careful management.
Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.
The S&P 500 and Nasdaq declined as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.
The Nasdaq has fallen more than 1.0 per cent, dented by technology stocks after Facebook and Twitter executives defended their companies before sceptical US lawmakers.
Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.
State final demand lifted 0.2 per cent in Western Australia in the June quarter, while national GDP growth hit its fastest level in more than 5 years at 3.4 per cent in the 12 months to June.
The Australian share market closed lower on Wednesday, dragged down by a slump in the heavyweight mining sector as worries about a possible escalation of trade tensions hit commodity prices.
US stocks have fallen as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing US manufacturing activity accelerated in August kept losses in check.
Oil prices were little changed as energy infrastructure on the US Gulf Coast braced for a hurricane, but gains were capped as a stronger dollar and report of rising stockpiles at the Cushing, Oklahoma hub weighed.
Treasury secretary Phil Gaetjens has said policies to improve labour productivity would be critical if Australia was to continue its record run of growth, while hitting back at claims about growing inequality.
Reserve Bank Governor Philip Lowe says wages growth has finally "picked up a little" as the central bank left the cash rate unchanged at 1.5 per cent for the 25th month in a row.
