Australian shares have closed out the financial year with a rally following a strong lead from Wall Street overnight, as the see-saw action continues for the fourth day.
Shoppers seem to be flocking back to stores, with the owner of Westfield centres in Australia saying customer visits are at 86 per cent of the level at the same time a year ago.
Oil prices rose about $US1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.
Gold prices were little changed overnight, but held close to a near eight-year peak scaled last week, as the accelerating spread of the coronavirus threatened to derail hopes of an economic recovery.
Business News is launching a more personalised, user-friendly website, has redesigned its daily emails, and strengthened its editorial team with an experienced hire, in a bid to triple subscriptions sales.
Regional Express said its board had approved plans to raise at least $30 million to launch services that would compete against Qantas and Virgin Australia.
Shares have slumped by more than 1.5 per cent early on the Australian market as investors fret over the impact of a continuing increase in coronavirus cases in the United States and other countries.
Oil prices settled lower on Friday as new coronavirus cases spiked in the United States, and on growing concerns about rising US output ticking up while crude stockpiles sat at record highs.
Gold erased earlier losses on Friday as the coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.
The Australian share market has rebounded from Thursday's plunge, with the financial sector leading the charge after the easing of some regulations for American banks.
Bain Capital has emerged as the winning bidder for Virgin Australia, with the administrators agreeing to sell the ailing airline to the Boston-based private equity firm.
Shares were up nearly 1.0 per cent early and almost all sectors were higher on the Australian market after a regulatory boost for American banks lifted US markets higher overnight.
Oil prices rose about 2 per cent in a volatile session overnight, buoyed by signs of a marginal improvement in the US economy and a tepid rise in fuel demand, but price gains were limited by rising cases of COVID-19 in some US states.
Gold prices drifted sideways overnight as a surge in coronavirus cases and mounting economic tolls kept investors on edge, though the metal stepped back from last session's more than 7-1/2-year high.
Shares have fallen early on the Australian market and all sectors were lower after US investors were finally spooked by the steady climb in coronavirus infections there.
Qantas will cut at least 6,000 jobs across all parts of the business and continue to stand down 15,000 employees as part of its plan to recover from the impact of the COVID pandemic.
Oil prices tumbled over 5 per cent, or more than $US2 a barrel overnight, after US crude storage hit another record and coronavirus cases rebounded in countries like Germany and surged in heavily populated areas of the United States.
Gold weakened after hitting more than a seven and a half year high earlier overnight, with investors selling the precious metal along with other asset classes as a global rise in coronavirus cases led a flight to cash.
The Committee for Economic Development of Australia has announced it will cut staff as part of what it is characterising as a broader operational transition.
The Australian share market has closed just slightly higher for a fourth straight day, with investors apparently afraid to push the ASX200 over the 6,000 level.
